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2019年09月18日 16:21:33
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赣州整形医院整形美容科在线兴国botox除皱多少钱一支Asset-management companies in China中国的资产管理公司Lipstick on a pig看上去很美China is still dealing with the mess left by previous bank bail-outs中国仍在收拾金援留下的烂摊子Aug 24th 2013 | SHANGHAI |From the print editionNEWS surfaced this week that Cinda, an asset-management company (AMC) created during China’s last round of banking bail-outs, is talking to bankers about a stockmarket flotation. That raises an intriguing question: how would the Chinese government handle its next banking crisis? If experience is a guide, it will be through a combination of enormous injections of public money, the creation of complicated structures and the obfuscation of data.本周新闻,创建于中国上轮金援期间的资产管理公司信达正在对话家,讨论发行股票。这引起了一个有趣的问题:中国政府如何处理下一次危机呢?如果以经验为指导,中国政府会通过注入大量的公共资金,创造复杂体系,模糊处理数据等一系列措施。In the 1990s the government shut down many inefficient state-owned enterprises (SOEs). That forced banks to acknowledge loans to those entities as duds. Non-performing loan (NPL) ratios soared, so officials engineered an elaborate bail-out. Central Huijin, an SOE capitalised by the central bank and finance ministry, put money into the banks. On one estimate, these equity infusions topped 0 billion.上世纪90年代,中国政府关闭许多低效率的国企。这使得被迫接受贷给关闭国企的贷款作废。不良贷款率陡升,于是官方启动了复杂的金援。由央行和财政部注资成立的中央汇金向注入资金。据估计,这些企业注资高达1500亿美元。NPLs were hived off into four new AMCs: Huarong, China Orient, China Great Wall and Cinda. From 1999 to 2004 loans worth over 2 trillion yuan (2 billion) were transferred. Though mostly bad, the loans were usually sold at full face value. They were paid for with ten-year bonds, backed by the finance ministry, that the AMCs issued to the big state-owned banks. But since most NPLs failed to recover in that time, these bonds were extended another decade. In short, the bail-out is still going on.不良贷款被分离成了四个新的资产管理公司,分别是华融,中国东方,中国长城和信达。从1999年到2004年,超过两万亿元人民币(2420亿美元)的贷款被转让。尽管大部分是不良贷款,然而这些贷款通常是以全额票面价值卖掉。它们在财政部的持下以十年期债券的形式卖掉,这些资产管理公司将其发行给大型国有。但是因为当时大多数的不良贷款无法偿还,这些债券又延期十年。总之,金援还在继续。What the AMCs have done with their assets is unclear, as they have not released proper accounts. Some NPLs have been sold but reportedly at only 20% of face value. To deal with the resulting cash crunch, Cinda sold bonds to the finance ministry. Anne Stevenson-Yang of J Capital, a research firm, observes that these bonds have since been wiped clean from its balance-sheet without any explanation for where they went: “The AMCs seem to be virtual holding-tanks where the debt doesn’t stay and doesn’t depart either.” Some think they may be insolvent.这些资产管理公司用他们的资产做了什么不得而知,因为他们没有公布资产账户。一些不良贷款被出售,但是据报只有面值的20%。为了解决资金短缺,信达将债券卖给了财政部。调查公司J Capital的Anne Stevenson-Yang说,这些债券已经在没有对去向做出任何解释的情况下从资产负债表中抹去了。这些资产管理公司实质上似乎是掩盖债务的幌子,债务既不在这些公司也没有分发。一些人认为这些公司资不抵债了。That hasn’t stopped the AMCs expanding into other areas. They have gobbled up small banks and expanded into fund management, broking, commodities trading and insurance. Cynics speculate that all this has been done to give an illusion of rounded prosperity, perhaps as a prelude to a wave of public offerings.这没有让这些资产管理公司停下扩张的脚步。他们吞并了小型,,将业务扩展到基金管理,经纪业,商品交易和保险业。怀疑者推测所有这些都是都是全面繁荣的假想,或许是一波公开发行股票行动的前奏。In preparation for Cinda’s flotation on the Hong Kong exchange, the government poured 15 billion yuan into the firm in 2010 as it became a joint-stock company. Another 10 billion yuan was invested in it last year by strategic investors (including Standard Chartered, UBS and Citic Capital, a private-equity firm). Huarong is also rumoured to be seeking strategic investors, ahead of a possible listing next year.为了准备信达在香港股市上市,政府在2010年向该公司注资150亿元人民币成立合资公司。去年包括渣打,瑞银集团和私募股权公司中国中信在内的战略投资者去年向信达投资了100亿元人民币。也有谣言称华融也正在寻找战略投资者,争取明年上市。Why now? With loans soaring and bad debts likely to follow suit (see chart), Chinese officials realise that the next banking crisis may be near. They may well be hoping to lure in fresh investors, to draw a line under previous bail-outs and raise capital for new ones. Huarong and Cinda now claim to make profits, but given their murky accounts, that is hard to verify. A headline in the South China Morning Post sounded this warning: “China’s insolvent toxic-waste dump Cinda for sale”.为什么是现在呢?随着贷款的增加,坏账可能随之而来(见表),中国政府意识到下一次危机可能不远了。他们可能希望吸引新的投资者,与上次的金援划清界限,为新的金援募集资金。华融和信达现在宣称在盈利,但是鉴于他们含糊的账户,这一说法难以实。南华早报的头条发出警告:无力偿还债务的坏账回收站信达待售。 /201308/254012赣州市立医院整形科

上犹县去除鱼尾纹多少钱赣州那家打瘦脸针好Science and technology科学技术Solar physics太阳物理学Sun down落山的太阳Several lines of evidence suggest that the sun is about to go quiet据的一些方式表明太阳即将变平静spots of bother?太阳黑子的困扰?DURING the four centuries that it has been studied in detail, the sun has usually behaved in a regular manner.太阳已被详细研究了四百年,它通常以规则的方式反应。The number of spots on its surface has waxed and waned in cycles that last, on average, 11 years.太阳表面的黑子数在其一般延续11年的活动周期内增增减减。Such cycles begin with spots appearing in mid-solar latitudes and end with them near the equator.这样的周期活动以太阳黑子在其中纬度出现开始并随着黑子移动到赤道附近而终结。And the more spots there are, the more solar storms there are around.而且太阳黑子的数目越多,周围就会有越多的太阳风暴。Sometimes, though, the sun sulks and this solar cycle stops.然而,太阳有时也会生气,之后这种太阳活动周期就停止了。That has happened twice since records began:自从对这种太阳活动周期有记载以来,这种现象已经发生了两次了:during the so-called Maunder minimum of 1645 to 1715 and the Dalton minimum of 1790 to 1830.就是所称的1645年至1715年蒙德极小期和1790年至1830年道尔顿极小期期间。These coincided with periods when global temperatures were lower than average, though why is a matter of debate.这些现象与全球气温低于平均水平时相一致,虽然这是为什么争议的一个问题。An absence of sunspots also means an absence of solar flares and their more violent siblings, coronal mass ejections.缺少太阳黑子也意味着太阳耀斑以及它们更强烈的同胞-日冕物质抛射的不存在。Such outbursts disrupt radio and satellite communications, electricity grids and a variety of electronic equipment, so the pattern of solar activity is of more than academic interest.这种大爆发会干扰无线电和卫星通信,电网和各种电子设备,因此太阳活动方式超越了学术兴趣。A new solar minimum, then, would test theories about how the climate works and also make communications more reliable.然而,一个新的太阳极小期将会测试关于气候如何起作用的理论以及还将使得通信更加可靠。And many solar physicists think such a new minimum is on the cards.而且许多太阳物理学家认为这样一个新的太阳极小期很可能发生。A group of them, who all work for Americas National Solar Observatory, have just had a meeting in New Mexico, under the aegis of the American Astronomical Society, to announce their latest results.在美国天文学会的主持下,美国国家太阳天文台工作的一群太阳物理学家刚刚在新墨西哥州举行了一次会议来宣布他们的最新成果。Frank Hill and his team were the discoverers, 15 years ago, of an east-west jet stream in the sun.弗兰克·希尔和他的研究小组就是15年前太阳内东西高速气流的发现人员。They also worked out that the latitude of this wind is related to the sunspot cycle.他们还计算出这次太阳风的纬度和太阳黑子的活动周期相关。At the beginning of a cycle the jet stream is found, like sunspots, in mid-latitudes.在一个活动周期开始的时候,就可以找到高速气流,像中纬度地区的太阳黑子。As the cycle progresses, it follows the spots towards the equator.随着活动周期的进展,高速气流随着太阳黑子向太阳的赤道方向移动。Intriguingly, however, Dr Hills studies indicate that the jet stream of a new cycle starts to form years before the sunspot pattern.然而,让人感兴趣的事情是,希尔士的研究表明一个新太阳活动周期的高速气流在太阳黑子活动方式前开始形成。This time, that has not happened.这次,高速气流还未产生。History suggests a new cycle should begin in 2019.历史表明一个新太阳活动周期应该开始于2019年。If the sun were behaving itself, Dr Hills team would have seen signs of a new jet stream in 2008 or .假如太阳自我反应的话,希尔士研究人员在2008年或年早已观察到新高速气流的迹象了。They did not.但是他们没有看到这些情况。Nor are there indications of one even now.即使现在,也没有一个迹象出现。If a change in the jet stream really is a leading indicator of solar activity, then no new cycle is on the horizon.如果高速气流的变化真地是太阳活动最重要的指示物,那么新的太阳活动周期还未露端倪。The second study which suggests something odd is happening looked at the strengths of sunspots.表明奇怪的事情正在发生的第二项研究检查了太阳黑子的活力。Matthew Penn and William Livingston have analysed 13 years of data which indicate that, independently of the number of spots around, there has been a decrease in their strength.马修·佩恩威廉·利文斯敦已独立见解地分析了大致太阳黑子数的13年的数据表明这些黑子的活力已经下降了。Sunspots are caused by irruptions into its surface of the suns deeper magnetism.太阳黑子是由入侵活动进入太阳深层磁性表面造成的。These create local drops in temperature, which make the surface gas darker.这些入侵活动导致了局部气温下降,使得太阳表面气体颜色更深。Over the period which Dr Penn and Dr Livingston analysed, the average magnetic strength of the irruptions has declined.佩恩和利文斯顿士分析表明,入侵活动的平均磁场强度已有所下降。Below a certain threshold, they will not be strong enough to overcome the convective mixing of the gas at the surface, and spots will disappear altogether.低于一定的临界值的话,它们将不足以克表面气体的对流混合,因而太阳黑子将完全消失。If the present trend continues, that will happen in 2021.如果目前的趋势继续下去,那么2021年太阳黑子就会消失。The third measure of the suns decline is in its outer atmosphere, the corona.太阳衰落的标准就是其外层的气体日冕。At each solar maximum, the corona sloughs off the magnetic fingerprint of the previous cycle by pushing it to the poles.在每次太阳极大期,日冕通过把气体推向两极而使前一活动周期的磁性特征消退掉。According to Richard Altrock, the leader of another NSO team at the meeting, that does not appear to be happening in the present cycle.根据会议上美国国家太阳天文台的另一研究组的领导理查德·阿尔乔克所说,目前的太阳活动周期那种现象没有出现。It looks, then, as if a new, extended solar minimum is about to begin.然而,看上去好像一个新延续的太阳极小期将要开始。That is good news for operators of communications satellites.对通信卫星的经营者来说,这是好消息。And it is interesting news for those who worry about global warming.而且这对那些担心全球气温变暖的那些人来说是个令人有趣的新闻。If the Maunder and Dalton minima actually did affect the climate,如果蒙德和道尔顿极小期确实影响了气候,then a new one might counteract the effects of the extra greenhouse gases people are now pumping into the atmosphere—at least, until the solar cycle returns.那么新的太阳活动极小期可能抵消人们现在大量释放到空气中额外温室气体的影响-至少要到太阳活动周期恢复时。Whether the breathing space thus granted would be used wisely or squandered is another matter.无论是如此承认的呼吸空间会被明智地使用还是被大手大脚地挥霍掉将是另一回事。Do not expect that debate to be as placid as the spotless sun.不要指望辩论就像一尘不染的太阳那么宁静安详。 /201308/251230章贡区妇幼保健人民医院祛眼袋手术多少钱As the popular slogan states, ;ing is fundamental.; 正如那句谚语说的,“阅读是基础。”But for many kids with dyslexia, learning to is a struggle. 但对于那些有阅读障碍的孩子来说,学习阅读是种挑战。Simply put, children with ing disorders have trouble recognizing words and letters on the page. 简单的说,有阅读障碍的孩子是很难识别书本上的单词和字母的。And although ing difficulty has been studied for over 100 years, scientists have never determined a specific cause. 尽管科学家们针对这个问题已经研究了100多年,但还是没能给出一个确切的原因。 Over the past twenty years, however, researchers have made significant strides. 在过去的20年中,科研人员们已经取得了重大进步。Many agree that the disorder can be best explained by understanding the mechanics of ing.他们中的很多都同意如果阅读的机制被理解的话,阅读障碍就能被解读。When a child learns to , she begins to associate the shapes of letters with sounds, and then string the sounds together to form words. 当一个孩子学着去阅读的时候,她首先会把单词的形状跟读音联系起来,然后再将这些读音拼到一起组合成新单词。When a learning er sees the letters C-A-T on the page, she begins by recognizing that the letter ;C; makes a ;kuh; sound, A makes an ;ahh; sound, and so on. 当一个初学者看到书本上的单词C-A-T时,她首先会注意到字母;C;发;kuh;的音,字母”A”发 ;ahh;的音。These basic sounds are called phonemes, and the ability to manipulate them is called phonological awareness. 这些基本的发音叫做音素,而运用音素的能力叫做语音认知。Many researches now believe that for children with ing disorders, the problem has to do with impaired phonological awareness. 现在,很多研究人员认为,对于那些有阅读障碍的孩子来说,这些问题与削弱语音意识有关。Such children may know what a cat is and be able to describe it in detail, but when it comes to sounding out the written word ;CAT; the parts of their brains responsible for processing phonemes just dont work as well as they should. 这样的孩子会知道猫长什么样儿,甚至能够很细致地去描述,但是当看到;CAT;一词读出来时,他们大脑中负责处理音素的部分反应地就没那么快了。Many ing disorders seem to have nothing to do with intelligence. 许多阅读障碍似乎与智力因素是无关的。Albert Einstein was dyslexic, and he turned out to be pretty bright. Albert Einstein就有阅读障碍,但事实明他很聪明。The good news is that with proper training, nearly all children can learn to with proficiency. 令人欣慰的是,适当的训练几乎可以让所有的孩子都能做到熟练地阅读。And that, as we know, is fundamental. 那就是,我们所说的,基础。201307/249564赣州胶原蛋白丰唇价格

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