论文素材中美贸易战.docx

论文素材中美贸易战.docx

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论文素材中美贸易战

论文素材（中美贸易战

FinancialTimes

报道1:

WilltheUS-Chinatradewarimpactonglobalgrowth?

TheUSdecisiontoimposetariffson$200bnofChineseimportsmarkedaseriousescalationinitshostilitieswithBeijingovertrade.Yeteconomistsbelieveprotectionistmeasureswillhaveonlyamodestimpactonglobalgrowth—providedthebilateralconflictdoesnotturnintoanall-outmultilateralwar.

Thesefourchartshelpexplainwhy.

Internationaltradeingoodshasalreadyfallenasaproportionofglobaloutputinrecentyears,despitetheupswingintheworldeconomy.Thisispartlybecauseofcurrencyeffectsandchangesincommodityprices,butmanufacturersarealsobecominglessreliantonimportedinputsandpopularhostilitytoglobalisationmayalsobeplayingapart,withtradedisputesandtheuseofanti-dumpingmeasuresontheriseevenbeforethelatestroundsoftariffs.

Worldtradeislargelyconcentratedinthreeregions:

NorthAmerica,EuropeandEastAsia,withalargeshareoftradebeingintra-regional.

4.EmergingmarketsmaybenefitifthedisputeleadsChinatotrademorewithneighboursinsouth-eastAsia.

InternationaltradeislargelycomposedoftradeflowsbetweenrichcountriesandtheEastAsianregionbutdevelopingcountries’tradewithChinaisincreasinglyimportant.Abigquestionnowiswhetherothercountriesinsouth-eastAsiaareabletobenefitfromgreaterintegrationwithChinaasexistingtradeflowsaredivertedtonewmarkets,andifChinesemanufacturersseektoshiftproductiontocountriesnotaffectedbytariffs.

报道2:

ChinastockstumbleonUStradewarconcerns（Financialtimes）

Chinesestockscementedtheirpositionastheworld’sworstperformingmajorequitymarketonMonday,astheymissedoutonthereturnofsomestabilityfollowinglastweek’sglobalructions.

Afterrising22percentin2017,theCSI300,anindexofsomeofthelargestcompanieslistedontheChinesemainland,hastumbledbythesameamountsofarin2018,makingitoneofthebiggercasualtiesoftheUS-Chinatradedispute.China’sambassadortotheUS,CuiTiankai,toldFoxNewsonSundaythatBeijinghadnotwantedatradewarbuthad“torespondanddefendourowninterests”.

ThesharpdropinChineseequities,whichhitarecordpeakinthemiddleof2015beforeplungingfortherestofthatyear,comesatanawkwardtimeforforeigninvestorsafterindexproviderMSCIinJuneincludedmorethan200oftheA-sharesinitswidelyfollowedemergingmarketbenchmarkforthefirsttime.

GeorgeEfstathopoulos,amulti-assetportfoliomanageratFidelityInternational,saidthetradewarshaddrivenweaknessinChineseequities,withthosecompaniesmostexposedtoUStradehithardest.TheconcernovertradetensionshasdeepenedexistingworriesoverwhetherChineseconsumerspendingisslowingdown.

OnMonday,theCSI300finished1.4percentlower,bringingitsdeclinesinceitpeakedfortheyearinlateJanuaryto28percent.StrategistsatCitigrouppointedtoanalmost25percentdeclineincarsalesinSeptemberasevidenceofthepressureonChina’sconsumers.

AlthoughChineseeconomicgrowthslowedinthesecondquarterto6.7percent,strategistsatCitibelievethatthefulldragfromthetradedisputeisyettobefelt.“Wethinktheimpactwillshowupinthecomingquartersoncethesupplychainsstarttorelocateelsewhere.”

NewYork-basedMSCIsaidlastmonththatitwasconsultingwithinvestorsoveraplantodoublethenumberofA-sharesintheEMindexto434byMay2020,whichMSCIestimateswouldattractabout$66bnfrompassiveandactivefunds.

GaryGreenberg,headofglobalemergingmarketsatHermesInvestmentManagement,saidthecurrentweaknessinChinesestocksshouldnotpresentabigrisktotheinclusionofA-sharesintheindex,andthatimprovingcorporategovernanceinA-sharecompanieswaskey.

ThecontinuedweaknessinChineseequitieswasasharpcontrasttotheperformanceofEuropeanmarketswhich,astradingopenedonWallStreet,haderasedearlierlosses.TheS&P500wasdown0.2percentinearlytrading,andafterlastweek’sdecline,isupjust3.5percentfortheyear.

BeyondstocksinShenzhenandShanghai,theHongKongboursewasalsounderpressureonMonday.Tencent,theChineseconsumertechnologycompanywhosedeclinehasbeenasignificantdragontheHangSengindex,fellafurther1.9percentonMonday.Itsstockhasnowplunged40percentfromitsJanuarypeak.

Mondayalsosawa2percentdropinJapan’sNikkei225,butanalystsputmuchofthatdowntothe7percentdropinsharesofSoftBank,whichcountsSaudiArabiaasthebiggestinvestorinitsVisionFund.Thekingdom,hascomeunderintensepressurefrompoliticiansandbusinessleadersoverthedi

sappearanceofjournalistJamalKhashoggi.

CHIANdaily

报道3

Tradewarthreatensglobalgrowth:

IMF（FromChinadaily）

NUSADUA,Indonesia—InternationalMonetaryFundManagingDirectorChristineLagardeonThursdaywarnedcountriesoftheperilsofatradeoracurrencywar,sayingtheycouldbedetrimentaltoglobalgrowthandhurt“innocentbystanders”.

Lagarde,attheoutsetoftheWorldBank’sannualmeetingwiththeIMF,urgedcountriesto“de-escalate”tradefrictionsandfixglobaltradingrules,ratherthanabandonthem.

Wecertainlyhopewedon’tmoveineitherdirectionofatradewaroracurrencywar.Itwillbedetrimentalonbothaccountsforallparticipants,”LagardetoldanewsconferenceduringtheannualmeetingsoftheIMFandWorldBankontheIndonesianresortislandofBali.

Andtherewouldalsobelotsofinnocentbystanders.”

ShealsodefendedcentralbankratehikesinaveiledrebuketoDonaldTrumpaftertheUSpresidentblamed“crazy”Fedpoliciesforcontributingtofinancialmarketturmoil.Aglobalmarketsell-offrolledonfollowingTrump’scomments.

Lagardesaidcentralbankrateincreasessuchasthosebythepolicy-settingUSFederalReservewerejustifiedbyfundamentals.

“Itisclearlyanecessarydevelopmentforthoseeconomiesthatareshowingmuch-improvedgrowth,inflationthatispickingup...unemploymentthatisextremelylow,”shesaid.“It’sinevitablethatcentralbanksmakethedecisionsthattheymake.”

FollowingasharpWallStreetsell-offonWednesday,TrumpsaidtheFederalReserve“ismakingamistake”.

“IthinktheFedhasgonecrazy,”hesaid.

Intheshadow

Threatstogrowthandthetradethathelpsdriveitareovershadowingthegatheringoffinanceofficials,centralbankersandotherleadersonBali,atropicaltouristdestinationthatreflectsIndonesia’sownrapiddevelopmentoverthepastthreedecades.

WorldBankPresidentJimYongKimsaidescalatingtradetensionsbetweentheUSandChinacouldundoglobalprogressinhelpingendextremepoverty.

HejoinedLagardeandothersinwarningoftheriskstoworldgrowthandeconomicdevelopmentfromthreatstoworldtradeaftertheUSimposedtariffsontensofmillionsofdollarsofChineseexportsandChinarespondedwithsimilarretaliatorytaxesonimportsofUSgoods.

“We’reveryconcernedabouttradetensions,”Kimsaid.“Tradeisverycriticalbecausethatiswhathasliftedpeopleoutofextremepoverty.

“Iamaglobalist.Thatismyjob.Thatisouronlychanceofendingextremepoverty.Weneedmoretradenotlesstrade.”

HesaidtheWorldBankwasworkingwithcountriestoprepareforaworseningsituationbecauseiftariffswereimposedtothemostextremelimitstherewouldbea“clearslowdownandtheimpactonthedevelopingcountrieswouldbegreater”.

LagardesaidshewouldadviseWashingtonandBeijingtocooldown.

．报道四TradestandoffhitsUSandChinastocks（ChinaDaily）

StocksslumpedonglobalmarketsonTuesdayasinvestorsbegantofearthattheChina-UStradedisputecoulderuptintoanall-outtradewar.

InChina,Shanghaistockstumbled3.78percenttoatwo-yearlowof2,907.82,whileShenzhenwasdown5.31percent.

TheselloffspreadtootherAsianmarketsandtoEurope.HongKong'sHangSengIndexfinished2.76percentlower.StockmarketsinLondon,ParisandFrankfurtdeclined.

IntheUS,allthemajorindicesfellastheDowIndustrialslost287.26pointsor1.15percenttofinishat24,700.21,theaverage'sworstdaythismonth,whichpusheditslightlynegativefortheyear.

AstheydidonMonday,USindustrialcompaniesincludingheavyequipmentmakerCaterpillarandaerospacecompanyBoeing–thebiggestUSexportertoChina–declinedonTuesday,droppingmorethan3percenteachontheNewYorkStockExchange.

SharesofChinesecompanieslistedintheUSincludinge-commercecompanyAlibabaslid2percentandsearchengineBaidudeclined2.5percent.

KateWarne,investmentstrategistforEdwardJones,saidinvestorsareconcernedaboutwhattheyareseeing,buttheystillbelievetheUSandChinawillworkouttheirdifferences.

"There'sconcernbutthere'snotoverallgreatworryatthisstage,"shetoldTheAssociatedPress."Wearecertainlytakingthefirststepstowardatradewar,andthemoretit-for-tatactionsaretaken,theharderitistopullback."

ThestockmarketdeclinesonTuesdayfollowedUSPresidentDonaldTrump'slate-Mondaythreattoputanadditional$200billionintariffsonChineseimportsunlessChinaagreestomajortradeconcessions.

"IftheUSlosesitssensesandpublishesanewlist,Chinawillbeforcedtotakecomprehensivemeasuresthatarebothstronginquantityandgravityandwillfightback,"theMinistryofCommercesaidinastatement.

Trump'stradeadviserPeterNavarrosaidTuesdaythattariffsagainstChinawillbe"ultimatelybullish"forAmericanbusinesses,astheadministrationtriestobring"structuralchange".

"Trumpisplayingagameofch