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Financial Express | No.29

7371 人参与  2018年10月22日 17:28  分类 : 深国交金融社  评论

Financial Express | No.29 深国交 深国交金融社 学在国交 第1张


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Financial Express | No.29 深国交 深国交金融社 学在国交 第2张

Google is finally going on the record with its once-secret Project Dragonfly, a censorship-friendly search engine for the people of China.


Google CEO Sundar Pichai not only confirmed the existence of the project but also boasted about how well testing of the search engine was going.


“It turns out we'll be able to serve well over 99 percent of the queries,” Pichai said of search results in the testing, pushing back on the controversy surrounding a product that must adhere to the Chinese-government's strict censorship laws.


The Google CEO went on to give an example of how beneficial the service will be for the Chinese people, pointing out that current Chinese search products can return “fake” info for a query like “cancer treatments.”


“There are many, many areas where we would provide information better than what's available,” explained Pichai.



Pichai made it very clear that Google is going ahead with Project Dragonfly, saying the company is “compelled by our mission to provide information to everyone” and commenting on how China makes up roughly 20% of the world’s population.


Google previously launched censored version of its search engine in China in 2006 before deciding that the censorship required to run the product was antithetical to the company's values. Google pulled the service in 2010. Clearly, eight years later, the U.S.-based search giant feels very differently.



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On oct 17, 2018, the White House announced that the United States determined to leave from the UPU (Universal Postal Union). 


In August, Trump has already signed a memorandum , instructing the U.S. postal service to cancel international postal discounts, organize the cheap influx of foreign goods into the United States, and renegotiate the international postal fees with the Universal Postal Union. 


If no new agreements reached in the coming year, the United States will leave the union.


The Universal Postal Union immediately published ‘the Treaty about  the United States decision to leave from the Universal Postal Union’ to formally respond to the announcement, saying that it hoped to meet with representatives of the United States government to further discuss the matter. 


While there is no definite result, Trump's action will undoubtedly have an important impact on domestic cross-border e-commerce and merchants.


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"Hidden" local government debt in China is projected to have hit as much as Rmb40tn ($6tn), or 60 per cent of China’s gross domestic product in 2017, an alarmingly high rate as the country’s economy cools and manufacturing starts to suffer from China’s trade dispute with the US.

虽然确切数字未知,因为大部分债务不在资产负债表上,但标普全球(S&P Global)的一份报告估计,中国地方政府融资平台(LGFV)已积累了30万亿至40万亿元人民币(合4.5万亿至6万亿美元)的债务。 

While the exact number is not known because much of the debt is not held on balance sheet, a report from S&P Global estimated that local government financing vehicles, or LGFVs, have racked up between Rmb30tn and Rmb40tn ($4.5tn and $6tn).


“And that’s a debt iceberg with titanic credit risks,” the report states.


China’s economic growth is expected to decelerate in the coming years. GDP is expected to grow 6.6 per cent in the third quarter of the year, a slight decline compared to the previous quarter. At The government is also pushing through rigorous banking reforms that have tightened the access to credit through off-balance-sheet channels.


At the same time, a fierce trade war that has broken out between the US and China is expected to dent economic output in the coming months.


Financial Express | No.29 深国交 深国交金融社 学在国交 第5张


In June Finland tore up a tax treaty with Portugal and said it would anyway impose a tax on most pensioners from January. 


It is estimated that the annual loss of Finnish revenue to Portugal is only 3 to 5 million euros. 


The average monthly pension for finns living in Portugal is about 3,500 euros, which is a big help for Portugal as the amount is lower than the eurozone average. 

居住在葡萄牙的芬兰人平均每月的养老金约为3500欧元,由于该数额比欧元区平均数额低,这对葡萄牙有很大帮助。Pensioners are very important to Portugal's tourism industry, which contributed more than 17 percent to Portugal's GDP in 2017. 


Portugal's generosity to foreign pensioners has been criticised by locals.


Financial Express | No.29 深国交 深国交金融社 学在国交 第6张

‘We are doing our jobs’: Federal Reserve ignores Trump and stays focused on gradual interest rate hikes

美联储无视了特朗普对中央银行提高利率过快的批评。美联储的政策决定者没有和特朗普在他们最近九月的会议里提及抬高利率的事情,相反的,他们反复强调经济现在实力很雄厚并且保持的方法就是持续提高利率。The Federal Reserve is ignoring President Trump’s growing criticism that the central bank is raising interest rates too quickly.

Top Fed policymakers didn’t discuss Trump at their late September meeting when they hiked interest rates, instead, the nation’s top central bankers reiterated their assessment that the economy is strong and that the best way to keep it that way is to continue gradually raising interest rates.


The Fed raised the U.S. benchmark interest rate to a range of 2 percent to 2.25 percent at the September meeting and signaled that it would probably hike it again in December and potentially three more times next year.

Trump has made increasingly hostile comments about the Fed and its leader, Chairman Jerome H. Powell, since July. He recently called the Fed “crazy” and has said he is “disappointed” by Powell, whom he nominated for the position a year ago.“My biggest threat is the Fed,” Trump said in a Fox Business Network interview that aired Tuesday. “The Fed is raising rates too fast.”


Interest rates in the United States are still low by historical standards. The Fed’s top leaders say the “natural” rate of interest, which neither helps nor hurts the economy, is about 3 percent. Anything below that is viewed as boosting the economy. But the minutes of the September meeting revealed that there is debate internally at the Fed about what to do when interest rates hit 3 percent, probably around the middle of next year.

“我们在做我们的工作。我们继续制定我们认为对经济有益的政策”Mary Daly说,“你只需要回到你的岗位做好你的工作(指特朗普)”

“We are doing our jobs. We continue to make interest rate policy we think is appropriate for the economy,” Mary Daly said. “You just keep going back and doing your job.”


The Fed’s top policymakers also said that there was still little sign of harm to the overall economy so far from the trade battle.


Financial Express | No.29 深国交 深国交金融社 学在国交 第7张

Two-way investment between China, Germany exceeds $40b

中德双向投资超过400亿美元 -       

据中国商务部一名官员称,中德双向投资已超过400亿美元。Two-way investment between China and Germany has amounted to more than $40 billion, according to an official with China’s Ministry of Commerce (MOC).

今年是中德签署科技合作政府间协议40周年,这是促进中德合作的重要协议。This year marks the 40th anniversary of the China-Germany Intergovernmental Agreement on Science and Technology Cooperation, a key deal that has boosted cooperation between the two sides.

商务部投资促进司副司长李勇,在周日于中国东部山东省青岛市举行的投资论坛上表示,两国合作不断扩大,合作的领域和层次也越来越高。The bilateral cooperation has been expanding with more fields and higher levels, said Li Yong, deputy head of the Investment Promotion Agency of the MOC, at an investment forum held Sunday in the city of Qingdao, East China’s Shandong province.

2017年,中欧贸易额达到1681亿美元,占中欧贸易额的近30%。李勇表示,中国已经连续两年成为德国最大的贸易伙伴。Trade volume between the two sides reached $168.1 billion in 2017, accounting for nearly 30 percent of China’s trade with Europe. China has been German’s largest trade partner for two consecutive years, according to Li.

随着中国城市化进程的加快和中等收入群体的不断壮大,中国的消费市场正在蓬勃发展。李勇说,中国政府正进一步加大对外开放并努力保护外国企业在中国的权利。With China’s accelerating urbanization and growing middle-income groups, the country is seeing a booming consumption market. The Chinese government is further opening up and working to protect the rights of foreign businesses in the country, Li said.

据德国政府机构德国贸易投资公司称,自2013年以来,中国已成为德国电子行业最大的投资来源国,投资项目涵盖了该行业多个生产和研发领域。Since 2013, China has become the largest source of investment in the German electronics industry, with investment projects covering multiple areas of production and R&D in the industry, according to German government agency Germany Trade & Invest.


Financial Express | No.29 深国交 深国交金融社 学在国交 第8张

参考消息网10月21日报道 外媒称,根据美国财政部16日公布的最新数据,中国和日本——美国国债的两大持有者——在8月份减少了债券的持有量。

China and Japan, the two largest holders of us treasuries, reduced their bond holdings in August, according to the latest data released by the us Treasury Department on Thursday.


Russia today television October 17 published titled "sino-japanese sell treasuries, dollar decline," the report said, China's holdings of us sovereign debt from $1.171 trillion in July fell to $1.165 trillion in August, this is the world's second largest economy in the trade tensions with the United States to support their currencies since the reduction of the third month in a row.


China remains the largest foreign holder of us treasuries, followed by Japan, a longstanding us ally.


Tokyo reduced its holdings of U.S. treasuries to $1.029 trillion in August, the lowest level since October 2011, the report said. Japan held $1.035 trillion in July. 


Japanese investors decided in August to buy British bonds and sell U.S. and German bonds, according to the latest data from Japan's ministry of finance. Japan reported net debt payments of $5.6 billion.

Financial Express | No.29 深国交 深国交金融社 学在国交 第9张

编辑 | 学术部 Arya

本篇文章来源于微信公众号:  深国交金融社



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