2013年1月16日 星期三

China’s Ambitious Goal for Boom in College Graduates - NYTimes.com by Keith Bradsher

2013-01-16

SANYA, China — Zhang Xiaoping’s mother dropped out of school after sixth grade. Her father, one of 10 children, never attended.

But Ms. Zhang, 20, is part of a new generation of Chinese taking advantage of a national effort to produce college graduates in numbers the world has never seen before.

A pony-tailed junior at a new university here in southern China, Ms. Zhang has a major in English. But her unofficial minor is American pop culture, which she absorbs by watching episodes of television shows like “The Vampire Diaries” and “America’s Next Top Model” on the Internet.

It is all part of her highly specific ambition: to work some day for a Chinese automaker and provide the cultural insights and English fluency the company needs to supply the next generation of fuel-efficient taxis that New York City plans to choose in 2021. “It is my dream,” she said, “and I will devote myself wholeheartedly to it.”

Even if her dream is only dorm-room reverie, China has tens of millions of Ms. Zhangs — bright young people whose aspirations and sheer numbers could become potent economic competition for the West in decades to come.

China is making a $250 billion-a-year investment in what economists call human capital. Just as the United States helped build a white-collar middle class in the late 1940s and early 1950s by using the G.I. Bill to help educate millions of World War II veterans, the Chinese government is using large subsidies to educate tens of millions of young people as they move from farms to cities.

The aim is to change the current system, in which a tiny, highly educated elite oversees vast armies of semi-trained factory workers and rural laborers. China wants to move up the development curve by fostering a much more broadly educated public, one that more closely resembles the multifaceted labor forces of the United States and Europe.

It is too early to know how well the effort will pay off.

While potentially enhancing China’s future as a global industrial power, an increasingly educated population poses daunting challenges for its leaders. With the Chinese economy downshifting in the past year to a slower growth rate, the country faces a glut of college graduates with high expectations and limited opportunities.

Much depends on whether China’s authoritarian political system can create an educational system that encourages the world-class creativity and innovation that modern economies require, and that can help generate enough quality jobs.

China also faces formidable difficulties in dealing with widespread corruption, a sclerotic political system, severe environmental damage, inefficient state-owned monopolies and other problems. But if these issues can be surmounted, a better educated labor force could help China become an ever more formidable rival to the West.

“It will move China forward in its economy, in scientific innovation and politically, but the new rising middle class will also put a lot of pressure on the government to change,” said Wang Huiyao, the director general of the Center for China and Globalization, a Beijing-based research group.

To the extent that China succeeds, its educational leap forward could have profound implications in a globalized economy in which a growing share of goods and services is traded across international borders. Increasingly, college graduates all over the world compete for similar work, and the boom in higher education in China is starting to put pressure on employment opportunities for college graduates elsewhere — including in the United States.

China’s current five-year plan, through 2015, focuses on seven national development priorities, many of them new industries that are in fashion among young college graduates in the West. They are alternative energy, energy efficiency, environmental protection, biotechnology, advanced information technologies, high-end equipment manufacturing and so-called new energy vehicles, like hybrid and all-electric cars.

China’s goal is to invest up to 10 trillion renminbi, or $1.6 trillion, to expand those industries to represent 8 percent of economic output by 2015, up from 3 percent in 2010.

At the same time, many big universities are focusing on existing technologies in industries where China poses a growing challenge to the West.

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http://www.nytimes.com/2013/01/17/business/chinas-ambitious-goal-for-boom-in-college-graduates.html?n=Top/Reference/Times%20Topics/People/B/Bradsher,%20Keith?ref=keithbradsher&pagewanted=print

營養過剩 / 維基解碼 by 王維基

16 Jan 2013 00:00:00 GMT

  五年前,因一次例行的心臟科檢查而認識了一位香港著名的心臟科醫生,他建議我盡量減少飲用湯水,特別是以很多肉類,營養價值極高的材料熬製的老火湯。我聽從他的建議後,基本上不再飲湯,在往後每年的身體檢查中,在脂肪肝、膽固醇等測試部分亦取得達標理想結果。

 

  飲湯是中國人的一種享受,有口感、好味道,也是好媽媽為現代子女可以做的一點「服侍」。但醫生解釋,現代人生活環境豐裕,生病的主因並不是因為營養攝取不足,而是消化不良,營養過剩的問題。中國人愛飲湯水是因為以往我們祖先的生活環境窮困,肉類也沒有能力吃,為了令虛弱的身體更容易吸收肉類的營養,所以就以肉熬成湯。

 

  時至今天,中國人的體質已不再像以往的一樣,引發毛病的原因是過多的營養而不是營養不良。

 

  人的身體如是,社會亦然。

 

轉載自晴報

 

QE、QE變招和QE退出 / 陶冬 by 陶冬

2013-01-16

  對於投資者,央行的立場和政策永遠是決定投資策略的一個重要考量。但是央行政策在過去幾年對市場的影響力,卻是史無前例的,貨幣政策像上帝之手,主導了流動性,主導了風險偏好,主導了市場的方向,主導了每一個人的投資得失。QE在央行歷史上必然佔據一個篇章。

 

政策透明度變得可有可無

 

  進入2013年,量化寬鬆政策面臨著新的變招。全球金融危機之後,央行的常規貨幣政策(即利率政策)很快就彈盡糧絕了。以聯儲為首的各國央行先後推出非常規的貨幣政策,俗稱量化寬鬆政策或QE,通過購買債券來擴張央行的資產負債表,向金融體系注入流動性。QE很快就滿四歲了,它為金融市場帶來了一輪又一輪的流動性,但是其對實體經濟的刺激作用並不理想,於是央行醞釀著新的超非常規貨幣政策。

 

  美國聯儲聲言,今後的貨幣政策與失業率掛勾,明顯偏離央行維護幣值穩定這一傳統的政策目標。估計歐洲央行今年推出負利率政策的機會很高。日本銀行的政策將與通貨膨脹掛勾。英格蘭新行長卡倫還沒有上任時,已經在討論貨幣政策與名義GDP增長掛勾。過去的QE雖說是非常規政策,不過透明度很高。央行在出招前就預先通知每個月購買債券的數量,民間對流動性的增加一清二楚。如今央行政策轉盯其他(困難的)目標,不達目標便不設上限、不設時限地注入流動性,政策透明度變得可有可無了。

 

流動性大水喉很可能來自日本

 

  聯儲曾是QE大王,不過今後的寬鬆政策可能做得不如日本、歐洲那麼瘋狂。畢竟美國房地產市道在復甦,就業和消費均現改善的跡象,而且公開市場委員會中一直有公開唱反調的成員。歐洲需要刺激經濟,必須將藏匿在銀行避險的資金擠壓出來,負利率政策已經在歐洲數個國家實施,歐洲央行對此也十分感興趣。新QE的流動性大水喉很可能來自日本。

 

  安倍上台之後,變本加厲地推行其所謂新經濟政策,為達目的,不惜將央行的獨立性和尊嚴踩在腳下,日本銀行可能被逼充當安倍瘋狂經濟學(Abenomics)的帳房。這種超非常規貨幣政策對經濟的刺激能力如何,筆者深表懷疑,不過央行流動性製造卻已經進入了新的天地,思路有變,手法有變,不變的是鋪天蓋地的流動性,不變的是超低的利率環境,逼著民間資本攀爬風險曲線。

 

在QE退出上,相信伯南克寧遲勿早

 

  在QE漩渦愈轉愈大的時候,市場卻迎來了一個反高潮。2013年伊始,聯儲公布12月會議的機要,提到「某些成員認為2013年應該退出QE,另外一些成員認為2014年需要退出」,美國國債遭到拋售。筆者在美國做債券基金經理的一位朋友,聖誕假期延續到新年的第一周,債市出事時反應稍慢,新年的前三個交易日,將去年一年所賺全部賠了回去。

 

  筆者不認為美國債市的牛市已經逆轉。在聯儲公開市場委員會裡,重要的不是「某些成員」如何想,而是伯南克和他的核心盟友怎麼做。伯南克將其學者和央行行長的所有信譽,全部賭在了QE上面,何況美國經濟已經連續幾年呈現年初樂觀但是年中疲態規律。在QE退出上,相信伯南克寧遲勿早。

 

  不過這次債市的異動,其實是一個警鐘。美國房地產已經觸底反彈,由此銀行的資產負債表開始改善,美國銀行(BofA)率先宣布在2013年增加貸款估計其他銀行也會跟隨。這個對就業和消費的刺激十分正面,美國的民間經濟活動應該會進一步復甦。由於公共開支的收縮,美國的GDP增長未必有大的起色,但是民間經濟活力增強,經濟的不確定性就有所下降,投資隨之反彈。這個意味著美國的通貨膨脹在不遠的將來也有可能回升,逼央行在QE政策上做一個了斷。這個將成為美國債市的大拐點。拐點並非出現在伯南克宣布退出QE之刻,而是在市場開始預計QE退出之時。

 

  在聯儲量化寬鬆催生下,美國債市走出了近20年來罕見的大牛市,收益率低到了難以置信的地步,與山姆大叔潛在的違約風險頗不相稱。一旦市場預期出現變化,初期的拋售可能相當猛烈,利率的上升可能很快。屆時受影響的恐怕不僅是債券基金經理,而是整個金融資產的資金成本。