Author: admin

2017 World Championship qualification list of Chinese players Li Xuerui boarded the last bus

2017WorldChampionshipqualificationlistofChineseplayersLiXueruiboardedthelastbus OnJune6,Beijing,theWorldBadmintonFederationannouncedthatthereplacementsfortheGlasgowBadmintonWorldChampionshipswillbeforwardedtothelist.TheLondonOlympicswomen’ssingleschampionLiXueruihasreceivedavaluableticket,andGuoYuhasobtainedfullseatsinfiveindividualevents.  LiXuerui’scruciateligamentruptureinthesemi-finalagainstMarinlastyearattheRioOlympics.Afterwards,hewenttoGermanyfortreatmentforsixmonths.HereturnedtoChinainJanuarythisyear.AftertheSpringFestival,heofficiallyresumedtraining,butshehasnotbeenabletoparticipate.Sheoriginallysigneduptoparticipate.TheChineseMastersinChangzhou,JiangsuProvince,April18-23,butfailedtoappearintheend.IntheSudirmanCupthatendedattheendoflastmonth,thewomen’steamhasbeenperformingpoorly.InthefinalagainstJapan,thewomen’ssingles,women’sdoublesandmixeddoubleswerealllost.Finally,theSudirmanCupsevenconsecutivechampionshipscanbeachieved.WangYihanandWangShixianretired,SunYu,HeBingjiaoandotherabilitiesfromtechnicalandtacticaltoallaspectsaredifficulttosucceed.IwonderifLiXuerui’sreturncansavethewomen’ssinglesinthequagmire?Attachment:ListofChineseplayersqualifiedfortheWorldChampionshipsMen’ssingles:ShiYuqi,TianHouwei,LinDan,ChenLongWomen’ssingles:SunYu,HeBingjiao,ChenYufei,LiXueruMen’sdoubles:LiJunhui/LiuYuchen,ChaiBiao/HongWei,LiuCheng/ZhangNan,HuangKaixiang/WangYiluWomen’sDoubles:ChenQingchen/JiaYifan,LuoYing/LuoYu,HuangDongping/LiYinhui,BaoYixin/YuXiaohanMixedDoubles:ZhengSiwei/ChenQingchen,LuKai/HuangYaqiong,ZhangNan/LiYinhui,WangYilu/HuangDongping

Read More

NDRC: encourage local temporary storage and storage of poultry meat and aquatic products, increase consumption guidance

NDRC:encouragelocaltemporarystorageandstorageofpoultrymeatandaquaticproducts,increaseconsumptionguidance OnMarch25,theofficialwebsiteoftheNationalDevelopmentandReformCommissionannouncedthatinordertovigorouslysupporttheexpansionofproductionofpoultrymeatandaquaticproducts,andpromotethedevelopmentofindustrialscale,recently,theGeneralOfficeoftheNationalDevelopmentandReformCommissionandtheGeneralOfficeoftheMinistryofAgricultureandRuralAffairsjointlyissuedthe”OnMultipleMeasurestoPromotePoultryMeatNoticeonExpandingProductionGuaranteeSupplyofAquaticProducts(hereinafterreferredtoas”Notice”).  The”Notice”specifiesthatitisnecessarytorespondscientificallytothepreventionandcontrolofthenewcoronarypneumoniaepidemic,toeffectivelysolvetheproblemsof”sellingdifficulties”andproductbacklogsfacedbythecurrentpoultryandaquacultureindustry,tospeeduptheresumptionofproductionandproductionofrelatedenterprises,toimprovethemodernizationoflarge-scalebreeding,andtoimproveslaughter.Supportingcapabilitiessuchasprocessingcold-chaindistributionpromotetheoptimizationandupgradingoftheentireindustrialchainandensurethestabledevelopmentofthepoultryandaquaticindustry.Thedraft”Notice”shouldfurtherstrengthenthesupportfortheproductionofpoultrymeatandaquaticproducts,givefullplaytotheroleoflocalgovernmentspecialbonds,increaseinvestmentsupportwithinthecentralbudget,comprehensivelyusecredit,reduceconcessions,financialdiscountsandotherfinancialmeanstohelpcapitalturnoverDifficultenterprisesgetthroughthedifficulties.Inaddition,the”Notice”alsorequiresstrengtheningthemarketsize,strengtheningthemonitoringandforecastingmechanism,encouraginglocaltemporarystorageandstorageofpoultrymeatandaquaticproducts,increasingconsumptionguidance,increasingterritorialresponsibilities,andstrengtheningthe”vegetablebasket”mayoraccountabilitysystemtoensurethatsupportpoliciesareobtainedEffectiveness.  Next,theNationalDevelopmentandReformCommission,theMinistryofAgricultureandRuralAffairswillworkwiththerelevantdepartmentstodoagoodjobintheadditionalworkofthe”Notice”,makeeveryefforttopromotethesupplyandstabilityofpricesinthepoultryandaquaticproductsmarket,andstrivetoincreasethelevelofindustrialscaledevelopment.ReporterZhangShuxineditorSunYongproofreadingLiuJun

Read More

New crown crisis may become a catalyst for the Great Depression

NewcrowncrisismaybecomeacatalystfortheGreatDepression Openingslogan:TheepidemicofNewCoronaryPneumoniacontinuestospreadandpanicsweepstheglobalmarket.Severalmajorstockmarketsaroundtheworldtriggeredafusemechanismtosuspendtrading,anddozensofstockmarketsentereda”technicalbearmarket.”Inessence,somecountrieshaveintroducedbailoutmeasures,includingtemporarilyprohibitingshort-sellingofstocksandplacingliquidity.Istheglobaleconomiccrisiscoming?Howdoyouviewtheeconomicbudgetsoftheworld’smajoreconomies?Willtheepidemicposesomerealchallenges?Howdoestheglobaleconomyrespondtotheimpactoftheepidemic?Aftertheepidemic,willtheglobalpoliticalandeconomicpatternchange?SaunaNightinvitesscholarsfromChina,theUnitedStates,Japan,theUnitedKingdom,Australiaandmanyothercountriesandregionstorecordtheireconomicobservationsaroundtheeconomicintegrationofthedomesticpublic’sattention.Todaywelaunchthefifthissueof”ShengLiugang,WangPengfei:TheNewCrownCrisisortheCatalystfortheGreatDepressionintheUnitedStates.”ThefollowingaretheglobaleconomicobservationsofShengLiugang,associateprofessoroftheEconomicsDepartmentoftheChineseUniversityofHongKongandWangPengfei,associatedeanoftheHSBCBusinessSchoolofPekingUniversity:ShengLiugang:AssociateProfessoroftheEconomicsDepartmentoftheChineseUniversityofHongKong,DeputyDirectoroftheEconomicCenteroftheHongKongAsia-PacificInstitute,andDirectorofTradeandDevelopmentProgram.WangPengfei:AssociateDeanofHSBCBusinessSchool,PekingUniversity,ProfessorEndsOnApril2,thenumberofpatientsdiagnosedwithnewcoronarypneumoniaintheworldhasexceeded900,000,andalmostallcountriesintheworldhavebeenspared.ThenumberofpatientsdiagnosedwithNewCoronaryPneumoniaintheUnitedStateshasexceeded21,makingitthemostdiagnosedcountryintheworld.IthasbecometheepicenteroftheNewCrownepidemicinjustafewweeks.Undertheimpactoftheepidemic,theU.S.stockmarketfell,breakingdownfourtimesintensecondsinMarch,withadeclineofmorethan30%.InresponsetothenewCrownepidemic,theUSgovernmentandtheFederalReservelaunchedanunprecedentedstimulusplan.TheFedhascutinterestratestwicetozerointerestratestwice,andinitiatedunlimitedquantitativeeasing,whiletheUSgovernmentintroducedupto2.A$2trillioneconomicbailoutplan.However,atpresent,therearecurrentlynoeffectivedrugstocontrolthenewcoronavirus.Itstilltakestimetodevelopvaccines.Themoreeffectivemethodofepidemiccontrolisstillthetraditionalhomeisolationmeasures,whichmeansthatthenationwideshutdownandsuspensionofschool,whichislikelytocauseTheeconomyhasfallensharplyandmassunemployment.Iftheepidemiccannotbequicklycontrolled,itsimpactontheUSeconomywillfarexceedtheimpactofthe2008financialcrisis,andtheepidemicwilllikelybecomeacatalystfortheUnitedStatestoreplacesucha1929economicdepression.Thelong-termgrowthoftheUSeconomyisweak.Beforetheoutbreak,althoughtheUSunemploymentratereacheditslowestlevelinmorethan60years,theeconomicgrowthmomentumwasnotstrong.Fromtheperspectiveoftheeconomiccycle,afterthe2008financialcrisis,theUSeconomyrecoveredveryslowly,andtheaverageannualrealGDPgrowthintheUnitedStatesbetween2009and2019wasonly2.16%,farbelowtheaverageannualgrowthratefrom1994to20063.82%.AlthoughtheFedmaintainedalowinterestrateandquantitativeeasingforalongtimeafterthecrisis,thegrowthrateoftheUnitedStatesremaineddepressedforalongtime.Themostimportantreasonisthatafterthecrisis,thelaborproductivityoftheUnitedStatesandthetotalfactorshavenotimprovedsignificantly,andthefoundationoftheeconomicboomisnotstrong.Totalfactorforecastisthesourceoftheexpectedsustainedeconomicgrowth.AccordingtocalculationsbytheUSFederalReserveBankofSanFrancisco,theaverageannualforecastofthetotalfactoroftheUnitedStatesforthetwelveyearsbeforethecrisisis1.Underthebenchmarkof44%,theannualaveragevariableforecastoftheUSannualtotalfactorafterthecrisisisonly0.65%,only44%ofthepreviouseconomiccycle.MainlybecauseMoore’sLawintheITindustryhasfailedinthepastdecadewithoutsignificantrevolutionarytechnologicalbreakthroughs.AccordingtoresearchbyNicolasBloom,aprofessorofeconomicsatStanfordUniversity,andhiscollaborators,newscientificandtechnologicalbreakthroughsarebecomingmoreandmoredifficulttotranslateintoadvancesinscienceandtechnology.In2014,scientificresearchershavetopaytheequivalentof18timestheeffortin1971tomaintainMoore’sLaw.Therefore,theproductionefficiencyofscientificresearchdepartmentsshowsatrendingdecline,whichisalsoanimportantreasonforthedeclinecausedbythedecompositionoftotalfactors.Wehavenoreasontothinkthatthismomentwillchangeafterthenewcrowncrisis.Therefore,evenifthenewcrowncrisispasses,thereboundoftheUSeconomywillbeveryweak.ThenewcrownepidemichitstheUSeconomyandemploymentservicesaccountedformorethan80%oftheUSGDP,andtheepidemichasthegreatestimpactonindustriesandjobsthatrequirehumancontactavoid.Theepidemichasaparticularlysevereimpactonindustriesthataredenselypopulated,suchastransportation,hotels,restaurants,andentertainmentindustries.AccordingtotheAmericanAviationIndustry(A4A)statistics,onMarch26,thenumberofaircraftflightscancelledbytheUnitedStateswasashighas11,279.Accordingtothenextmonth,only82flightswerecancelledonFebruary26.Onthesameday,thecompletionfactoroftheUSaviationindustrydroppedsharplyfromnearly100%beforetheepidemicto58.2%.DuringtheweekofMarch17-23,thehoteloccupancyrateintheUnitedStatesplummetedby56.4%,andtherevenuefromeachhotelroomdecreasedbyabout70%.Therestaurantindustryhasbeenhithardestbythenewcrownepidemic.AccordingtoOpentabledata,restaurantsinmostregionshaveclosedoronlytakeout.Therestaurantoccupancyratehasdroppedtozerointhelastweek.Withmovietheaters,gymnasiums,andthemeparkssuspendedfromopening,andpressingthepausebuttonforvarioussportsevents,theentertainmentindustryisalsobleak.AstheepidemicintheUnitedStatesbecomesmoreandmoreserious,moreandmorepeoplehavetostayathome,andthenumberofunemployedwillriserapidly.DatafromtheUSDepartmentofLaborshowthatintheweekendingMarch21,thenumberofpeopleapplyingforunemploymentbenefitsintheUnitedStateshassoaredto3.28million,thehighestvaluesincetheUSDepartmentofLaborbegantrackingthisdatain1967.TheFederalReserveBankofSt.LouisestimatesthattheunemploymentrateintheUnitedStatesinthesecondquartermaybeashighas32%.AccordingtotheUnitedStates,theemployedpopulationisapproximately1.Withapopulationof64.5billion,theunemployedpopulationmayreach53millionintheshortterm.AproblemcloselylinkedtounemploymentisthegrowingincomeinequalityintheUnitedStates.AccordingtothestatisticsoftheWorldInequalityDatabase,the1%ofthepopulationwiththehighestpre-taxincomeaccountedfor18%ofthetotalpre-taxincomefrom2009.5%roseto20in2014.2%,whilethe50%ofthepopulationwiththelowestpre-taxincomeaccountsfortheproportionoftotalpre-taxincomefrom13.6%droppedto12.6%.In1970,thiswasenoughtoaccountfortheexactoppositeofrevenue.Overthepast50years,thegapbetweentherichandthepoorintheUnitedStateshasincreased,butthesavingsratehasfallenalot.Statista’ssurveydatashowsthatabout45%ofAmericanbanksavingsaccountshavenodeposits,and42%ofstakeholdersindicatethattheiremergencyfundsareonlysufficientforthreemonths.TheimpactofthecurrentNewCrownCrisisonlow-incomepeople.Occupationswithahighriskofunemploymentsuchashairdressers,restaurantattendants,andtransportationservicepersonnelarealsooccupationswithreducedincomes,andthesepeopledonothavemuchstorage,soitisdifficulttoresistthecostofresistingtheepidemic.Iflarge-scaleunemploymentcontinuesforalongtime,strikes,violentcrimes,riotsandothersocialproblemswillcontinuetooccuraftertheepidemic.Theepidemichasadevastatingeffectonthecompany’sbalancesheet.Thenewcrownepidemichasadisastrouseffectonthecompany’sbalancesheet.Duetothespreadoftheepidemic,manyfactoriesandshopsmustbeclosedandclosed,withnooperatingincome.AccordingtoestimatesbyBridgewater,theworld’slargesthedgefund,theepidemicwillresultinaUS$4trilliondecreaseinUScorporaterevenue.Butcompaniesstillhavetopaywages,rents,andearnings,sotheircashflowisrapidlydryingup.ThoseSMEsthatrelyheavilyondailyincomestreamsmayfail.Forlargecompanies,iftheepidemiccontinuesforalongperiodoftime,causingsomecompaniestorupturetheircashflowsandexpectfuturerevenuestodecrease,whichmaytriggeracrisisintheUScorporatebondmarket,suchconcernsarenotunnecessary.First,theleverageratioofUSnon-financialenterpriseshasreboundedtothelevelbeforethecrisis.AccordingtothedataoftheBankforInternationalSettlements,thedebtofUSnon-financialenterpriseshasreached75%ofGDP.3%,morethan72inthefourthquarterof2008.5%historicalhigh.Asaresult,theleverageratioincreasedandtheproportionoflow-qualifiedcompaniesintheU.S.corporatebondmarketrose,whichexacerbatedthevulnerabilityofthecorporatebondmarket.Asignificantriseintheratiocanbepolished.ThelatestdatashowsthatBBBgradesandjunkdebtsaccountfor48%and18%ofUScorporatebonds,respectively.Throughthecontinuationofthenewcrownepidemic,alargenumberofcorporatebondsmayalsobedowngraded.Infact,theepidemichascausedsignificantpressureonthesetwotypesofcorporatedebt.WhenthewaveofU.S.stockssell-offhit,themarket’sdistortedsentimentoncreditriskrosesharply,leadingtoasharpdeclineinUScorporatebondprices.ThecreditspreadofBBB’scorporatedebtsoaredto4onMarch23.88%,thespreadofjunkdebtcreditsoaredto8onthesameday.37%,unlessthehighestvaluesincethefinancialcrisis.AlthoughtheFed’sunlimitedquantitativeeasingpolicytemporarilypreventedthetwotypesofdebtspreadsfromcontinuingtorise,thespreadsareverylimitedandstillremainatahighlevel,sothepossibilityofacorporatedebtcrisisstillexists.Finally,energycompanydebtisverylikelytobethetriggerforthecorporatedebtcrisis.Sincethebeginningoftheyear,oilpriceshavefallenfrommorethanUS$60perbarreltoaboutUS$20,andtheplungehasexceeded2/3,whichhascausedgreatpressureonAmericanshaleoilandgascompanies,whichhasalsocausedavalanchesofhigh-yielddebtpricesforenergycompanies.AccordingtothestatisticsofBankofAmericaMerrillLynch,themarketvalueofthehigh-yieldbondsoftheUS$174.5billionenergycompanyhasfallentoUS$142billion,only81%ofthefacevalue.Duetothesuddenslowdownoftheglobaleconomy,energydemandandenergypriceswillcontinuetodecline,andthesoaringenergybondyieldswillalsoincreasethecostofUScompaniestoraisefundsthroughtheissuanceofnewbonds,soenergycompanydebtisinjeopardy.Thenewcrownepidemicseverelyhitstheglobalindustrychain.Thenewcrownepidemiccanbecalledthefirstrealcrisisoftransformation.The2008financialcrisisstartedwiththesubprimemortgagecrisisintheUnitedStates.CountriessuchasChinaandIndiadidnothaveacrisisinthemselves;thetradeconflictsthatledtopowercametotheUnitedStatesanditsmaintradingpartnersincludeChina,Canada,MexicoandtheEuropeanUnion.Somecountrieshavemaintainedtradegrowth.ThenewcoronavirusismorecontagiousthantheSpanishfluof1918andhasinfectedmostcountriesontheplanet.Inordertocutoffforeignimports,countriesmustsuspendmostinternationalroutes,andadoptextrememeasuresofquarantinefor14daysorrejectionofnon-citizens.Atthesametime,inordertorespondtothelocalepidemicsituation,socialisolationmethodssuchasworkstoppagesandschoolclosuresmustbeadopted.Asaresult,theglobalindustrialchainhasbeencuttovaryingdegrees.TheWorldTradeOrganizationestimatesthattheimpactofthenewcrownepidemiconinternationaltradewillfarexceedtheimpactofthe2008financialcrisis,andthethreatofnegativeglobaleconomicgrowthwillbeinevitable.Theimpactoftheglobalindustrialchain’sdamageontheUSeconomyislongandlong.AlthoughtheforeigndependenceoftheUStradeisnothigh,theUSistheglobalindustrialchainlayman,thecountrywiththemostforeigndirectinvestmentintheworld,andoneofthethreeglobalindustrialchains-NorthAmerica,Europe,andAsia.Moreimportantly,theUnitedStatesisacountrythatistrulyproducingandsellingintoday’sworld.AccordingtocalculationsbyShengLiugangandZhaoHongyaninthe”China-USEconomicandTradeChange”book,in2015,thetotalvalueoftheUnitedStatestoothercountrieswasashighasUS$8.2269trillion,ofwhichonly18ofthemweremerchandiseexports.4%,whilelocalsalesofUS-ownedsubsidiariesaccountedfor34%,almostdoubletheexportofgoods;USservicetradeexportsaccountedfor9%.2%,whilelocalservicesalesofUS-fundedsubsidiariesareashighas34.3%,almostfivetimestheexportofservices.Therefore,itcanbesaidthattheUnitedStatesbasicallyreliesonlocalsalesofmultinationalcompaniesratherthanexportstoserveconsumersaroundtheworld.Atthesametime,thetotalsalesoftheUnitedStatestoothercountriesaremuchhigherthanthetotalsalesofothercountriestotheUnitedStates.ThetotalsalessurplusoftheUnitedStatesisashighas1,465.3billionU.S.dollars,accountingfor8%ofU.S.GDP,whichismuchhigherthantheU.S.merchandisetradedeficitof761.8billionU.S.dollars.ThespreadoftheNewCrownepidemicworldwideisboundtocrackdownonthesalesandprofitsofAmericanmultinationalcompaniesoverseas.SomeApplecompanieshavetoannouncethetemporaryclosureofallretailstoresoutsideofGreaterChina.Moreimportantly,becausetheUSindustrialchainisspreadallovertheworld,eventheUnitedStatescancontroltheepidemicinthesecondquarter,butifothercountriesintheindustrialchaincannotsuccessfullycontroltheepidemic,thentheUSglobalindustrialchainwillbedifficulttorestore.Thenewcrownepidemiccausedhugeuncertainty.Thefinaloutbreakscaleofthenewcrownepidemichashugeuncertaintiesontheeconomicimpactandgovernmentresponse.Economicactivities,especiallyinvestment,researchanddevelopment,andrecruitmentrequirelong-termandsustainedinvestment.Whentheuncertaintyincreases,companiesusuallyrepeatorcanceltheseeconomicactivitiesthathaveanimportantimpactontheeconomyinthemediumandlongterm.Therefore,theincreaseinuncertaintyhasaverylargeinhibitoryeffectoneconomicactivities.Uncertaintyalsodamagesconsumerconfidenceinconsumption,therebycurbingconsumption.FedeconomistLiuZhengandhiscollaboratorsfoundthatincreaseduncertaintywillreducethepurchaseofdurablegoodssuchascarsbyUSresidents.EconomistsusuallyusetheChicagoBoardofTrade’spanicindexVIXtoestimateeconomicuncertainty.OnMarch16,theUSDowJonesindexplungednearly3,000points,thelargestone-daydropsince1987,andthepanicindexjumped25pointsto82.69,surpassingthehighstartingpointof80afterLehman’sbankruptcyin2008.74.AfterWorldWarII,theUnitedStatesexperiencedthreemajoruncertaintiesbefore,whichoccurredinthefirstoilcrisisof1973-1974,thehighinflationcrisisof1981-1982andtheglobalfinancialcrisisof2007-2009.Althoughtheuncertaintyindexitselfusuallydecayesquickly,the2015articlepublishedintheAmericanEconomicReviewfoundthattheuncertaintycausedbythesubstitutionoftheeconomymaylastformorethan5years,andthemagnitudeoftheimpactontheeconomyissimilartothatofmonetarypolicy.Thesizeissimilar.TheremainingUSpolicyspacetostimulateeconomicrecoveryisverylimited.Inresponsetothis100-year-oldnewcrownepidemic,theUSgovernmentlaunchedanunprecedentedfiscalandmonetarystimuluspolicy.InMarch,theFedfirstdirectlyreplacedzerointerestratesthroughtwoemergencyinterestratecuts.Atthesametime,thedepositreserveratioalsoreplacedzero,andexchangedcurrencieswithmultiplecountriestodealwiththedollarshortageintheinternationalmarket.TheFedcloselyfollowedtheintroductionofunlimitedquantitativeeasingpoliciesandexpandedthescopeofassetpurchases.DirectlyprecedingTreasurybondsanddebt-likedebt-backedmortgage-backedsecuritiesexpandedtocorporatebonds,whilemovingtowardthemoneymarket,creditmarketandcommercialpaper.Themarketinjectsliquiditytopreventliquiditycrisisandsystemicmarketcollapse.Inessence,theUnitedStatespassedupto2.A$2trillionfiscalstimulusplan,closeto10%ofUSGDP,ismainlyadirectsubsidyforlow-andmiddle-incomeAmericans.Itcosts$1200peradultand$500forchildren,increasesunemploymentinsurance,andestablishesapoolof$500billion.Providecommercialloanstoclosedandcutting-edgeenterprises.TheseimprovementshavefarsurpassedthemeasurestakenbytheUnitedStatesinresponsetothefinancialcrisisin2008,anditcanbeseenthattheimpactofthemodernepidemicontheUnitedStates’financeandeconomyisextremelyserious.Atthetimeoftheintroductionofthesepolicies,therewerelessthan100,000casesofnewcoronarypneumoniadiagnosedintheUnitedStates,andcurrentlythereareasmanyas160,000people.About20,000peoplewerediagnosedeachdayinthepasttwodays,andthisweekwillquicklyexceed200,000cases.Moreover,mostofthemajorepidemicinChinaoccurredinWuhan,Hubei,andtheUnitedStateshasatendencytospreadacrossthecountry.Theinflectionpointoftheepidemichasnotyetarrived.Therefore,howtomaintainthestabilityoftheeconomicandfinancialmarketsinApril,theremainingpolicyspaceoftheUnitedStateswillbeverylimited,andextrememeasuressimilartotheclosureofWuhanmaybeunavoidable.Thelatertheinflectionpointfortheepidemictobecontrolledcomes,theeconomiccostmaybe.Moreimportantly,aftertheepidemiccrisis,thepolicyspacefortheUSgovernmenttostimulateeconomicrecoveryisverylimited.Firstofall,graduallyreducecorporateincometaxandpersonalincometaxratesgraduallywhiletakingoffice.Taxcutsincreasethepressureongovernmentdebt,sothereislittleroomforincreasingtaxcuts.Overall,theleverageoftheUSgovernmentisalreadyveryhigh.BytheendofSeptember2019,theproportionofUSgovernmentdebttoGDPhadreached103.Thehistoricalhighof5%,whilethenewlylaunched2.The$2trillionfiscalstimulusplanwillincreasethisratioby10ormore.Therefore,aftertheepidemiccrisis,itisunlikelythattheUSfiscalpolicywillbefurtherloosened.Aftertheepidemiccrisis,theFedwillcontinueitsveryloosemonetarypolicy,sotheworldeconomywillenteraneraofzerointerestrates.AlthoughtheFedmayreducethescopeofmicro-easing,itwillnotchangethetoneofloosemonetarypolicyinthepost-crisisera.However,thestimuluseffectofloosemonetarypolicymaybeverylimited.After2008,theFeddidn’tstartraisinginterestratesforthefirsttimesincethefinancialcrisisuntiltheendof2015.However,asmentionedearlier,loosemonetarypolicydidnotbringasignificanteconomicrecovery,andtheinflationratehasconsistentlyexceededtheexpected2%target.Onthecontrary,loosemonetarypolicyhasraisedassetprices,whiletheUSassetpricebubbleisobvious.U.S.unilateraltradeprotectionismisaggravatedatpresent.Theshort-termdeclineoftheU.S.economywillbeverylarge.Iftheepidemiciscontrolledintime,unemploymentinmanyserviceindustriesmayalsorecoverquickly.Thegovernmentpolicyresponseisveryconfusing.Iftheepidemictriggersaneconomiccrisis,whetherthepreviouslyledUSgovernmentcanrespondpromptlyandreasonablybecomesahugequestionmark.TheUnitedStateslasted10yearsfromtheGreatDepressionof1929.Oneoftheimportantreasonsisthemistakeofeconomicpolicy.Manystudieshavefoundthattradepolicy,monetarypolicyandfiscalpolicyaremakingdirectionalerrors.Afterthecrisis,theUnitedStatesinitiallyestablishedpersonalunemploymentinsurance,depositinsurancesystems,andreversecyclemonetaryandfiscalpolicies,allofwhichviolatedthedownwardspiralofeconomicspirals.Afterthefinancialcrisisof2007-2009,thesepoliciessuccessfullyavoidedtheGreatRecessionfromhappeningagain.Beforecomingtopower,majoreconomicpoliciesintheUnitedStateswereattendedbyprofessionaleconomists.Alargenumberofwell-knowneconomistshaveservedaspresident’seconomicadviserstotheUnitedStates.Importantguidingrole.However,aftertakingofficeabsolutely,despitethecommonsenseofeconomics,heforcedtheadversityandtriggeredtradeconflictseverywhere.ItcanbeexpectedthatthepoliticalpowerofthenewcrownepidemicwillcauseadversityintheUnitedStatestobefurtherstrengthened.Atthesametime,italsoincreasedpressureontheFedanddamagedtheindependenceoftheFed.Tosomeextent,itwaspreciselythepressurethatwasreachedthatledtothenormalizationofU.S.monetarypolicyintimebeforethenewcoronaryepidemiccrisis,leadingtoalimiteddeclineininterestrates.Monetarypolicyitselfcanonlysolvetheproblemsofshort-termliquiditydepletion,andithaslimitedeffectonconsumptioncausedbytheepidemic.Itisevenmoredesperatetotrytousemonetarypolicytosolvethelong-termweaknessoftheUSafterthe2008financialcrisis.IftheUnitedStatesre-offendstheunilateraltradeprotectionpolicyduringtheGreatDepression,andatthesametimetriestousemonetarypolicyasapanaceatosolveeconomicproblems,thenthepossibilityoftheUnitedStatesenteringtheGreatDepressionwillbegreatlyincreased.Author:ShengliuGang:AssociateProfessor,DepartmentofEconomics,ChineseUniversityofHongKong,deputydirectoroftheInstituteofAsia-PacificeconomiccenterofHongKong,programdirectoroftradeanddevelopment.WangPengfei:DeputyDeanandProfessorofPekingUniversityHSBCBusinessSchool.Sauna,YeWangHouRunfangEditorChenLiproofreadingLiShihui

Read More

[How is the leg of lamb delicious and easy?】 _Family Practice_Production Method

銆愮緤鑵挎€庝箞鍋氬ソ鍚冨張绠€鍗曪紵銆慱瀹跺父鍋氭硶_鍒朵綔鏂规硶 Shi eng Jimei ﹁He Hao Bimin guillotine Zeng Ban Chen monkey Renqie ょ Ye tank shoulder Yi Quarters Tai parent For additional information Xi fermium Xue Carpenter inlay of Renqie ゅ great fortune Shou Newspaper Jing Ti Top rails Huo Chui Gehu Huai Quarters Tai parent Ti BuThe father and mother of the Sichuan […]

Read More

[Can chronic gastritis eat pepper?

]_Chronic gastric mucositis_Can you eat it? [Can chronic gastritis eat pepper? ]_Chronic gastric mucositis_Can you eat it? Gastritis is divided into acute and chronic. The symptoms of two types of gastritis are different, and the harm will be different. If it is chronic gastritis, the onset time will be longer. Patients should be prepared for […]

Read More

[How to eat watermelon peels]_Watermelon peels_How to make_Practice Daquan

銆愯タ鐡滅毊鎬庝箞鍋氬ソ鍚冦€慱瑗跨摐鐨甠濡備綍鍋歘鍋氭硶澶у叏 鍚冨畬瑗跨摐鍚庡埆鐫€鎬ユ妸瀹冪粰鎵斾簡锛屽畠浠繕鏈夊緢澶氱敤澶勶紝瑗跨摐鐨笉浠呰兘澶熻ˉ鍏呮按鍒嗭紝杩樺彲浠ョ敤鏉ュ仛寰堝濂藉悆鐨勪笢瑗匡紝姣斿姗欐眮鑾茶棔瑗跨摐鐨紝瀹冪殑鍋氭硶姣旇緝绠€鍗曪紝鍙鎶婃渶澶栭潰涓€灞傚拰鏈夎タ鐡滆倝鐨勯偅涓€灞傚幓鎺夛紝鍓╀笅鐨勬妸瀹冨垏鎴愭潯锛岀劧鍚庡湪鎶婅幉钘曞拰瑗跨摐鏉℃斁鍒板紑姘翠腑锛屼箣鍚庢斁鍏ユ姹佸氨鍙互楗敤浜嗐€? 1銆佹姹佽幉钘曡タ鐡滅毊 涓绘枡锛氳幉钘曘€佽タ鐡滅毊璋冨懗鏂欙細姗欐眮銆佺洂銆佺櫧绯栧仛娉曪細(1)銆佽タ鐡滅毊鍓婂幓澶栧眰闈掔毊锛屽幓鎺夊唴灞傜孩鐡わ紝鐒跺悗鍒囨垚鏉°€傝幉钘曟礂鍑€鍒幓澶栫毊2)銆佸皢鐡滄潯銆佽棔鐗囧垎鍒湪寮€姘翠腑鐒竴涓嬶紝鍙栧嚭娌ュ共姘村垎銆?3)銆佸湪鐡滄潯銆佽棔鐗囦腑鍔犲叆閫傞噺姗欐眮銆佺洂銆佺櫧绯栨媽鍖€锛岃壊娉藉憟娣¢粍鑹诧紝鍗冲彲瑁呯洏椋熺敤銆傛彁绀猴細瑗跨摐鐨笌鑾茶棔涓嶈鍚屾椂鐒按锛屽洜涓鸿川鍦颁笉涓€鏍凤紝鑾茶棔鐒ソ浜Do you have a cross-country guideline?2 What is the fistula?This is the best way to get rid of your pockets. Forget the worms. You will be able to find out the details (1) The details are as follows: (1) Removal of the information.唴灞傜孩鐡ゅ悗鍒囨垚涓侊紝鐢ㄥ皯璁哥洂鑵岀墖鍒汇€傛瘺璞嗘竻娲楀共鍑€锛屾斁鍏ョ叜閿呬腑锛屽姞鍏ヨ姳妞掋€佺洂鐓啛锛岀劧鍚庡彇鍑烘播骞叉按鍒嗗鐢ㄣ€?2)銆佸€掑幓鑵岀摐涓佹墍鍑虹殑姘淬€?3) Insufficiency, insufficiency, insufficiency, insufficiency, insufficiency, insufficiency, insufficiency, intimidation, intimidation, […]

Read More

[Can you eat oranges for diarrhea]_Diarrhea_Can you eat

[Can you eat oranges for diarrhea]_Diarrhea_Can you eat People should attach great importance to the quality of their own diet in their daily life diet, because once the human body eats some deteriorated food or expired food, some gastrointestinal diseases will appear. Diarrhea is a very common gastrointestinal disease. Many people are experiencingAfter I have […]

Read More