明星资讯腾讯娱乐2018年11月15日 03:25:38
Economic policymaking in the west has developed in radical ways since the global financial crisis. When Lehman Brothers collapsed in 2008, the US after some hesitation allowed the Federal Reserve to intervene in the markets. Afterwards, the European Central Bank did the same in response to the sovereign debt crisis in Greece and other EU states. 全球金融危机爆发以后,西方在制定经济政策方面趋向激进。2008年雷曼兄弟(Lehman Brothers)破产后,美国只犹豫了一阵,就允许美联储(Fed)干预市场。之后欧洲央行(ECB)也如法炮制,以类似手段应对希腊及其他欧盟(EU)国家的主权债务危机。 Since then, quantitative easing has had a real impact on western markets. So-called helicopter drops are now in vogue, and negative interest rates have gained acceptance in spite of widesp anxiety about their unknown effects. The fashion for unconventional monetary policy was highlighted yesterday with the ECB’s decision to cut interest rates in the eurozone to a record low and to expand its quantitative easing package. 从那以来,量化宽松对西方市场产生了切实的影响。所谓的“直升机撒钱”大行其道。负利率的未知影响尽管引起广泛焦虑,也还是为人们所接受。上周四欧洲央行将欧元区利率降到历史新低,并扩大一揽子量化宽松措施,凸显了非常规货币政策的盛行。 But there are other ways of stimulating demand. Why, for instance, do western governments refuse to set up state-owned enterprises that will create jobs? Are they really so much worse than QE and low or negative interest rates? 但是,要刺激需求还有其他方式。比如说,西方国家政府为何不愿设立能够创造就业的国有企业?国有企业真的比量化宽松或者低利率乃至负利率糟糕得多吗? A number of concerns surround the state sector. First, it is less efficient than private businesses. But when private investment falls well below a desired level, the state should step in to fill the gap. In any case, it is debatable whether state-run enterprises are less efficient than welfare spending, direct subsidies, QE or negative interest rates. 人们对国有企业抱着各种担忧。首先,国有企业的效率比不上私营企业。但当私人投资远低于所希望的水平时,国家应该介入以填补缺口。无论如何,国有企业是否真的比福利出、直接补贴、量化宽松或者负利率这些政策更低效还值得商榷。 Second, will investment by the state sector necessarily displace (or “crowd out”, as economists like to say) the private sector? Evidence is mixed. In some cases, this may happen if the state competes with private companies for financing, pushing up borrowing costs. But the west today does not have to worry about that, since it is sliding into a zero-interest rate environment. 第二,国有部门的投资是否一定会替代(或者经济学家们喜欢用“挤出”这个词)私有部门的投资?正反面的据都有。在某些情况下,如果国有企业和私营企业竞争融资,推高了借贷成本,这种情况的确可能发生。但眼下西方无需担忧这个问题,因为西方正滑向零利率环境。 Moreover, evidence from around the world suggests that the state sector supports the operation of the private sector. It can even help to incubate new private industries by providing “patient capital” and basic infrastructure, as well as physical facilities. 此外,来自世界各地的据表明,国有部门为私营部门的运行提供持。况且,通过提供“有耐心的资本”(patient capital)、基本的基础设施以及实物设备,国有部门甚至会帮助孵化新的私营产业。 There is not much that China can teach the rest of the world about economic policy. Nevertheless, its experience in the past century or so can be a useful reference point for policymakers. 在经济政策方面,中国可教给世界其他地区的不多。然而,中国一个多世纪以来积累的经验可以为政策制定者提供有用的参考。 In 1911, at the end of the empire, China adopted capitalism but the experiment failed. The Nationalist government was pushed out to Taiwan 38 years later and China embarked on a disastrous communist path. 1911年,在帝制瓦解后,中国采取了资本主义,但这场实验失败了。38年后,国民党政府被赶到了台湾,中国大陆走上了多灾多难的共产主义道路。 Following the death of Mao Zedong in 1976, the ideological pendulum swung back towards capitalism and the country settled on a mixed economy. 1976年毛泽东去世以后,意识形态钟摆再度摆向了资本主义,中国选择了混合制经济。 Today about two-thirds of China’s economy is still state-controlled. And, while it is debatable whether a smaller state sector would be more desirable, the chances are that the dominance of state-run enterprises will continue for the foreseeable future. 今天,国有经济在中国经济中依然占三分之二左右。尽管人们还在争论,是否收缩国有部门更可取,但在可预见的未来,国有企业仍将继续占主导地位。 If a referendum were to take place in China today on the relative merits of both sectors, I suspect a vast majority would favour the state, despite widesp public dissatisfaction with state-owned companies. 如果今天在中国就国有部门和私有部门的各自优点举行一场全民公投,我估计,尽管公众对国有企业普遍感到不满,绝大多数人还是会持国有企业。 There is a social dimension here, too. Welfare spending and helicopter drops do not offer the satisfaction that flows to a workforce gainfully employed in the state sector. 这里面也存在一个社会层面的因素。像国有部门职工所获得的那种满意度,福利出和直升机撒钱这些方式是无法提供的。 Staunch defenders of the free market are suspicious of SOEs on the grounds that they entrench corruption. This is a legitimate concern but one that can be mitigated by controlling the size of the state sector in a climate of public scrutiny. 自由市场之拥趸对国有企业抱着怀疑态度,理由是国有企业会滋生腐败。这种担忧是合理的,但是,通过实行公共监督、控制国有部门的规模,是可以缓解这种担忧的。 It remains true, too, that state-owned enterprises can supplement a dominant private sector and, arguably, correct market failures at least as efficiently as the policy instruments that at present are favoured by western governments. 有一点依然毋庸置疑:在私有部门占主导的情况下,国有企业能够对私有部门起到补充作用;也可以认为,对于纠正市场失灵,国有企业至少和当前西方国家政府所好的那些政策工具一样有效。 /201603/431850



  The death toll from an east China landslide has risen to 16, with 21 people still missing after a landslide hit a village in east China#39;s Zhejiang Province Friday night, local authorities said.据浙江丽水当地政府表示,上周五晚上的山体滑坡已导致16人死亡,21人失联。The landslide was reported at around 10:50 p.m. in Lidong Village of Yaxi Township in the outlying Liandu District of Lishui City, the city government said in a press release. Torrents of mud and rocks buried 27 homes in the village, with 21 houses flooded.当地市政府在新闻发布会上表示,周五晚22时50分许,浙江省丽水市莲都区雅溪镇里东村发生山体滑坡。山体滑坡引起的山洪和石块迅速将村里27户房屋掩埋,21户房屋被冲毁。Rescue work began immediately after the landslide. More than 2,300 people and 60 vehicles were sent. Zhejiang Province Governor Li Qiang is organizing the rescue effort at the site. Only 10 people were found as of Saturday morning, nine of whom had died. The only survivor was in the hospital, the document said.当夜山体滑坡后,搜救抢险工作迅速展开,2300余人及60多辆车辆参与抢救工作,浙江省省长李强在现场组织救援工作。至周六上午,只有10人被找到,其中9名已遇难,唯一的幸存者还在医院抢救。More than 2,300 rescuers, along with 7 sniffer dogs, are helping with rescue work. Search and rescue continued Saturday.2300余人参与到搜救工作,参与搜救工作的还有7条嗅探犬。目前,搜救抢救工作还在继续。Tents, food and water were transported to the village as part of the rescue effort after about 300 people were evacuated.发生滑坡后,当地300多人被组织疏散,帐篷、事物、和饮用水等物资已运送至现场进行发放。Lishui reported heavy rain over the past two days. As of 8 a.m. Friday, average precipitation had reached 36 mm. It was still raining when the landslide happened, the local weather bureau said.据当地气象局报道,在过去的两天内,丽水有强降雨,周五上午8时,平均降水量已达36毫米,发生滑坡时当地仍处于降雨范围。 /201511/410106

  NEW DELHI: India continues to have serious levels of widesp hunger forcing it to be ranked a lowly 97 among 118 developing countries for which the Global Hunger Index (GHI) was calculated this year.印度仍然处于普遍饥饿的严重水平,全球饥饿指数(GHI)在118个发展中国家中排第97.Countries worse than India include extremely poor African countries such as Niger, Chad, Ethiopia and Sierra Leone besides two of India’s neighbours: Afghanistan and Pakistan. Other neighbours Sri Lanka, Bangladesh, Nepal and China are all ranked above India.排名比印度更低的国家有极度贫穷的非洲国家,比如尼日尔、乍得、埃塞俄比亚和塞拉利昂,还有印度的两个邻国阿富汗和巴基斯坦。其他邻国,比如斯里兰卡、孟加拉国、尼泊尔和中国的排名都在印度之上。The GHI is calculated by taking into account four key parameters: shares of undernourished population, wasted and stunted children aged under 5, and infant mortality rate of the same age group.全球饥饿指数主要评估4个关键参数,分别是营养不良人口的比例,消瘦和发育不良的5岁以下孩子,同一年龄段的婴儿死亡率。Of the 131 countries studied, data was available for 118 countries. This year, for the first time, two measures of child hunger -wasting and stunting -have been used to give a more complete picture. Wasting refers to low weight in relation to a child’s height, reflecting acute undernutrition.Stunting refers to the deficiency in height in relation to age, reflecting chronic undernutrition.调查对131个国家进行研究,得到了118个国家的数据。今年,儿童饥饿的两个衡量标准,消瘦和发育不良,让人们能够更全面地了解现状。消瘦指的是体重相对身高太轻,反应了儿童的急性营养不良。发育不良,指的是身高相对年龄太矮,反应了慢性营养不良 /201610/471240China’s State Power Investment Corporation has agreed to buy Pacific Hydro, a renewable energy business, in the latest in a string of Sino-Australian infrastructure deals.中国国家电力投资集团(State Power Investment Corporation,简称:国家电投)已就收购可再生能源企业太平洋水电(Pacific Hydro)签署协议,这是一连串中澳基础设施交易中的最新一笔。IFM Investors, one of Australia’s largest pension funds, said on Wednesday it had signed an deal with State Power to sell the portfolio of 19 hydroelectric and wind farms in Australia, Chile and Brazil. It did not give a sale price but local media put it at more than Abn.澳大利亚大型养老基金IFM Investors周三表示,已与国家电投签署协议,将旗下在澳大利亚、智利和巴西拥有19座水电站和风电场的太平洋水电出售给国家电投。IFM未透露收购价格,但当地媒体估计收购价超过20亿澳元。“State Power is committed to maintaining the stability of Pacific Hydro’s current business and management teams, as well as supporting the expansion through the pipeline of development projects,” said Wang Binghua, chairman of State Power, in a statement.国家电投董事长王炳华表示:“国家电投将致力于保持太平洋水电现有业务和管理团队的稳定,并为公司未来新项目的开发提供有力持。”The purchase is the latest of several high-profile acquisitions by Chinese companies of Australian infrastructure assets, which heightened political concerns over foreign investment.中国企业最近对澳大利亚基础设施资产展开了好几笔高调收购,此次的收购是其中的最新一笔。这些收购加剧了澳大利亚国内对外国投资的政治担忧。Last year China Merchants Group teamed up with Hastings Funds Management and paid A.75bn for a 98-year lease to operate Newcastle Port, while China Communications Construction Company’s paid A.15bn to buy Australian builder John Holland.去年,中国招商局集团(China Merchants Group)与海斯丁斯基金管理公司(Hastings Funds Management)联手,以17.5亿澳元拿下了纽卡斯尔港(Newcastle Port) 98年的租约,而中国交通建设股份有限公司(China Communications Construction Company)斥资11.5亿澳元收购了澳大利亚建筑商John Holland。Last month it emerged that the Northern Territory government leased Darwin port to a Chinese company, Landbridge, without a full examination by Australia’s Foreign Investment Review Board.上月有消息称,澳大利亚北领地(Northern Territory)政府在未经澳大利亚外国投资审查委员会(FIRB)全面审查的情况下,决定将达尔文港(Darwin)租赁给中国岚桥集团(Landbridge)。Last month Scott Morrison, Australia’s treasurer, initiated a government review of foreign investment rules. He also blocked the sale by S Kidman amp; Co, a family-owned operation, of 100,000 sq km of farmland with 185,000 head of cattle to Chinese company citing “national security” grounds.上个月,澳大利亚财长斯科特莫里森(Scott Morrison)发起了对外商投资规定的政府审查。他还以“国家安全”为由,否决了家族企业S Kidman amp; Co将10万平方公里农场及农场里的18.5万头牛出售给中国企业的交易。IFM Investors said on Wednesday that the deal with Pacific Hydro had aly received FIRB approval.IFM周三表示,太平洋水电这笔交易已得到FIRB批准。Newly formed State Power Investment Corp is the product of a merger in August between China Power Investment (CPI) -— one of China’s “big five” power generation investors — and State Nuclear Power Technology Corp, which was originally set up to develop a Chinese-designed nuclear reactor following a technology transfer from Westinghouse.国家电投今年8月才成立,是中国电力投资集团(China Power Investment)与国家核电技术公司(SNPTC)合并的产物。中国电力投资集团是中国“五大”发电集团之一。国家核电技术公司成立的初衷则是为了在西屋公司(Westinghouse)向中方转让技术后,开发由中国设计的核反应堆。 /201512/417465

  NINGBO, China — Dozens of girls in tiaras and boys in tuxedos who dreamed of becoming China’s next musical sensation stared at the beast on stage. At nine feet long and nearly 1,000 pounds, with a steely black sheen and a price of more than 0,000, the Steinway amp; Sons D-274 concert grand piano seemed designed to intimidate.中国宁波――几十个梦想成为中国下一个音乐明星的孩子凝视着台上那个庞然大物;女孩们戴着头冠,男孩们身穿礼。那是一架施坦威D-274音乐会三角钢琴。琴身有9英尺长(约2.7米),重量将近1000磅(约450公斤),泛着金属般的黑色冷光,价格超过20万美元——仿佛是专门设计出来吓唬人的。There were whispers that the piano had come from far away, in Germany; that it could kill you in an instant if it rolled off the stage; that it had the power to turn even the sloppiest of scales into material primed for Carnegie Hall.有人窃窃私语,说这台钢琴是从遥远的德国运来的。也有人说,如果从台上滑下来,能立刻砸死人;还有的说,用它来弹琴,就算弹得再烂,也配得上卡耐基音乐厅的水准。“It’s flawless, exquisite, with a special sound,” said Li Wei, the mother of an 11-year-old boy who had come to the theater to take part in the final round of the Steinway amp; Sons International Youth Piano Competition in China last winter.“完美,精密,音色很特别,”李薇(音)说。去年冬天,她带着11岁的儿子来到这座剧场,参加施坦威国际青少年钢琴比赛(Steinway amp; Sons International Youth Piano Competition)中国赛区的决赛。“Everyone wants a Steinway,” said Xiao Yunchu, a quiet 13-year-old who favored the pyrotechnics of the Hungarian composer Franz Liszt. “But none of us can afford it.”“每个人都想拥有一台施坦威,”性格文静的肖云初(音)说。这个13岁的孩子偏爱匈牙利作曲家富朗茨·李斯特(Franz Liszt)精湛的技巧。“但是我们没人买得起。”Steinway, one of the world’s most prestigious musical instrument brands, is looking to China to breathe new life into lackluster sales. To succeed, the company will need more than smart marketing. It will to need to fine-tune a cultural mind-set in a country that once dismissed pianos as bourgeois luxuries.施坦威是世界上最负盛名的乐器品牌之一。现在,它正把目光投向中国,希望给死气沉沉的销售量注入新的生机。为了达到这个目的,公司需要的不仅仅是精明的市场营销策略。它还需要精心调校一个国家的国民心理——在中国钢琴一度被认为是资产阶级奢侈品,受到排斥。Steinway dealers have to convince their wealthier clientele that the instruments make good investments, avoiding the overly aggressive sales tactics that tripped up some early efforts. They have to educate parents about the potential payoff of buying a piano that can cost as much as an apartment. And they need to woo music students who are increasingly turning to lower-cost keyboards and so-called smart pianos, which use lights, iPads and other technical tools to teach basic skills.施坦威经销商尽力避免过分激进、导致了初期失败的营销策略,让富有的客户群相信,购买这种乐器是极好的投资。他们得教育父母,告诉他们,购买一台价格和一套房子差不多的钢琴会有潜在的回报。他们还得争取那些学音乐的学生们的持,他们愈来愈青睐那些价格低廉的键盘乐器,以及使用光学、iPad和其他技术手段传授基本技巧的所谓“智能钢琴”。The company, known for its painstaking craftsmanship, has grudgingly entered the digital game. The new Steinway Spirio is a high-tech take on the jazz-era player piano, loaded with standard classical fare and customized for a Chinese audience with local pop hits like “The Moon Represents My Heart” and compositions like “The Yellow River,” a piano concerto that dates to the Cultural Revolution.这家以严格工艺著称的公司不情愿地进入了数字领域。新款施坦威Spirio新悦钢琴就是一款应用了高科技的爵士乐时代自动演奏钢琴,内置除了标准古典曲目,还有为中国顾客定制的《月亮代表我的心》等本地流行音乐,以及文革时代的《黄河》钢琴协奏曲等作品。Founded in 1853 in a Manhattan loft by a German immigrant, Steinway flourished for generations by selling high-end pianos, each crafted by hand from materials like Sitka spruce and cast iron, in the ed States and Europe. But the company has suffered as piano playing wanes in the West. Music schools and concert halls have cut back on orders. Piano stores have closed. In the face of uncertainty about its future,Steinway was sold three years ago to an investment firm owned by the hedge fund billionaire John A. Paulson.施坦威公司1853年由一位德国移民在曼哈顿的一间阁楼上创立,靠着销售高端钢琴代代繁荣,每一台钢琴都是在美国或欧洲手工制造,使用西提卡云杉和铸铁等材料。但是,钢琴演奏在西方开始衰落,这家公司颇受打击。音乐学校和音乐厅的订单在减少。钢琴店陆续关门。面对不确定的未来,三年前,施坦威公司被卖给纽约的亿万富翁对冲基金经理约翰·A·保尔森(John A. Paulson)。In China, Steinway sees potential in what it calls the “tiger mom” phenomenon, middle-class parents willing to spend small fortunes to produce high-achieving children with musical talent. By some estimates, the country has as many as 40 million piano students, compared with six million in the ed States.在中国,施坦威从“虎妈”现象中看到了潜在的机会。中产阶级父母希望投入小笔财富,把有音乐天赋的孩子培养成才。有估计认为,这个国家学钢琴的孩子有4000万人,美国只有600万。“In America, you’ve aly had the piano for hundreds of years,” said Lang Lang, a classical pianist with a rock star flair who is one of China’s most prominent musicians. “In China, it’s fresher, it’s newer. Everyone wants to play.”“美国人弹钢琴已经有几百年了,”带点摇滚明星气场的古典钢琴家郎朗说。他是中国最有名的音乐家之一。“在中国,它还很新鲜,是新事物,所有人都想弹钢琴。”As it pushes to remake the country into a cultural superpower, the Chinese government has encouraged students to take up the piano by building concert halls and investing in music education. Among the country’s wealthiest families, the arts have become a source of spiritual fulfillment and a status symbol. In rich coastal cities, real estate scions and technology executives are buying Steinway pianos — some outfitted with diamonds and wood from Africa and India — to complement collections of Porsches and Picassos.中国政府也在致力于将中国重塑为文化大国,因此鼓励学生们学习钢琴,兴建音乐厅,并投资音乐教育。对于这个国家最富有的家庭来说,艺术已经成为一种充实精神生活的来源,以及一种地位的象征。在富有的沿海城市,除了保时捷跑车和毕加索名画,地产商的子弟和科技公司的老总也开始买施坦威钢琴,有些琴上还装点着来自非洲和印度的名贵木材和钻石。Steinway has pitched its pianos both as durable instruments and luxurious artifacts. It has recruited celebrities like Mr. Lang to offer endorsements, which carry special force in the crowded Chinese marketplace. And it has infused its messaging with themes of success and ambition.施坦威既把公司出品的钢琴当做耐用的乐器,也把它们当做奢侈的工艺品。它聘请郎朗之类名人为自己做宣传,这对于拥挤的中国市场来说,有特别的效力。它还在公司的商业宣传里面渗透了有关成功和雄心大志的主题。As China’s middle class swells to some 200 million people, many Western brands like Steinway have arrived in search of a new generation to offset slowing sales at home. Mattel, the toymaker, has entered the market with products like Violin Soloist Barbie. La Perla, an Italian lingerie maker founded in 1954, has 11 stores in mainland China, its fastest-growing market.中国的中产阶级规模扩大到了2亿人,包括施坦威在内的许多西方品牌争相来到中国,寻觅新一代市场,弥补本土市场发展缓慢的销量。美泰(Mattel)玩具公司带着小提琴乐手芭比等产品进入中国。创建于1954年的意大利内衣生产商La Perla在中国大陆已经有11家分店,这里是它增长最快的市场。For Steinway, China has proved to be a shot to the arm. Sales increased more than 15 percent a year over the last decade, far outpacing the single-digit growth of the ed States and Europe. China is now Steinway’s largest market for pianos outside the ed States, representing about one-third of global sales. In a sign of China’s importance, the company next year will unveil a 60,000-square-foot headquarters for Asia in Shanghai, complete with a recital hall.对于施坦威来说,中国可谓是一剂强心针。过去10年间,它在中国的销量每年增长15%,远远超过在欧美国家个位的增长幅度。中国如今已是施坦威在美国之外的最大市场,占全球销量的三分之一。公司明年将在上海开设占地6万平方英尺的亚洲总部,其中包括一座表演厅,显示了中国市场的重要性。The youth piano competition in Ningbo from Dec. 10 to 13, the seventh of its kind on the mainland, was the marquee event of the year, a chance to imprint the Steinway lore into the minds of thousands of students, parents and teachers. Students ages 6 to 16 came from across China to Ningbo, a Silk Road trading port three hours south of Shanghai, to compete for an opportunity to perform overseas in Hamburg, the birthplace of Brahms and one of Steinway’s main hubs.12月10日至13日在宁波举办的青少年钢琴大赛是在中国大陆举办的第七届比赛,是这一年最盛大的活动,也是将施坦威的传说植入成千上万学生、家长和老师内心的良机。参赛选手的年龄从6岁到16岁,他们从中国各地来到宁波。这里曾是海上丝绸之路的贸易港,在上海以南三小时车程。大赛的奖励是去汉堡演奏的机会,那里是勃拉姆斯的故乡,也是施坦威的一座重镇。Over lunch at a downtown hotel, Steinway executives celebrated the success of the competition, which attracted more than 15,000 applicants, a record. Steinway executives said they dreamed of a day when the company’s pianos filled living rooms across China and the company name was as well known in the country as Gucci. But they acknowledged that if Steinway were to thrive in China, it would need a cultural shift in a country where low-end pianos have dominated the market for decades.在市中心的酒店吃午饭时,施坦威的高管庆祝这次比赛的成功。它吸引了1.5万名报名者,创下了记录。高管们说,他们梦想有一天公司的钢琴能走进中国各地家庭的起居室,施坦威的名字在中国像古驰一样知名。但是他们也承认,几十年来,中国的钢琴市场一直是低端钢琴的天下,施坦威要在这里繁荣发展,需要出现一场文化上的转变。As the competition kicked off in Ningbo and children took to the stage to perform Mozart, Brahms and Gershwin, the president of Steinway’s Asia division, Werner Husmann, said the piano maker would need to establish a new audience in China to survive.竞赛在宁波开始了,孩子们纷纷上台,演奏莫扎特、勃拉姆斯和格什温。施坦威亚洲总裁沃纳·哈斯曼恩(Werner Husmann)说,公司要生存,需要在中国培育一批新的听众。“These people are our customers of the future,” he said. “We need to keep piano playing popular.”“这些人是我们未来的客户,”他说。“我们需要让钢琴演奏持续流行。”Piano-Shaped Objects钢琴形状的物体Wherever Mr. Husmann went during a trip to China for Steinway in the late 1990s, he saw what he began referring to as P.S.O.s, or piano-shaped objects — instruments that had long ago lost their music-making abilities. Some had uneven legs and drifted toward the audience during performances. Others sat on street corners, rain or shine.20世纪90年代末期,哈斯曼恩为公司业务来到中国。不管他走到哪里,总能看到被他称作“钢琴形状的物体”的琴,它们早已经失去了演奏音乐的功能。有些琴四腿不平,在演奏时向观众滑去。有些被放在街角,受着日晒雨淋。Even so, Mr. Husmann came away with a sense that there was a love of Western music in Chinese society, and there would soon be a market for high-quality instruments. When he returned to Hamburg to sell his colleagues on the idea, they laughed.即便如此,哈斯曼恩还是感到中国人喜爱西方音乐,高端乐器很快就会有市场。回到汉堡,他向同事们推销自己的想法,只换来他们的大笑。“The first reaction was more or less that I should see a doctor to do a mental check,” he said. “It was like, ‘What the hell can you do in China?’”“他们最初多少都觉得我该找个精神病医生看看了,”他说。“他们觉得,‘在中国那种地方到底能干什么?’”Steinway had been selling its artisanal pianos, each consisting of more than 12,000 parts, to China since 1880. But many employees were wary of establishing a permanent outpost in a place where cheap manufactured goods were king.施坦威自1880年起便向中国出口手工制造的钢琴,每台钢琴的零部件超过1.2万个。但是中国毕竟是个便宜制品为王的地方,许多雇员都对在那里建立永久性据点持审慎态度。Fans liked to say Steinway invented the modern grand piano. The company has 127 patents. Unlike its competitors, Steinway refused to churn out hundreds of pianos each day by machine. And it kept factories in its two main bases in Long Island City, Queens, and Hamburg, even as other instrument makers like Yamaha moved manufacturing operations from the ed States to low-cost Asian countries.粉丝们常说,施坦威发明了现代三角钢琴。公司拥有127项专利。与竞争对手们不同,施坦威拒绝用机器每天生产数百架钢琴。其他乐器制造商,比如雅马哈(Yamaha),把制造业务从美国搬到了成本低廉的亚洲国家,可是它依然只在皇后区长岛市和汉堡这两个主要基地设立工厂。When Steinway opened an office in Shanghai in 2004, most of its sales in China were to music conservatories. It was not until the global financial crisis struck four years later that the importance of the Chinese market became clear.2004年施坦威在上海设立办公室时,它在中国的销售主要是面向音乐学院。直到四年后全球金融危机爆发,中国市场的重要性才显现出来。As the world economy weakened, piano sales in the ed States and Europe, aly in decline, fell sharply. In 1909, 364,000 pianos were sold annually in the ed States; by 2009, that number had slumped to 30,000, according to the National Association of Music Merchants. Doomsday scenarios predicted the extinction of pianos.随着全球经济疲软,美国和欧洲本已下滑的钢琴销量开始猛跌。据美国全国音乐商人协会(National Association of Music Merchants)的数据,1909年,美国每年销售36.4万架钢琴;到2009年,这个数字跌至3万架。人们甚至悲观地预测钢琴会绝迹。Despite Steinway’s devout following — the company says it is the instrument of choice for 98 percent of the world’s performing pianists, including Billy Joel and the Argentine musician Martha Argerich — it was not immune to the slowdown. Shipments of Steinway pianos dropped substantially in 2009, and the company was forced to lay off workers at its factory in Queens.尽管施坦威有很多忠诚的追随者——公司称全世界98%的钢琴演奏家都选择施坦威钢琴,包括比利·乔尔(Billy Joel)和阿根廷音乐家玛尔塔·阿赫里奇(Martha Argerich)——但它对经济放缓也没有免疫力。2009年,施坦威钢琴的发货量大幅下降。公司被迫对皇后区的工厂进行裁员。While sales revived somewhat, the downturn exposed the limits of Steinway’s traditional markets. As they looked to the future, Steinway’s leaders decided to take the company private, away from the short-term glare of public shareholders focused on quarterly earnings.虽然后来销量略有回升,但销量下降暴露出施坦威传统市场的局限性。施坦威的领导人在展望未来时,决定让公司私有化,远离只关注季度收入的、目光短浅的公共股东的审视。In 2013, Steinway was sold for 2 million to Mr. Paulson, and musicians worried he would interfere with Steinway’s painstaking production process to increase revenue. Steinway was making only about 2,000 pianos a year in New York and Hamburg.2013年,施坦威以5.12亿美元出售给保尔森。音乐人们担心他为了提高收益,会干预施坦威不辞辛苦的精工细作流程。当时,施坦威每年仅在纽约和汉堡制造约2000架钢琴。But Mr. Paulson, an amateur pianist with four Steinway pianos, did not change the company’s methods, which he believed were crucial to dominating the high-end market. He urged the company to move more aggressively in emerging countries, where a growing middle class was spending heavily on education. Steinway drew up plans for a hybrid acoustic-digital instrument and broadly ramped up production of traditional pianos to meet demand.不过,作为业余钢琴家、有四架施坦威钢琴的保尔森没有改变公司的生产方式。他认为那种方式对于施坦威主导高端钢琴市场非常关键。他敦促该公司更积极地在新兴国家进行推广,那里不断增长的中产阶级正在教育上投入巨资。施坦威制定了计划,生产原声与数字模拟混合的乐器,并全面扩大传统钢琴的产量,以满足需求。Steinway’s ambitions in China coincided with the government’s efforts to develop the country’s musical talent. China’s leaders welcomed European classical music, investing heavily in education programs and concert halls, like the 0 million Guangzhou opera house designed by the late architect Zaha Hadid. Top Communist leaders espoused their love of classical music. Several of China’s most prestigious state-run music schools agreed to stock their classrooms only with Steinway pianos, a big win for the company.施坦威在中国定下远大目标的同时,正赶上中国政府努力培养本国音乐人才。中国领导人欢迎欧洲古典音乐,在教育项目和音乐厅建设上投资巨大,比如耗资约2亿美元的广州歌剧院,它是由前不久去世的著名建筑师扎哈·哈迪德(Zaha Hadid)设计的。中国共产党的高层领导人持他们对古典音乐的热爱。中国最著名的几所官办音乐学院同意只购置施坦威钢琴,这是该公司的一项巨大成功。When officials from Chongqing, a metropolis in southwest China, held a concert in 2011 to celebrate the 90th anniversary of the Chinese Communist Party, they invited Steinway to take part. Li Yundi, a prominent pianist and endorser of Steinway, played a program of traditional Chinese songs. Onstage sat a nine-foot concert grand painted solid red, China’s national color. A Steinway amp; Sons logo was displayed prominently on its side. Thousands gathered in the sweltering heat to watch the performance, and many lined up afterward to snap pictures with the piano.2011年,中国西南部大都市重庆的官员举办音乐会庆祝中国共产党成立90周年时,邀请施坦威加入。著名钢琴家、施坦威的品牌代言人李云迪弹奏了一组中国传统乐曲。舞台上放着一架9英尺音乐会三角钢琴,漆成大红色——红色是中国的国色。施坦威的商标醒目地呈现在钢琴侧面。成千上万人顶着酷热聚集在这里观看表演,演出结束后很多人排队与钢琴合影。 /201607/453625On Nov. 9, Hangzhou International Airport asked several airplanes to postpone landing in order to make way for an airplane carrying a 4-month-old baby in need of emergency medical aid.11月9日,杭州国际机场要求几架飞机推迟着陆,为一个航班让路,因为该航班上有一个4个月大的婴儿需要紧急医疗救护。Juneyao Airlines Flight HO1094, flying from Kunming to Shanghai, made an landing in Hangzhou on the morning of Nov. 9, after the infant, Taotao, began to develop worsening symptoms on the flight.11月9日上午,婴儿涛涛(化名)在从昆明飞往上海的吉祥航空HO1094航班上病情开始恶化,最终该航班在杭州降落。In order to make way for the unplanned landing, five to six airplanes were ordered to hover and wait rather than landing as scheduled.为了给没有降落计划的航班让路,五、六架将降落的飞机在上空盘旋等待,而不是按计划着陆。Air traffic controllers also guided the flight to land on a runway close to the airport to minimize time spent taxiing, Qianjiang Evening News reported.据《钱江晚报》报道,空中交通管制员也指导飞机在靠近机场的跑道上着陆,尽量减少滑行时间。The sick baby was then immediately transferred to an ambulance, where emergency treatment was administered before the vehicle reached the hospital.接着,生病的婴儿立即被转移到救护车上,医生在救护车到达医院之前就对婴儿实施了紧急治疗。Taotao was suffering from severe pneumonia and congenital heart disease, which were worsened by the flight. His family was taking him to seek medical attention in Shanghai when the incident occurred.涛涛患有严重的肺炎和先天性心脏病,乘坐飞机加重了病情。事件发生时,他的家人正带他去上海求医。Sadly, the baby passed away despite efforts made to save his life.不幸的是,尽管医生尽力挽救,但是这名婴儿最终还是离世了。 /201611/479751

  For a tiny territory on the edge of a vast country, Hong Kong has played a disproportionately large role in China’s development. Over more than 150 years, most of which was spent as a British imperial entrepot, the mercantile port has acted as a conduit for the west into the Middle Kingdom — and a harbour for the exchange of goods, services and ideas.作为地处大国边缘的弹丸之地,香港在中国的发展过程中发挥了与其规模并不相称的极大作用。150多年来——其中多数时间里香港是隶属大英帝国的一个转口港——这座商港充当着西方进入中国的通道,同时也是一座商品与务交换、思想交流的港口。But that status as the bridge into China is threatened. Local businesses can now raise funds in China itself, and foreign investors find it easier than before to invest directly in the mainland, albeit in a slower, riskier and more restrictive fashion than in much of the west. China’s free trade zones in Shanghai and Shenzhen present opportunities for foreign investment; the use of the renminbi as a trading currency is growing; and the recently implemented Shanghai-Hong Kong Stock Connect are all bolstering ties between China and the rest of the world, both directly and through Hong Kong.然而,香港作为“进入中国的桥梁”的地位开始受到了威胁。如今中国内地企业可以在境内融资,而外国投资者要在中国内地直接投资也比以前容易多了,尽管与投资西方大部分地区相比,在中国投资进度更慢、风险更大,限制也更多。中国在上海和深圳设立的自贸区为外国投资提供了机会;人民币越来越多地被用作贸易结算货币;再加上近年来启动的“沪港通”(Shanghai-Hong Kong Stock Connect),这些都促进了中国与世界其他地区的联系,包括直接联系以及通过香港的间接联系。These shifts raise questions about Hong Kong’s future role as a financial intermediary between China and the rest of the world, while rival cities in the region such as Singapore also pose a challenge.看到这些变化,人们不由得产生疑问:未来香港还能继续扮演中国与世界其他地区的金融中介角色吗?与此同时,亚太地区的新加坡等其他城市也对香港构成了挑战。But David Webb, a Hong Kong-based investor and governance activist, insists the territory still enjoys key advantages. “Part of what distinguishes Hong Kong from its competitors is that it is part of China,” he says. “It has a large contingent of lawyers fluent in Mandarin and who are familiar with mainland business practices.”但香港投资人、企业治理维权人士戴维#8226;韦布(David Webb)坚称,香港仍拥有极大优势。“香港区别于竞争对手的一个地方是,它是中国的一部分,”他说,“香港有大批律师能讲流利的普通话,他们熟知中国内地的商业惯例。”Any lessening of Hong Kong’s dominance would require China to improve its legal disclosure rules and accounting practices and expand its professional legal industry, experts say. “Hong Kong is a hub of experience — a critical mass of deal and product expertise, and diverse viewpoints and vital insight. You don’t get that unique mix in many other places,” says Hwang Hwa Sim, a capital markets partner in Hong Kong for law firm Linklaters. “Almost all of the knowledge sits with people. They understand what is possible. The legal profession needs to be aware of what makes Hong Kong unique.”专家们表示,除非中国内地改善法律披露规则和会计实务,并大力发展专业法律务行业,香港的主导地位才可能被削弱。“香港是一个经验的中心,拥有与交易和产品相关的丰富专业知识,人们观念多元,具备真知灼见。你在许多其他地方都看不到这种独特的组合,”年利达律师事务所(Linklaters)驻香港的资本市场合伙人Hwang Hwa Sim说,“人们几乎拥有所有知识,他们知道什么事是有可能做到的。法律专业人士要明白是什么使得香港独一无二。”However, a sign that China is starting to rely less on Hong Kong as an intermediary was the South Korean government’s issuance last December of Rmb3bn (0m) in “panda bonds” — renminbi-denominated debt sold by foreigners into China’s bond markets.然而有一件事却表明,中国正开始减少依赖香港作为中间媒介,那就是韩国政府于去年12月发行了30亿元人民币(合4.6亿美元)的“熊猫债券”,熊猫债券是一种由境外机构在中国发行的人民币债券。The deal created the first non-Chinese sovereign bonds issued in the renminbi in China’s onshore market — sneaking in ahead of a similarly sized issuance by the Canadian province of British Columbia.这是首只在中国在岸市场发行的以人民币计价的非中国主权债券——悄悄抢在了加拿大不列颠哥伦比亚省(省)前面,后者也紧跟着发行了规模相近的熊猫债券。Several law firms were involved. Bae, Kim amp; Lee, based in South Korea, advised the national government, as did King amp; Wood Mallesons; Allen amp; Overy worked on behalf of the issuers, HS and Bank of China (Hong Kong). Aamp;O diplomatically refers to the “considerable differences in practice and procedure for bond offerings in the international and China interbank bond market”.多家律所参与了发行事务。韩国太平洋律师事务所(Bae, Kim amp; Lee)为韩国政府提供了建议,还有金杜律师事务所(King amp; Wood Mallesons)也是。安理律师事务所(Allen amp; Overy)为发行方汇丰(HS)和中银香港提供了务。安理委婉地指出,“国际间债券市场和中国间债券市场在债券发行的实践和程序方面存在相当大的差异”。“There was no established precedent in this matter. This was a very adventurous task,” says Eui Jong Chung, BKL’s lead partner on the deal. “There were also troubles relating to timing issues. There were three languages involved — Chinese, Korean and communications in English — so getting the translations approved in time was challenging.” Mr Chung thinks the deal sets a precedent for South Korean banks.“以前在这方面还没有先例。这是一项非常冒险的任务,”韩国太平洋律师事务所负责这项交易的首席合伙人Eui Jong Chung说。“此外还存在时间问题。交易涉及到三种语言——中文、韩语以及沟通中使用的英语——所以,及时使翻译文本获批是有挑战的。”Eui Jong Chung认为,这次发行给韩国业树立了一个先例。Another sign of China’s lessening dependence on Hong Kong came with the formation of the China Europe International Exchange (Ceinex) — a Frankfurt-based exchange that trades several renminbi-denominated financial instruments. The exchange was set up by the Shanghai Stock Exchange, advised by King amp; Wood Mallesons; German exchange operator Deutsche B#246;rse; and China Financial Futures Exchange, advised by Dacheng Law Offices.中欧国际交易所(Ceinex)的设立是中国减少依赖香港的另一个迹象。该所设在德国的法兰克福,交易多种以人民币计价的金融工具。该所由多家交易所共同出资设立,包括上海券交易所——金杜律师事务所为其提供建议;德意志交易所集团(Deutsche B#246;rse);以及中国金融期货交易所——大成律师事务所(Dacheng Law Offices)为其提供建议。The exchange’s opening last October — attended by Germany’s chancellor Angela Merkel and China’s premier Li Keqiang — was the latest move by Europe to court Beijing for its significant business. Dacheng calls Ceinex “a crucial overseas extension and supplement for China’s capital market” and says it will have “a significant influence” on China’s economy, capital markets and currency.去年10月举行的中欧国际交易所签约仪式——德国总理安格拉#8226;默克尔(Angela Merkel)和中国总理李克强出席——代表着欧洲为了中国的巨大商机而讨好北京的最新举动。大成律师事务所表示中欧国际交易所是“中国资本市场在海外重要的延伸和补充”,将对中国的经济、资本市场和货币产生“重要影响”。Christian Cornett, a partner at KWM, says the ambition behind Ceinex is that a range of financial products relating to Chinese markets should be tradable in the west. “The main challenge was it had not been done before [so we had] to find a common denominator where the converging interests could agree, where both interests are equally well promoted,” he says.金杜律师事务所的合伙人克里斯蒂安#8226;科尼特(Christian Cornett)说,中欧国际交易所背后的雄心是,应该让一系列与中国市场相关的金融产品可以在西方进行交易。“主要挑战是以前没这样做过,(所以我们不得不)寻找一个共同要素,让双方相近的利益趋于一致,并且都同样大为获益,”他说。Norton Rose Fulbright in November 2014 advised Hong Kong-listed Renhe Commercial Holdings — the Chinese developer known for turning China’s disused underground bomb shelters into shopping malls — on its 6m rights issue. The deal was the first by an eligible Hong Kong Stock Exchange issuer since the launch of the Shanghai-Hong Kong Stock Connect. The Stock Connect is a cross-border trading programme that has given overseas funds free access to mainland-listed companies for the first time.2014年11月,诺顿罗氏富布莱特律师事务所(Norton Rose Fulbright)为人和商业控股有限公司(Renhe Commercial Holdings)4.36亿美元配股事宜提供建议。人和商业是一家在香港上市的中国开发商,以把废弃地下防空洞改造为购物中心而闻名。这笔交易是“沪港通”启动以来,第一笔由港交所合格发行企业完成的交易。沪港通是一个跨境交易项目,第一次允许海外资金直接买入中国内地上市公司股票。Previously, global investors needed approval to invest if they wanted to hold domestic shares. Stock Connect also gave many Chinese investors access to Hong Kong stocks for the first time. The local exchange of the southern Chinese city of Shenzhen was last year due to launch a trading link with Hong Kong, although this has been delayed.此前,国际投资者如果想持有中国内地上市公司股票,需要首先获得审批。沪港通也让许多中国投资者第一次能够直接买入港交所上市股票。深圳交易所原本计划在去年开通“深港通”,只是推迟了。As well as the rights issue, Norton Rose Fulbright advised Renhe on bank financing and tender offers that were combined into a triple-layered financing arrangement, which had not been done before, says Rachel Chan, senior counsel at the law firm. “Normally these parts could have been separate, but because of the innovative structure we were able to make it one,” she says.诺顿罗氏律师事务所的资深顾问Rachel Chan表示,除这次配股之外,诺顿罗氏也为人和商业的融资和要约收购提供建议,这些被整合成一项前所未有的三层融资安排。“通常情况下,这种安排的各个部分都是独立的,但由于采取了创新性的结构,我们得以把各部分融合为一个整体,”她说。Even though international investors gained direct access to China, Hong Kong’s capital markets remain an important financial conduit. Last December, Linklaters advised the underwriters for Baosteel Group’s 0m issuance of a China Construction Bank Corporation bond that was exchangeable into so-called H shares, which are listed on the Hong Kong stock exchange. There are more than 200 Chinese companies with such H shares, and the agreement has paved the way for future equity-linked deals.尽管国际投资者获得了直接投资中国内地上市股票的机会,但香港资本市场仍将是一条重要的金融管道。去年12月,宝钢集团(Baosteel Group)发行5亿美元可交换债券,标的股票为中国建设股份有限公司(China Construction Bank Corporation)的H股股票,年利达律师事务所为各承销商提供了务。200多家中国内地公司发行了H股,该协议为未来挂钩股票的交易铺平了道路。The transaction achieved several firsts, including creating the first international bond changeable into H shares and the first equity-linked deal with underlying shares in a Chinese bank. “The deal itself was only possible because of a combination of technologies. It was basically introducing a new product to a new class of investors. It opened up a whole new market,” says Mr Sim.这项交易开创了多个第一,包括创建了第一种可交换为H股的国际债券,以及第一宗标的股票是中资股票的挂钩股票交易。“正因为综合运用了多种技术,该交易才有可能完成。这基本上是针对一个全新类别的投资者推出了一种全新的产品。这打开了一个崭新的市场,”Hwang Hwa Sim说。Slaughter and May’s work with China Re’s insurance IPO was also notable for its inventiveness. “This was a groundbreaking transaction for us. It was also the first reinsurance group listed in Hong Kong, the first Chinese reinsurance company listed anywhere,” says John Moore, partner at Slaughter and May.在中国再保险(China Re)的IPO中,司利达(Slaughter and May)所提供的务也因其创造性而引人注意。“这对我们而言是开创性的交易。这也是在香港上市的第一家再保险集团,是第一家上市的中国再保险公司,”司利达的合伙人约翰#8226;尔(John Moore)说。Despite the competitive threats from the mainland, Singapore and other emerging cities, Hong Kong still holds substantial legal advantages over its rivals. “Hong Kong seems to have developed a dynamic of its own in so many areas,” says Mr Moore.尽管面对来自中国内地、新加坡和其他新兴城市的竞争威胁,香港相对这些对手仍拥有很大的法律优势。“香港似乎在众多领域形成了一种自己特有的活力,”尔说。“Hong Kong has an incredible amount of talent that is bilingual, and they have been brought up within the system. I have no doubt that Hong Kong will continue to play an important role in the future.”“香港拥有多得不可思议的双语人才,他们是在这个体系内成长的。我毫不怀疑,香港在未来将继续扮演一个重要角色。”Mr Webb, the governance activist, says: “Hong Kong does have appeal as a trustworthy legal jurisdiction, but do keep in mind that we have only 31 years until the promises of the Basic Law [the territory’s mini constitution], expire. By 2047, we may have a new highest court in the land — potentially in mainland China. That could undermine the confidence of long-term investors.”企业治理维权人士韦布说:“作为一个可信赖的司法管辖区,香港确实具有吸引力,但要记住《基本法》的承诺还有31年就要到期。到2047年,香港可能会有一家新的最高法院,可能就在内地。这一点可能会削弱长期投资者的信心。”Mr Sim of Linklaters adds: “[The Baosteel transaction] couldn’t have been done by a group outside of a vibrant hub such as Hong Kong. We knew what our investors were willing to accept, and also what was possible. Unless Hong Kong loses its ability to remain as a catalyst for ideas, it will stay a hub for deals.”年利达的Hwang Hwa Sim说:“一个团队若不是在香港这样一个充满活力的中心可能就完不成(宝钢交易)。我们知道我们的投资者愿意接受什么,也知道什么是有可能办到的。除非香港失去催生思想创意火花的能力,否则香港仍将保持交易中心的地位。” /201608/457892


  WASHINGTON — Several dozen lawmakers led by Representatives Katherine Clark of Massachusetts and John Lewis a longtime civil rights leader disrupted the US House Wednesday by staging a sit-in on the floor of the chamber to demand that the Republican leadership allow votes on gun legislation.华盛顿——在凯瑟琳克拉克领导的马萨诸塞州几十名议员和长期民权领袖约翰·刘易斯打乱了美国众议院周三在地板上静坐要求共和党领导人允许立法上投票。The protest — over bills blocked by House leaders that would expand background checks and attempt to prevent suspected terrorists from buying guns — came more than a week after the Orlando nightclub massacre the country’s worst mass shooting in modern history with 49 victims.此次抗议发生在奥兰多袭击致死49人成为美国史上最严重的击事件之后,因为相关法案受到众议院领袖阻挠。法案如果通过将会扩大背景调查并阻止恐怖嫌疑人购买。House Speaker Paul Ryan the chamber’s top Republican dismissed the sit-in as a “publicity stunt’’ in a CNN interview and said the House GOP had no intention of passing measures that he said would erode gun ownership rights.众议院议长保罗瑞安(共和党在众议院的一把手)在接受CNN采访时斥责这次的抗议是一次“作秀”,并称众议院共和党人无意通过这个这些法案,因为这会侵蚀所有权的权利。 /201606/451747


  A third regulatory official involved in China’s initial public offerings has been arrested, throwing the highly politicised system for IPOs under further scrutiny.参与中国首次公开发行(IPO)的监管官员已有第三人被捕,使高度政治化的IPO制度进一步受到各方关注。The government’s tight grip over IPOs has long created incentives for corruption, as the fate of stock sales worth billions of dollars rests with low-paid civil servants. More than 600 companies are waiting for permission to debut on the Shanghai or Shenzhen stock exchanges, and wait times of more than a year are common.政府对IPO的严格管控一直构成腐败诱因,因为巨额股票发售交易的命运由薪资不高的公务员掌握。目前有600余家企业等候在上海或深圳交所上市的批准,一年以上的等待时间相当常见。At least three officials involved in IPO approvals have been detained this year. Financial website Caixin reported late on Wednesday that Xi Longsheng, chief inspection officer at the China Securities Regulatory Commission, had been escorted from his office by investigators in recent days. He had previously served as section chief in the agency’s issuance department.今年已有至少三名参与IPO审批的官员被拘留。据财经新闻网站财新网周三晚报道,中国监会(CSRC)稽查总队副总队长习龙生近日被从办公室带走。他曾担任监会发行部发审处处长。(注:上图为中国监会位于北京的办公大楼)“There are so many good reasons why companies and shareholders would bribe to make sure a listing went through. That seems to have been accepted practice with minimal clampdown,” said Fraser Howie, co-author of two books on China’s financial system.“为了确保一笔上市交易畅通无阻,企业和股东有很多充分理由行贿。这似乎已成了被接受的做法,几乎没什么打击行动,”曾以中国金融体系为主题与人合著两本书的侯伟(Fraser Howie)表示。“That will continue as long as you have this approval process. This is a clear example where the process is ultimately leading to the malfeasance.”“只要你有这个审批过程,这种行为就会继续下去。这是一个说明流程最终导致不法行为的清晰例子。”While at the issuance department, Mr Xi reported to Yao Gang, the department’s director, who was also an agency vice-chairman. Mr Yao was arrested last Friday, becoming the most senior financial regulatory official to be targeted in the anti-corruption probe. Another official from the issuance department, section chief Li Zhiling, was arrested in June.在发行部工作时,习龙生向该部主任姚刚汇报。后来升任监会副主席的姚刚,已在上周五被捕,成为在反腐败调查中落马的最高级别的金融监管官员。监会另一名官员、发行监管部处长李志玲在6月被捕。The securities regulator this month ended a freeze on IPO approvals implemented during the Chinese stock market’s dramatic tumble in July. The agency also said it would make changes to the approval process to give investors a greater say in which companies can sell shares, when and at what price.中国券监管机构本月结束了7月中国股市戏剧性暴跌期间采取的IPO审批冻结措施。该机构还表示,将改革审批过程,在哪些企业可以发售股票、何时发行以及发行价格等问题上给予投资者更大发言权。Chinese premier Li Keqiang said last year that China would move towards a registration system for IPOs while phasing out the approval requirement. The CSRC said a year ago that draft rules for the new system were aly complete, but the new system has not been implemented.中国总理李克强去年曾表示,中国将逐渐过渡到一个IPO登记制度,同时淘汰审批规定。中国监会一年前就表示新制度的规则已经草拟完毕,但迄今尚未落实新制度。In addition to relaxing the CSRC’s grip on the flow of new IPOs, the new system is also expected to relax restrictions on pricing.除了放松中国监会对IPO的严格管控外,预计新制度还将放宽对定价的限制。Currently, the agency imposes an unofficial cap on new share prices at 22 times historic earnings, sharply below current trading levels. That guarantees first-day pops for IPO shares, delivering risk-free profits to investors able to win allocations.目前,该机构规定了新股定价22倍于历史盈利的非正式上限,远低于目前上市股票的市盈率。这确保了新股价格在上市首日飙涨,向那些有本事拿到额度的投资者输送无风险利润。New shares sold in the first half of 2015 rose by an average of 2.5 times in the first 20 trading days after IPO, according to Credit Suisse.瑞信(Credit Suisse)数据显示,2015年上半年发售的新股在IPO后头20个交易日平均上涨2.5倍。Liu Xiaodan, president of Huatai ed Securities, said in a speech that “distorting” prices in order to deliver profits to IPO investors was “like giving opium to a crying baby. There’s a lot of harm and hardly any benefit.”华泰联合券(Huatai ed Securities)总裁刘晓丹在一次演讲中表示,以“扭曲价格”的方式让利给IPO投资者,好比“给哭闹的小孩吃鸦片,有百害而无一利”。The CSRC did not respond to an email seeking comment. Mr Xi could not be reached for comment.中国监会没有回复记者请其置评的电子邮件。记者联系不上习龙生请其置评。 /201511/411955

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