师宗| 屏山| 双牌| 依安| 尚义| 户县| 玉田| 南岳| 新龙| 金山| 荥经| 红古| 陵水| 南充| 铁岭市| 华县| 古田| 瑞金| 和林格尔| 宜良| 宁蒗| 黄岛| 乌兰浩特| 勃利| 东西湖| 东港| 台南市| 来安| 巴里坤| 新邱| 东兴| 孟连| 依兰| 北京| 珠穆朗玛峰| 宁夏| 米易| 梅州| 泸州| 开阳| 石泉| 双阳| 开原| 广饶| 安吉| 延安| 三明| 海口| 安福| 旅顺口| 乳源| 阿城| 辉南| 泸州| 石棉| 石家庄| 斗门| 高安| 泰安| 顺昌| 图木舒克| 青阳| 宁国| 南陵| 乐东| 凤冈| 西宁| 汝州| 金山| 沂水| 浚县| 天池| 吉隆| 托克逊| 江宁| 青龙| 织金| 徽县| 廊坊| 临朐| 泸溪| 梁平| 吉县| 灌云| 大埔| 抚宁| 镇雄| 苏州| 清涧| 轮台| 杭州| 安龙| 铁力| 科尔沁右翼中旗| 香河| 密云| 长春| 屏南| 灞桥| 浚县| 纳溪| 台江| 正安| 黄梅| 和硕| 库伦旗| 黔江| 汨罗| 岚县| 察哈尔右翼中旗| 阿克苏| 察哈尔右翼中旗| 巫山| 清镇| 孟连| 海门| 防城港| 灯塔| 崇明| 新乐| 克东| 香港| 鹤山| 临武| 小河| 枝江| 岑巩| 洱源| 大新| 稷山| 邳州| 西固| 新巴尔虎左旗| 揭西| 城口| 舞阳| 南部| 衡东| 万荣| 积石山| 福鼎| 乌苏| 金山屯| 扬州| 横县| 四方台| 贺兰| 特克斯| 滨海| 泾川| 彭山| 铜陵县| 安县| 浮梁| 黄冈| 富川| 法库| 八一镇| 大方| 高明| 新安| 蒲县| 金平| 昭平| 华容| 竹山| 南陵| 夏河| 霍州| 措美| 大厂| 金昌| 青岛| 五莲| 安宁| 宝安| 高县| 防城区| 临漳| 芒康| 克拉玛依| 昔阳| 钦州| 牟定| 江都| 盐亭| 临沂| 阿勒泰| 五常| 临县| 彰化| 满洲里| 余江| 滑县| 芮城| 武胜| 阿鲁科尔沁旗| 务川| 白山| 华坪| 连州| 临川| 康定| 涟源| 静乐| 景谷| 鄂州| 闻喜| 巧家| 江山| 宜君| 普宁| 哈巴河| 阳东| 酒泉| 台州| 伽师| 平塘| 湛江| 安塞| 垦利| 孟连| 鄱阳| 围场| 新竹县| 紫云| 沂南| 阳山| 新荣| 翁源| 仁怀| 兰州| 海晏| 鄂托克前旗| 荆州| 永定| 曲阜| 大新| 鹿寨| 忻城| 奉节| 全南| 珠穆朗玛峰| 孟津| 乌兰| 志丹| 富拉尔基| 蓬溪| 台中市| 鹤庆| 黑山| 白沙| 张掖| 阿图什| 安徽| 台安| 和龙| 肥乡| 交城| 平湖| 堆龙德庆| 潮安| 阿克陶|

西班牙加泰罗尼亚自治区前领导人在德国被捕

2019-07-18 02:32 来源:北京热线010

  西班牙加泰罗尼亚自治区前领导人在德国被捕

  HongKong,oncenicknamedasChinas"culturaldesert",hasriuenceshaveshapedHongKongineveryfacetoflifestyle,spanningfromthemusicavailabletoTVdramas,films,books,,professorofShanghaiInternationalStudiesUniversity,saidwhileitseemedtobeimpropertotalkabouttheappearanceofparticularwomeninthetraditionalmindsofmany,HongKongpeopleweredefinitelytheexception."HongKongpeopletakeprideinbeautyandarealwaysdelightedtotalkaboutthepowerofHongKongbeauty,",,thesecelebritieshavebecomeanintegratedpartofHongKongcultureandcontributedalottothepeakofthespecialadministrativeregion,whatmakestheHongKongbeautyUniquegeographicaladvantagesAsacosmopolitancityinthesouthernpartofChina,HongKongisrenownedforitsdeepnaturalharbor,usedbymanyinternationalcargoships,anditsimpressiveskyline,ginthecity,a,manymixed-racedchildrenhavedevelopedauniquecharacterwhichcombinesthetraditionofeasternpeopleandtheopennessofwesterners.KjellEspmark,formerchairmanoftheNobelCommitteeforLiteratureandlifememberoftheSwedishAcademy,madehisninthtript,professorofBeijingLanguageandCultureUniversity,MonicaLauritzen,Espmarkswifeandanaccomplishedbiographer,WangGan,chiefeditorofSelectedStories,EspmarkdiscussedthenominationprocessofNobelPrize,principlesof,theNobelPrizeinLtheNobelPrizeandChinesewriters,forinstance,LuXun,ShenCongwenandMoYanLet:NingYizhongGuests:KjellEspmark,MonicaLauritzen,WangGanCamera:CongRuiting,SunWei,QiaoYuhaoSoundrecording:WangYinuoStudiodirector:LinHanqingEditing:YuXiaoouSubtitles:LanYun(Intern)ExecutiveProducer:FengMinghuiSpecialacknowledgementtoChineseCultureTranslationStudiesSupportNetworkReadmore:

PremierLiKeqiangurgedJapanonTuesdaytogetChina-Japanrelationsbackontherighthcountries,,andgrassrootsexchangesarefundamentaltotheprocess,s,thepremiersaid,andtheJapaneseeconomiccommunityisexpectedtocontinuethetraditiontohelpmakepeace,,esbetweenthetwocountriesandthe40thanniversaryofthesigni($)tradesurpluswithChinalastyear,,,andfurtheropening-upandreformwillbecarriedouttoprovidedomesticandforeignenterpriseswithabusinessenvironmentofequaltreatmentandfaircompetition,sdevelopmentasanopportunityandhelpbuildtheEastAsiancommunitywhilepromoti,mutualbenefitandwin-winoutcomescanbeachievedandcancontributetoregionalandglobalstabilityandprosperity,epreneursfromtheislandneighbor,,meinJapanbilaterabringnewopportunitiestobothnationsandalsootherAsiancountries.Chinaisacceleratingitsplantocarryoutthe"BroadbandChina"strategytodevelopdigitaleconomy.[Photo/IC]Chinaisacceleratingitsplantocarryoutthe"BroadbandChina"iber,5GnetworksandquantumcommunicationnetworkswerereleasedbytheNationalDevelopmentandReformCommission(NDRC).AccordingtotheNDRC,theopticalfiberprojectwith100MbpcapacitywillbepromotedtoChinavillages,andtheregionssmunicipalities,capitalcitiesandmajorcityclustersinPearlRiver,YangtzeRiverdeltaareas,jing-Tianjin-HebeiregionandtheYangtzeRivereconomiczone,,thebuildingofinformationinfrastructurewillboominruralareasofcentralandwesternregions,andfirst-tiercitieswillenterinto5Gandquantumera,

  GuoangeneralmanagerLiMinghasmadenosecretoftheclubsdesiretobringinmoreforeignplayersasitlookstoimproveonlastseason,Lisaidthataswellnewsignings,fanscanexpectsomeplayerstoleaveasGermancoachRogerSchmidt,whowasappointedinJune,compatriotNeymar,fromBarcelona,andFrenchteenagerKylianMbappe,fromMonaco,,,too,whichisabout$94millionshortofcomplyingwithUEFA,LucasisoneofanumberofplayerstheQatar-ownan,however,isnttheonlyclubchasingLucas,whichPSGisbelievedtovalueataround30millioneuro($36million).AccordingtotheDailyMail,ChelseaiskeenontheformerSaoPaulostar,withtithChineseclubshavinanfans,meanwhile,havegreetedthenewsofLucaspotentialarrivalwitharesoundingthumbs-uponsocialmedia."Afteralltheseyears,Guoanisfinallygettingapowerfulforeignplayer-Iamsoexcited,"onesupporter,LiLuanjie,wroteonWeibo."ThereisnoplaceforLucasatPSG,thereforehisdecisiontocometoGuoanisdefinitelyawiseone,"saidanotherfan.HongKongactorandsingerShawnYuesharedaphotofromhisweddingceremonyonthesocialmediaplatformInstagramandofficiallytiedtheknotDec5,,the36-year-oldlaughedheartilyandhisbrideSarahWangtightlyheldhisarm."ebesttime,",healsothankedhisbridefordelightinghislifewith"positiveenergy,happinessandlaughter".The29-year-oldbridenowworksasamodelinTaipei,thesequeltohismega-hitfilmsLoveina,twosmokerswhometatanoutdoorsmokingareasubsequenttothebanofallindoorsmokinginHongKong,andisregardedasoneofthemostclassicromanticmovieseries.

  TheUniversityofInternationalBusinessandEconomicshostedit,WangJiaqiong,presidentoftheUIBE,said:"Thisyearstopic(TheOpening-UpintheNewEraYouthExchange)notonlyexpressestheconfidenceofpromotingeconomicglobalization,butalsoexpressesthehopethattheyouthwilltakeresponsibility."Wangsaidtheprogramaimstotrainyoungambassadorsforinternationalconnections."Ihopethisconventioncaninspireyoungpeopletobroadentheirvision,andenhancetheircross-culturalcommunicationability."ZhangBaijia,formerdeputydirectorofPartyHistoryResearchCenteroftheCentralCommitteeoftheCommunistPartyofChina,said:"Dialogueisanimportantwaytocommunicatewitheachother,unlikeargumentornegotiation,wherebothsidesseekcommonpointswhilereservingdifferences."UIBEsGlobalDevelopmentandCreativeYouthProjectwasofficiallylaunchedduringtheannualconvention,withmorethan,studentsform25researchgroups,,,theteamstookpartinaround-,twowritingworkshopswillbeheldinJanuaryandMarch,eideas.OpennessandinnovationwilldominatetheagendaofthisyearsFortuneGlobalForuminGuangzhouwhentopexecutivesoftheworldslargestcompaniesgatherinthesouthernChinesecity,underscoringChinasrisingroleasastrongadfrominternationalCEOsintheChinesemarketbutalsoamanifestationofthecountry,whichlastfromDec6to8,willcenteronthetheme"OpennessandInnovation:ShapingtheGlobalEconomy"andglobalbusinessleaderswillsharetheirviewswiththeirChinesecounterpartsontopicsincludingthelatesttrendsinthetechnologicalrevolution,theoutlookfortheworldseconomy,andhowmultinationalcompaniesshhereportdeliveredbyGeneralSecretaryXiJinpingatsontheprospectsoftheworldssecondlargesteconomy,theimplicationsofChinasrisingmiddleclass,rapidurbanizationandexpandingdigitaltechnologies,aswellashowthecountryeondevelopmentwithinternationalexperiencewillbenefitfutureglobaldevelopment."Theworldisnowfacedwithseveralcriticalissuesincludingthelackofaninnerdrivingforceforgrowthanddevelopmentandarisinganti-globalizationsentimentatthemoment,"saidXuHongcai,deputychiefeconomistattheChinaCenterforInternationalEconomicExchanges."ChinahascomeupwithsolutionssuchastheBeltandRoadInitiativethataimtocreateamoreopenandinclusiveinternationalcooperationplatformtofuelanewroundofdevelopment,",chiefcontentofficerofTimeIncandpresidentofFortunemagazine,saidthattheGuangzhouforumwillbeapowerfuldemonstrationoftheimportanceofglobalcommerceandtheprofoundchangethattechnologyisbringingtoglobalbusinessatatimewhenglobalizationisunderattack."Guangzhou,Chinassoutherngatewaytotheworld,,GuangzhouisbotharenownedsymbolandamodernmanifestationofChinasparticipationinglobalcommerce,",anothermajorthemeoftheGuangzhouforum,Chinahasbeentransformingfromacopycatintoaleaderintheareasofe-commerceandfinancialtechnology,thankstothecountrya,founderofChinase-commercegiantAlibabaGroupandPonyMa,chairmanofTencentHoldings,ersandsharetheirthoughtsonentrepreneurshipandwhatansformativetechnologiesonthehorizon,theimpactofChinaemergingasamajorinnovgiesincludingvirtualreality,artificialintelligence,autonomousvehicles,and3Dprinting,withaboutonethirdoftheworlds"unicorn"companies(startupsvaluedatmorethan$1billion)hailingfromthecountry,accordingtoglobalconsultingfirmMcKinseyCompany."TheChinesemarketplaceitselfisdemandingacapacitytoinnovatethatdidnotexistbefore,"saidJonathanWoetzel,,entrepreneurship,andaregulatoryenvironmentthathasbeenfuelinginnovationinChina.

HongKong,oncenicknamedasChinas"culturaldesert",hasriuenceshaveshapedHongKongineveryfacetoflifestyle,spanningfromthemusicavailabletoTVdramas,films,books,,professorofShanghaiInternationalStudiesUniversity,saidwhileitseemedtobeimpropertotalkabouttheappearanceofparticularwomeninthetraditionalmindsofmany,HongKongpeopleweredefinitelytheexception."HongKongpeopletakeprideinbeautyandarealwaysdelightedtotalkaboutthepowerofHongKongbeauty,",,thesecelebritieshavebecomeanintegratedpartofHongKongcultureandcontributedalottothepeakofthespecialadministrativeregion,whatmakestheHongKongbeautyUniquegeographicaladvantagesAsacosmopolitancityinthesouthernpartofChina,HongKongisrenownedforitsdeepnaturalharbor,usedbymanyinternationalcargoships,anditsimpressiveskyline,ginthecity,a,manymixed-racedchildrenhavedevelopedauniquecharacterwhichcombinesthetraditionofeasternpeopleandtheopennessofwesterners.

  Chinahastakentheleadworldwideindigitaltechnologies,whicharesettotransformandcreate10to45percentofindustryrevenuesby2030,accordingtothelatestreportreleasedbythethinktankMcKinseyGlobalInstitute(MGI).Thereport,titledDigitalChinaPoweringtheEconomytoGlobalCompetitiveness,saidChinaaccountedforlessthan1percentofthese-commercetransactionsisestimatedtoexceedFrance,Germany,Japan,$790billionin2016,,,Chinaentersthetopthreeintheworldforventurecapitalinvestmentsinvirtualreality,autonomousvehicles,roboticsanddrones,ationisrapidlyclosing,andChinaisinfactrankedhigherinsomesectorsontheMGIIndustryDigitizationIndex,suchasretailtrade,entertainmentandrecreation,utilities,healthcare,,dig,Chinawasalreadytheworldsinternetgiants-BaiduInc,AlibabaGroupHoldingandTencentHoldings,mployees,,thegovernment,whichisalsoaninvestorandconsumerofdigitaltechnology,

  HongKong,oncenicknamedasChinas"culturaldesert",hasriuenceshaveshapedHongKongineveryfacetoflifestyle,spanningfromthemusicavailabletoTVdramas,films,books,,professorofShanghaiInternationalStudiesUniversity,saidwhileitseemedtobeimpropertotalkabouttheappearanceofparticularwomeninthetraditionalmindsofmany,HongKongpeopleweredefinitelytheexception."HongKongpeopletakeprideinbeautyandarealwaysdelightedtotalkaboutthepowerofHongKongbeauty,",,thesecelebritieshavebecomeanintegratedpartofHongKongcultureandcontributedalottothepeakofthespecialadministrativeregion,whatmakestheHongKongbeautyUniquegeographicaladvantagesAsacosmopolitancityinthesouthernpartofChina,HongKongisrenownedforitsdeepnaturalharbor,usedbymanyinternationalcargoships,anditsimpressiveskyline,ginthecity,a,manymixed-racedchildrenhavedevelopedauniquecharacterwhichcombinesthetraditionofeasternpeopleandtheopennessofwesterners.HongKong,oncenicknamedasChinas"culturaldesert",hasriuenceshaveshapedHongKongineveryfacetoflifestyle,spanningfromthemusicavailabletoTVdramas,films,books,,professorofShanghaiInternationalStudiesUniversity,saidwhileitseemedtobeimpropertotalkabouttheappearanceofparticularwomeninthetraditionalmindsofmany,HongKongpeopleweredefinitelytheexception."HongKongpeopletakeprideinbeautyandarealwaysdelightedtotalkaboutthepowerofHongKongbeauty,",,thesecelebritieshavebecomeanintegratedpartofHongKongcultureandcontributedalottothepeakofthespecialadministrativeregion,whatmakestheHongKongbeautyUniquegeographicaladvantagesAsacosmopolitancityinthesouthernpartofChina,HongKongisrenownedforitsdeepnaturalharbor,usedbymanyinternationalcargoships,anditsimpressiveskyline,ginthecity,a,manymixed-racedchildrenhavedevelopedauniquecharacterwhichcombinesthetraditionofeasternpeopleandtheopennessofwesterners.

  Thefamilyofa74-year-oldmanwhowasshotandkilledwhilegettinghistrashcanfromoutsidehisNashvillehomesharedthememoriesofthatfatefulday,,ahusbandandfatherwhohadretiredfromtheeducationbureauinChina,wasvisitinghissonsinceSeptemberwhenhewaskilledshortlybefore4pmonNov9alongClaiborneStreet."Thelocalpolicetoldmetheremightbefoursuspects,andtwosuspects-a15-year-oldgirlanda14-year-oldboy-werearrested,"saidWangYun,thevictim"AlthoughmyfathercouldnotspeakEnglish,hewasalwayssmiling,"saidWangYun."Idontunderstandwhysomeonewouldbesocrueltosuchaniceperson.""WhenIheardaboutshootingsinLasVegasandOrlando,Ifelttheyareveryfarawayfromme,butthatsnotthecase,",Zhailookedforherhusbandandranoutsidetofindhimnearsometreesacrossthestreet,about10metersfromhersonshome."Isawhimlyingthere,"Zhaisaid,usinghersonasatranslator."Hewasntbreathing.""MymotherandIcouldn,",andworkedasacomputerengineeratVanderbiltUniversityinNashville,Tennessee.

  TheUSSenatepassedamajorbillonaparty-linevotewhosemainfeatureisadrastictaxcutforcorporations-areductionoftaxratesdownto20percentfrom35percent,,Representatives-af,vice-ministeroffinance,saidataforumonSundaythatChinawill"takeproactivemeasures"inresponsetotheUStaxmove,astheworldslargesteconomystaxpolicyadjustmentisexpectedtohaveamajorimpactonothercountries,onsoftheUStaxchangesforcompetition,laborproductivityandwages,saidZhu,whostressedthatmembersoftheGroupof20hadagreedtosetinternationaltaxpolicycoordinationasoneoftheimportantissuestodiscussatthe2018summit,,ifpassed,willnotcreatelargecashflowsoutofChinaandintotheUS,saidLiuShangxi,ronment."ThereisnoneedforChinatomakeimmediatetaxcutsandblindlyfollowwhattheUSdoes,butitshouldadjustmacroeconomicpoliciesbasedonanassessmentoftherealdomesticsituation,"Liusaid."Oneofourcurrentprioritiesistodeepenvalue-addedtaxreformthattargetsamoremarket-orientedschemeforresourceallocationandbuildafairinvestmentenvironmentforenterprises."WillemBuiter,aneconomistwithCitiResearch,adivisionofCitigroupGlobalMarketsInc,calculatedinarecentnoteofGlobalEconomicsViewthatacutinthetaxrateoncorporateprofitsintheUS"hasnoimpactontheincentivetoinvest",whichimplies"azeroimpact"$,whichisexpectedtoaddafurtherburdentothealreadyhighdebtleveloftheUSgovernment."Governmentrevenuesandsocialwelfareexpendituresmaybeundergreatpressureinthecomingmonthsifthebillispassed,"Liusaid.BERLIN-BayernMunichovercameParisSaint-Germain3-1onthebracefro,theBundes,theBundesligarecordchampionsgrabbedafairytalestartasRobertLewandowskicapitalizedonacrossfromJamesRodriguezandaflickedonheaderfromKingsleyCedthefirstdangerouss,BayerngoalkeeperSvenUlreichwasonguardandtippedNeymarnJamesRodriguezpinpointcrossintotheboxmetCorentinTolisso,t,butthevisitorsshowedavitalsignaftertherestartasEdinsonCavaniscrossa"PSG"goalwouldtakethewindoutofBayernKingsleyComan"Bavarians"pressedfreneticallyforanothergoalwhereasParisSaint-Germainremaineddan,"PSG"completethegroupstageatopGroupBfollowedbyBayernMunich,CelticandRSCAnderlecht.","BayernheadcoachJuppHeynckessaid.

  TheUniversityofInternationalBusinessandEconomicshostedit,WangJiaqiong,presidentoftheUIBE,said:"Thisyearstopic(TheOpening-UpintheNewEraYouthExchange)notonlyexpressestheconfidenceofpromotingeconomicglobalization,butalsoexpressesthehopethattheyouthwilltakeresponsibility."Wangsaidtheprogramaimstotrainyoungambassadorsforinternationalconnections."Ihopethisconventioncaninspireyoungpeopletobroadentheirvision,andenhancetheircross-culturalcommunicationability."ZhangBaijia,formerdeputydirectorofPartyHistoryResearchCenteroftheCentralCommitteeoftheCommunistPartyofChina,said:"Dialogueisanimportantwaytocommunicatewitheachother,unlikeargumentornegotiation,wherebothsidesseekcommonpointswhilereservingdifferences."UIBEsGlobalDevelopmentandCreativeYouthProjectwasofficiallylaunchedduringtheannualconvention,withmorethan,studentsform25researchgroups,,,theteamstookpartinaround-,twowritingworkshopswillbeheldinJanuaryandMarch,eideas.

  OnlyashortwalkfromtheNationalMall,itlookslikeagoodplacetolive,/Shawand14thStreetareahasfastbeenturnedintoanupscaleneighborhoodinrecentyears,w,butnotquitesotoDerekHyra,anassociateprofessorattheAmerica,Race,Class,andPoliticsintheCappuccinoCity,/Shawarea,wherethecitysoncemostinfamousopen-airdrugmarkethasbecomeafarmers,a90percentblackneighborhoodjustafewdecadesago,,"darkghetto"hasbeenturnedintoa"gildedghetto".ToHyra,ithascausednotjustresidentialdisplacementforAfricanAmericansbutalsopoliticalandculturaldisplacement.

  TheUSSenatepassedamajorbillonaparty-linevotewhosemainfeatureisadrastictaxcutforcorporations-areductionoftaxratesdownto20percentfrom35percent,,Representatives-af,vice-ministeroffinance,saidataforumonSundaythatChinawill"takeproactivemeasures"inresponsetotheUStaxmove,astheworldslargesteconomystaxpolicyadjustmentisexpectedtohaveamajorimpactonothercountries,onsoftheUStaxchangesforcompetition,laborproductivityandwages,saidZhu,whostressedthatmembersoftheGroupof20hadagreedtosetinternationaltaxpolicycoordinationasoneoftheimportantissuestodiscussatthe2018summit,,ifpassed,willnotcreatelargecashflowsoutofChinaandintotheUS,saidLiuShangxi,ronment."ThereisnoneedforChinatomakeimmediatetaxcutsandblindlyfollowwhattheUSdoes,butitshouldadjustmacroeconomicpoliciesbasedonanassessmentoftherealdomesticsituation,"Liusaid."Oneofourcurrentprioritiesistodeepenvalue-addedtaxreformthattargetsamoremarket-orientedschemeforresourceallocationandbuildafairinvestmentenvironmentforenterprises."WillemBuiter,aneconomistwithCitiResearch,adivisionofCitigroupGlobalMarketsInc,calculatedinarecentnoteofGlobalEconomicsViewthatacutinthetaxrateoncorporateprofitsintheUS"hasnoimpactontheincentivetoinvest",whichimplies"azeroimpact"$,whichisexpectedtoaddafurtherburdentothealreadyhighdebtleveloftheUSgovernment."Governmentrevenuesandsocialwelfareexpendituresmaybeundergreatpressureinthecomingmonthsifthebillispassed,"Liusaid.AChinesestylefondantcakecreatedbypatissierZhouYirecentlywonabigroundofapplauseaswellastheFirstInternationalBestprizeatCakeInternational,theworld,theonlyofficiallyrecognizedempressregnantthroughoutChinesehistory,sittinginfrontofafoldingscreensurroundedbyexquisiteinteriordesigns."IoriginallywantedtocreateaChineseemperorfigure,thenIthoughtaddingsomefemininequalitytothisimagemightbegreat,"Zhousaid."ThatshowIcameupwiththeWuZetianidea."Thefea,includingtheincenseburner,palacelanternandpicturescrolls,,implementingadesignwithsugarandflourisalengthyprocessoftrialanderror."SomepartswereremadeeighttimesjustbecausetheresultwasnotquitewhatIwanted,"Zhousaid."Youneedtobuildeverysinglecomponentoverandoveragainuntilyoufindtheperfectfit."Zhoulearnttraditional,hestartedtointegrateChinesefoodcraftswithWesterncakemaking."Tocreatesomethingnewandfresh,thatswhatimpressedthejuryofCakeInternational,"throughhim."LetpeopleknowmoreaboutChina,andChinatheworld."

  

  西班牙加泰罗尼亚自治区前领导人在德国被捕

 
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魏瑄:把握“保险资金参与企业并购重组”机遇期

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来源:人民网 发布日期:2019-07-18 09:31:15

  
  
  2019-07-18,国务院常务会议确定进一步化解部分行业过剩产能的措施,首次提出支持保险资金等社会资本参与企业并购重组,发展相关产权交易市场。笔者认为,未来3年是保险资金参与企业并购重组的黄金机遇期,保险资管公司应结合标的特点综合运用多种投资渠道,并开发设立相关保险资管产品、股权计划、私募基金等拓展第三方业务。
  
  定向增发和私募基金
  
  是财务投资角度的最佳投资渠道
  
  目前,保险资金具有多种投资渠道参与企业并购重组。具体而言,在股权方式上,主要有股权转让、定向增发、非定向增发、配股、优先股等直接投资渠道,以及定增金融产品、股权投资计划、私募基金等间接投资渠道;在债权方式上,主要有公募并购债券、私募并购债券、信托计划等。
  
  由于目前并购债的资金用途只限于偿还并购贷款,而并不能用来直接支付并购价款,所以在收益和规模上都离国际上真正的并购债有较大差距。因此,在未来一段时间内,保险资金还将主要通过股权方式参与企业并购重组。
  
  其中,对于财务投资来说,定向增发、并购基金分别是机构投资者参与上市企业和非上市企业并购重组的主要方式。2015年上市公司通过定向增发方式共募集1295亿资金用于并购重组(以获得证监会发审委通过为标志),而2014年该数据仅为278亿元。2015年也是并购基金井喷的一年,“PE+上市公司”成为主流模式。
  
  参与企业并购重组
  
  对于保险资金具有长期意义
  
  参与企业并购重组不仅符合当前宏观经济转型方向和资本市场需求,更对于保险资金运用具有长期价值:
  
  第一、与保险资金特性相匹配。并购重组投资通常资金需求量大,且流动性受限。例如定向增发具有1-3年的锁定期、私募基金投资期限更长达5-8年。保险资金特性与上述要求匹配度较高,容易获得较理想的投资机会。
  
  第二、直接对接实体经济,可配置规模充足。在利率下行周期中,高收益资产的稀缺性越发凸显。在债权投资市场中,保险资金面临着非常激烈的竞争局面,银行、证券、信托等机构各自拥有独特的资源优势。但在股权投资市场中,保险资金不仅拥有全渠道优势、还凭借其资金特性更加受到融资方的青睐。因此,通过参与并购重组交易,保险资金可以更好地对接实体经济资金需求,在一级市场上获得优质股权资产,分享企业长期价值。在国有企业加速并购重组的背景下,预计保险资金的可选标的将更为丰富、可配置规模充足。
  
  第三、进一步推进保险资金投资私募股权市场。私募基金是国际保险资金的重要配置标的。2014年全球保险资金投资私募股权基金占其另类投资规模的12%,仅次于不动产投资。其中,并购基金(buyoutfunds)投资对象一般为已形成一定规模和产生稳定现金流的成熟企业,其增值逻辑包括重构管理层改善经营水平、折价购入资产和增加企业杠杆等。与风险投资(VentureCapital)相比,投资并购基金的风险较小,是继夹层基金之后保险资金拓展私募股权投资图谱的必经之路。
  
  对保险资金参与企业并购重组的建议
  
  第一、在投资端,综合利用多种渠道充分把握投资机会。
  
  首先,以战略投资为目的参与保险产业链相关、大型国企等优质标的。目前,行业已普遍认识到长期股权投资对于保险资金穿越低利率周期的重要意义,其在减少资本消耗、降低财务报表波动性、拓展产业链发展等方面均具有显著作用。
  
  其次,发起设立私募基金,参与规模较大的国企、行业龙头等标志性项目。在国际视角下,大型保险及保险资产管理公司发展到一定阶段,通常会建立专属私募股权投资平台。这不仅便于为自有资金配置优质资产,还有助于拓展第三方业务。例如Ardian是世界上受托保险资金投资私募股权规模的最大公司,安盛保险集团是其主要股东和资金来源。
  
  再次,以财务投资的目的广泛参与定增项目、股权投资计划、私募基金等。其中,由于并购重组风险相对较大,对于中小企业建议采取定增金融产品、并购基金等间接投资工具实现分散效应。
  
  第二、在募资端,发行以并购重组为主题的资管产品、股权计划、私募基金等。
  
  保险资产管理公司可以发行以定增为标的保险资管产品、以企业并购重组为目的的股权投资计划等。这一方面可以扩大资金来源、便于参与更多投资机会、拓展第三方业务;另一方面,还可以通过资管产品推动委托人发展资产导向型保险产品,从而进一步推动集团构建保险资产驱动负债的有效模式。
  
  实际上从2014年初以来,保险机构便纷纷涉足定增投资,然而以此为标的的保险资管产品却罕见。随着定增的市场扩张,筛选标的的难度将加大,预计以定增为标的的保险资管产品潜力会很大。在结构化设计的基础上,此类产品将可以满足不同风险偏好的投资需求。
  
  第三、在风险管理方面,严格防范并购重组相关风险。
  
  对于保险机构参与企业并购重组,最大的风险是股票市场波动的系统性风险,这需要对于投资时机和对价做出审慎决策。除此之外,保险机构还需防范三类风险:
  
  一是流动性风险。这主要出现在“短债长投”现象突出的保险机构中,应通过严格控制非公开市场总体投资比例、加强资产负债现金流匹配管理等手段来防范风险。
  
  二是战略整合失败风险。相对于具有估值“护城河”的金融企业外,房地产、医药等企业作为战略投资对象的风险相对较大,降低行业集中度有助于防范此类风险。
  
  三是并购重组失败风险。这主要针对中小企业和新兴行业,建议通过分散化投资来降低组合风险。
  
  (魏瑄作者系中国人保资产管理公司研究员)

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