2022年11月8日 星期二

NASA's "UFO" research team started work, to tackle the mystery of unidentified phenomenon

Recently CNN.co.jp reported the following:

NASAの「UFO」研究チームが始動、未確認現象の謎に迫る

2022.10.25 Tue posted at 16:17 JST

 (CNN) 米航空宇宙局(NASA)が未確認飛行物体(UFO)の謎に踏み込む目的で発足させた科学者や専門家など16人のチームが24日、独立した立場からの研究活動を開始した。

同チームには宇宙生物学、データサイエンス、海洋学、遺伝学、政策、惑星科学などの専門家のほか、米海軍の戦闘機パイロットだったNASAの元宇宙飛行士スコット・ケリーさんも加わっている。

NASAは今年6月に同チームの創設を発表し、米サイモンズ財団の代表を務める天体物理学者のデービッド・スパーゲル氏がチームを率いると明らかにしていた。

未確認航空現象は軍の制限空域内で過去数十年にわたって目撃されている。しかし同チームは必ずしもその正体を突き止めることを目的とせず、NASAがこの現象に関する今後の研究にどうアプローチするのが最善かを見極める。

未確認航空現象は目撃情報が限られることから、こうした現象の性質について科学的結論を引き出すのは難しいとNASAは以前から指摘していた。このため今回の研究では、未確認航空現象の性質を科学的に解き明かすため、今後どんなデータが収集できるかをNASAに提言することに重点を置く。

調査期間は約9カ月を予定しており、内容は全て一般に公開される。

具体的には、「科学的な見地から航空機や既知の自然現象とは認識できない空中での出来事」に関する情報の収集に当たる。

未確認航空現象は、安全性や安全保障の観点から注目されているとNASAは説明。6月の発表の時点で、そうした現象と地球外生命体との関係を裏付ける証拠はないと強調していた。

Translation 

(CNN) A team of 16 scientists and experts set up by the National Aeronautics and Space Administration (NASA) to break into the mystery of unidentified flying objects (UFOs) had started an independent study on the 24th.

The team included experts in astrobiology, data science, oceanography, genetics, policy and planetary science, as well as former NASA astronaut Scott Kelly, who was a US Navy fighter pilot.

NASA announced the creation of the team in June this year, and it was made clear that it would be led by astrophysicist David Spergel, president of the Simons Foundation.

Unidentified aerial phenomena had been witnessed for decades within military restricted airspace. But the team wasn't necessarily focusing in finding out what it could be, but to determine how NASA might best approach future studies of the phenomenon.

NASA had long said that the limited number of sightings of unidentified aerial phenomena had made it difficult to draw scientific conclusions about the nature of such phenomena. For this reason, this research would focus on proposing to NASA what kind of data should be collected in the future in order to scientifically elucidate the nature of unidentified aerial phenomena.

The survey was scheduled to last about nine months, and all of the content would be open to the public.

Specifically, it collected information about "occurrences in the air that are not recognizable from a scientific point of view from aircraft or known natural phenomena."

NASA explained that unidentified aerial phenomena were attracting attention from the perspective of safety and security. At the time of its announcement in June, it stressed that there was no evidence to support a connection between such phenomena and extraterrestrial life.

So, a team of scientists and experts will research into the mystery of UFOs. This research will focus on proposing to NASA the kind of data should be collected in the future in order to scientifically understand the nature of unidentified aerial phenomena.

2022年11月6日 星期日

Yokohama National University succeeded in artificially creating hair outside the body - Alopecia treatment etc. expected

Recently NHK News on-line reported the following:

体外で人工的に髪の毛作成に成功 脱毛症治療など期待 横浜国大

2022年10月22日 5時34分

体の外で人工的に髪の毛を作り出すことに、マウスの実験で成功したと、横浜国立大学の研究グループが発表しました。毛をマウスに移植すると、定着して生えかわるのも確認できたということで、脱毛症などの治療につながるのではないかと期待されています。

研究は横浜国立大学の福田淳二教授らのグループが行い、アメリカの科学雑誌「サイエンス・アドバンシズ」に発表しました。

グループは、マウスの胎児の皮膚から表面の部分になる細胞と、体の組織を支える部分になる細胞を取り出し、これらの細胞をつなぐ役割を担うたんぱく質などを低い濃度で混ぜて培養しました。

すると2日後には、表面になる細胞を支える部分になる細胞が囲むようになり、培養を始めてから10日後には「毛包」と呼ばれる髪の毛を作り出す部分を含んだ毛が生えてきたということです。

さらに、5ミリほどにまで伸びた毛をマウスの皮膚に移植すると定着し、その後、いったん抜けたものの、3週間ほどたつと新たな毛に生えかわったということです。

毛包を含む一定の長さがある毛を、ほぼ100%の精度で人工的に作ることに成功したのは初めてだということで、脱毛症の治療法の開発につながるのではないかとしています。

福田教授は「植毛のように移植できるので、人の細胞で作ることができたら画期的な治療法になる。髪の毛ができる様子も再現でき、白髪が生えるメカニズムの解明にも応用できる」と話しています。

Translation

A research group at Yokohama National University announced that it had succeeded in experimenting with mice to artificially create hair outside the body. When the hair was transplanted to the mouse, it was confirmed that it took root and regrew, so it was expected that it could lead to the treatment of alopecia and the like.

The research was conducted by a group led by Professor Junji Fukuda (福田淳二)of Yokohama National University and published in the American science magazine "Science Advances".

The group extracted the cells that would become the superficial part of the fetal, and the cells that supported body tissues were mixed with a low concentration of protein that related to these cells, and they were then cultured.

By doing this, two days later, the cells that support the cells on the surface start to surround, and 10 days after the start of the culturing, hair containing the part that produced the hair known as "hair follicle" grew.

Furthermore, when the hair that had grown to about 5 mm was transplanted to the skin of the mouse it took hold, and although it fell out once, it was replaced by new hair after about 3 weeks.

This would be the first time that artificial hair of a certain length was created successfully, including hair follicles, with almost 100% accuracy, and it was believed that this would lead to the development of a treatment for alopecia.

Professor Fukuda said, "Since it can be transplanted like hair transplantation, if we can create it with human cells, it will be an epoch-making treatment. We can reproduce how hair grows, and it can also be used to clarify the mechanism of gray hair growth."

 So, Yokohama National University has succeeded in experimenting with mice to artificially create hair outside the body, and that will eventually lead to the treatment of alopecia etc. This is good news for many people with hair problems.

2022年11月5日 星期六

美國著眼於將中國技術禁令擴大到量子計算和人工智能

Recently Yahoo News on-line reported the following:

US Eyes Expanding China Tech Ban to Quantum Computing and AI

Anna Edgerton, Ian King, Eric Martin and Saleha Mohsin

Fri, October 21, 2022 at 10:16 a.m.

(Bloomberg) -- The Biden administration is exploring the possibility of new export controls that would limit China’s access to some of the most powerful emerging computing technologies, according to people familiar with the situation.

The potential plans, which are in an early stage, are focused on the still-experimental field of quantum computing, as well as artificial intelligence software, according to the people, who asked not to be named discussing private deliberations. Industry experts are weighing in on how to set the parameters of the restrictions on this nascent technology, they said.

The efforts, if implemented, would follow separate restrictions announced earlier this month aimed at stunting Beijing’s ability to deploy cutting-edge semiconductors in weapons and surveillance systems.

Technology stocks in China fell on Friday, with equipment-makers Naura Technology Group Co. and ACM Research Shanghai Inc. tumbling as much as 6.1% and 8.7% respectively. Piotech Inc. dropped as much as 13%.

The US has ramped up actions to stifle China’s ability to develop certain technologies that it sees as key in the competition with its top strategic rival. The sweeping regulations released earlier this month also limited how US citizens and residents participate in Chinese tech firms.

The Commerce Department’s Bureau of Industry and Security, which plays a key role in designing and enforcing export controls and announced the semiconductor restrictions on Oct. 7, declined to comment. The White House National Security Council isn’t aware of discussions on such additional controls, according to a spokesperson.

National Security Advisor Jake Sullivan, in a speech last month on technology, competitiveness and national security, referred to “computing-related technologies, including microelectronics, quantum information systems and artificial intelligence” as among developments “set to play an outsized importance over the coming decade.” He also noted the importance of export controls to “maintain as large of a lead as possible” over adversaries.

Expanding the wall around advanced technologies risks further antagonizing China and forcing other countries to pick sides between the world’s two top economies. The new ideas have been shared with US allies, according to the people.

Powerful Potential

Quantum computing is an experimental field with the potential to dramatically increase the power and speed of computing, enabling machines to solve problems beyond the capacity of the current generation of computers.

It’s expected to someday upend computer-security technology, as quantum machines could be powerful enough to decode passwords and circumvent encryption security features.

Officials are still determining how to frame the controls on quantum computing, which will probably focus on the level of output and the so-called error correction rate, the people said.

Companies including Microsoft Corp., Alphabet Inc.’s Google, Intel Corp. and International Business Machines Corp. are devoting millions of research dollars to various quantum projects.

While conventional computers interpret data in “ones” and “zeros,” a quantum machine can store information in multiple states -- as one, zero, both or something in between -- a principle known as “superposition.” That allows a quantum system to multitask in ways today’s binary equipment can’t.

A normal computer looking for a name in a phone book cataloged by numbers, for instance, would search one number at a time. A quantum computer could scan all of them simultaneously.

The biggest challenge, however, is that existing quantum systems typically require exotic cooling mechanisms to generate the super-cold temperatures required to manipulate and detect quantum states of sub-atomic particles.

The Biden administration is also working on an executive order for an outbound investment review mechanism that would scrutinize money heading to certain Chinese technologies, and the quantum computing and artificial intelligence controls could be included, one of the people said. That could incorporate some aspects similar to a measure pushed by senators Bob Casey, a Pennsylvania Democrat, and John Cornyn, a Texas Republican.

Translation

(彭博社)- 據知情人士透露,拜登政府正在探索新的出口管制的可能性,以限制中國獲得一些最強大的新興計算技術。

要求不具名私人討論的知情人士表示, 這些潛在計劃處於早期階段,主要集中在仍處於試驗階段的量子計算以及人工智能軟件領域。他們說,行業專家正在權衡如何設置對這項新興技術的限制範圍。

這些企圖如果實施,將遵循本月早些時候宣布的旨在阻礙北京在武器和監視系統中部署尖端半導體的能力的單一限制。

中國科技股週五下跌,設備製造商 Naura Technology Group Co. 和 ACM Research Shanghai Inc. 分別下跌 6.1% 和 8.7%。 Piotech Inc. 跌幅高達 13%。

美國加大了行動力度,以扼殺中國開發某些技術的能力,它認為這些技術是與最大戰略對手競爭的關鍵。本月早些時候發布的全面法規也限制了美國公民和居民怎樣參與中國科技公司。

美國商務部工業和安全局在設計和執行出口管制方面發揮著關鍵作用,並於 10 月 7 日宣布了半導體限制措施,但拒作出絕置評。據一位發言人稱,白宮國家安全委員會不知道有關此類額外控制的討論。

國家安全顧問 Jake Sullivan 上個月在一個關於技術、競爭力和國家安全的演講中提到 “與計算相關的技術,包括微電子、量子信息系統和人工智能” 這類發展 “將在未來十年發揮巨大的作用”。他還指出出口管制令使與對手 “保持盡可能大的領先優勢” 的重要性。

圍繞先進技術擴大圍牆可能會進一步激怒中國,並迫使其他國家在世界兩大經濟體之間選邊站。知情人士說,這些新想法已與美國盟友分享。

強大的潛力

量子計算是一個實驗領域,具有顯著提高計算能力和速度的潛力,能使機器的可夠解決問題的能力超出當前一代的電腦。

預計有一天它會顛覆電腦安全技術,因為量子機器可能強大到足以解碼密碼並繞過加密安全功能。

知情人士說,官員們仍在確定如何制定對量子計算的控制,這可能會集中在輸出水平和所謂的糾正錯誤率上。

包括微軟公司、Alphabet Inc. 的谷歌、英特爾公司和國際商業機器公司在內的公司正在將數百萬美元的研究資金投入到各種量子項目中。

雖然傳統計算機以 “一” 和 “零” 來解釋數據,但量子機器可以用多種狀態存儲信息 -  一、零、兩者或兩者之間的某種狀態 - 這一原理被稱為“疊加”。這使得量子系統能夠以當今二進制設備無法做到的方式進行多任務處理。

例如,一台普通計算機在按數字編目的電話簿中查找姓名時,會一次搜索一個號碼。一台量子計算機可以同時掃描所有號碼。

然而,最大的挑戰是現有的量子系統通常需要異常的冷卻機制來產生超冷溫度以應付操縱和檢測亞原子粒子的量子態所需。

其中一位知情人士說,拜登政府還在製定一項對外投資審查機制的行政命令,該機制將審查流向某些中國技術的資金,可能包括量子計算和人工智能控制。這可能包含類似於賓夕法尼亞州民主黨參議員Bob Casey和德克薩斯州共和黨參議員John Cornyn所推動的某些措施。

So, the US is trying new export controls that would limit China’s access to some of the most powerful emerging computing technologies such as quantum computing as well as artificial intelligence software. According to China leaders' theory and belief, they can develop their computing technologies on their own and they will try even harder in face of challenges.

2022年11月4日 星期五

一場新的冷戰正在使北極升溫

Recently MiningWeekly.com posted the following Bloomberg article

A new Cold War is heating up the Arctic

21ST OCTOBER 2022

BY: BLOOMBERG

The North Pole is melting faster than ever, but the chill in the air at this year’s global gathering of Arctic experts had more to do with the widening repercussions of Russia’s invasion of Ukraine.

The planetary consequences of that war have, by now, reached far beyond the disruption of climate efforts in Europe, where gas shortages have prompted governments to recommission coal plants. The conflict has also intensified a race among great powers for ascendancy in the Arctic, adding to pressure on a fragile system that’s critical to mitigating global warming.

Not since the Cold War has there been such focus on the frigid expanse that caps the Earth. More than half the Arctic coastline belongs to Russia, which is increasingly isolated from its northern neighbors. That’s turned the region into a growing security concern for the US, which has a foothold through Alaska.

As a result, this year’s Arctic Circle Assembly at times took on the air of a geopolitical summit rather than a gathering of climate and development experts.

While Russia was noticeably absent from the event held last week in Reykjavik’s iconic glass-scaled Harpa Concert Hall, an unprecedented 2 000 attendees spilled into corridors and wedged themselves into doorways. Military uniforms popped out among the dark suits of politicians, executives and scientists. And the conference drew a record number of US officials armed with the first update to America’s Arctic strategy in a decade.

War in Europe has already derailed other efforts at regional cooperation. Meetings of the Arctic Council, an intergovernmental forum promoting cooperation on biodiversity, climate and pollution, have been suspended since the war began in February.

While climate remains a pillar of US policy, Derek Chollet, Counselor at the US State Department, told me — security takes precedence. Of greatest concern to the US would be any move by Russia to restrict freedom of navigation, build military forces or test certain high-tech weapons in the Arctic, but it is also worried about China’s growing interest in the region.

“As we've seen elsewhere where China has chosen to be a regional player, that's often in a zero-sum way," Chollet said. “I don't think it's in any of our interests to see the Arctic become another example of this.”

Russia set up a Northern Command in 2014, opening multiple new and former Soviet military sites in the Arctic. It’s also developing new nuclear submarines for Arctic operations, including Arcturus, which can deploy underwater drones and hypersonic missiles. The shortest route to North America from Russia is still over the top of our planet and the new missiles will require near-instantaneous reaction time, military experts say.

The US hasn’t been idle either. It’s working with Arctic ally Canada to revitalise a Cold War era joint aerospace defense command. And once Sweden and Finland’s accession to NATO is complete — prompted by the invasion of Ukraine — Russia will be the only Arctic state outside that key defense alliance, also forged during the Cold War as a bulwark against Soviet expansion in Europe. All that adds to an overwhelming sense that the world is returning to an era of great powers competing for resources and security, rather than collaborating over climate.

“Unfortunately,” Canada’s Governor General Mary Simon told conference attendees, the war in Ukraine has “impacted global cooperation, halting a number of collaborative projects in the Arctic.”

If geopolitics is sidelining efforts to slow the melt, climate change is simultaneously undermining what, until recently, was the Arctic’s best defense: its inaccessibility. The region’s ice reflects the sun’s heat and its permafrost acts as a huge carbon vault, helping to cool the planet — but how do you protect an Arctic that's being cracked open as it thaws?

The North Pole’s lost about 40% of its ice since the 1980s and is now warming roughly four times as fast as the rest of the world. That’s opening it up to marine traffic and economic development which, in turn, is expected to amplify the effects of global warming.

Temperatures over the central Arctic Ocean this summer were 1 to 4 degrees Celsius higher than the 20 year average up to 2020, according to the Colorado-based National Snow & Ice Data Center.

Mark Serreze, the organization’s director, said it was the first time he can remember that both the major routes through Canada's Northwest Passage and Russia’s Northern Sea Route were “essentially ice free” all summer. For years, Russia has benefitted from the Northern Sea Route, a key section of the Northeast Passage that connects the Pacific and Atlantic Oceans across the Arctic. Stretching through Russia’s Exclusive Economic Zone, the route is frequently ice-free in summer and Russian ice-breakers can make it accessible in winter to friendly nations. A voyage from Japan to Europe can take just 10 days through this Arctic Circle route – compared to more than 20 via the Suez Canal and more than 30 to sail around the Cape of Good Hope.

The route’s competitor, the fabled Northwest Passage, took Norwegian explorer Roald Amundsen three years to navigate at the turn of the 20th century. That was long before it became ice-free for the first time in the summer of 2007, but it still remains trickier to traverse. With US-led sanctions against Russia triggering a collapse in international transit along the Northern Sea Route this year, however, the Northwest Passage could become more attractive to shipping, especially as temperatures rise.

The third option is, so far, hypothetical. Should the North Pole ever melt entirely — and all indications are that it will, probably before mid-century — the Trans Arctic shipping route would allow ships to travel straight over the top, through international waters, avoiding sticky interactions along anybody’s coast. A decade or more before that, it could become ice-free in summer.

But there would be severe tradeoffs in a world with a watery Arctic. The disappearance of the Greenland ice sheet, the world’s second-largest body of ice, would cause sea levels to rise 6 meters, threatening islands and coastlines thousands of miles away. Swathes of the Middle East, Africa and Asia would become too hot to live in. And whatever financial gains are made could be erased by more extreme storms, floods, fires and droughts around the world.

So far, that dire prospect is not putting anyone off. China, which has no Arctic coastline, is already betting on the end of ice. Its Belt and Road Initiative includes plans for a Polar Silk Road connecting East Asia, Western Europe and North America. The emergence of a trans-Arctic shipping route is key to that strategy and would create an alternative to its maritime route through the South China Sea, Strait of Malacca and Suez Canal. It's working on the world's biggest ice-breaker to support that ambition.

Opening up the Arctic would also ease access to planet-warming fossil fuels. About 90-billion barrels of oil and 1 670-trillion cubic feet of gas lie inside the Arctic Circle, according to the United States Geological Survey, along with metals and minerals needed for electrification.

Under the Law of the Sea, most Arctic nations have claims to some of its resources, but whether to restrict planet-harming development is up to individual governments. Greenland last year banned new licenses for oil and gas drilling and Iceland plans to prohibit exploration, while oil majors, wary of the reputational damage associated with drilling pristine wilderness, have signaled they’ll stay away. Scandinavian nations are hoping to harness the region’s wind and hydro power. In contrast, Russia — already by far the largest Arctic energy producer — is looking to expand oil and gas production.

“Geopolitics in the Arctic is changing,” Alar Karis, president of Estonia, which has applied for observer status on the since shuttered Arctic Council, told the conference. “Therefore, we must not only think of climate and the environment when we talk about the region, but also diplomacy and deterrence.”

Translation

北極的融化速度比以往任何時候都快,但在今年全球北極專家聚會上帶寒意的氣氛與俄羅斯入侵烏克蘭的影響的擴大有關。

到目前為止,這場戰爭的全球後果已經遠遠超出破壞了歐洲對氣候的努力,那裡的天然氣短缺促使各國政府重新啟用燃煤電廠。這場衝突還加劇了大國之間爭奪北極地區優勢的競爭,增加了對緩解全球變暖至關重要的脆弱系統的壓力。

自冷戰以來,人們從未如此關注覆蓋地球的寒冷大片開廣闊空間。北極海岸線的一半以上屬於俄羅斯,俄羅斯與北方鄰國越來越孤立。這使該地區成為美國日益嚴重的安全問題,美國在阿拉斯加擁有立足點。

因此,今年的北極圈大會有時更像是一場地緣政治峰會,而不是氣候與發展專家的聚會。

雖然俄羅斯明顯缺席了上週在雷克雅未克標誌性的玻璃玻璃鱗片的哈帕音樂廳舉行的活動,但前所未有的 2,000 名與會者插身走於廊並擠進了門口。穿軍裝人仕出現在政治家、高管和科學家的深色西裝中。這次會議吸引了創紀錄數量的美國官員,他們在十年內首次更新了美國的北極戰略。

歐洲的戰爭已經破壞了區域合作的努力。自 2 月戰爭開始以來,促進生物多樣性、氣候和污染合作的政府間論壇 Arctic Council 的會議已暫停。

雖然氣候仍然是美國政策的支柱,但美國國務院參贊 Derek Chollet 告訴我 - 安全優先。美國最擔心的是俄羅斯限制航行自由、在北極建設軍隊或測試某些高科技武器的任何舉動,但他也擔心中國對該地區日益增長的興趣。

Chollet說: “正如我們在其他地方看到的那樣,中國選擇成為區域競爭者,這通常是零和方式”; “我不認為見到北極成為另一個例子是會符合我們的任何利益。”

俄羅斯於 2014 年成立了北方司令部,在北極開設了多個新的和前蘇聯軍事基地。它還在為北極行動開發新的核潛艇,包括可以部署水下無人機和高超音速導彈的 Arcturus。軍事專家說,從俄羅斯到北美的最短路線仍然在我們星球的頂端,新導彈將需要近乎即時的反應時間。

美國也沒有閒著。它正在與北極盟友加拿大合作,以振興冷戰時期的聯合航空航天防禦司令部。一旦瑞典和芬蘭完成加入北約 - 在烏克蘭入侵的推動下 - 俄羅斯將成為該關鍵防禦聯盟之外的唯一北極國家,該聯盟也是在冷戰期間作為抵禦蘇聯在歐洲擴張的堡壘而建立的。所有這一切都增加了一種壓倒性的感覺,即世界正在回到大國爭奪資源和安全的時代,而不是在氣候問題上進行合作。

“不幸的是,” 加拿大總督 Mary Simon 告訴與會者,烏克蘭戰爭 “影響了全球合作,導致北極的一些合作項目停止。”

如果地緣政治正在邊緣化減緩融化的努力,那麼氣候變化同時也在破壞直到最近北極最好的防禦:它的不可接近性。該地區的冰層反射著太陽的熱量,其永久凍土層就像一個巨大的碳庫,有助於為地球降溫 - 但是你如何去保護正在解凍時裂開的北極呢?

自 1980 年代以來,北極失去了約 40% 的冰,現在變暖的速度大約是世界其他地區的四倍。這為海上交通和經濟發展打開了大門,而這反過來又會放大全球變暖的影響。

根據總部位於科羅拉多州的國家冰雪數據中心的數據,今年夏天北冰洋中部的氣溫比截至 2020 年的 20 年平均溫度高出攝氏 1 度到 4 度。

該組織的負責人 Mark Serreze 表示,這是他第一次記得通過加拿大西北航道和俄羅斯北海航道的主要航線整個夏天都是“基本上無冰”。多年來,俄羅斯一直受益於北海航道,這是連接太平洋和大西洋橫跨北極的東北航道的關鍵部分。這條路線穿過俄羅斯的專屬經濟區,夏季經常不結冰,俄羅斯的破冰船可以讓友好國家在冬季進入。通過這條北極圈航線,從日本到歐洲的航程僅需 10 天 - 相比之下,通過蘇伊士運河需要 20 多天,而繞過好望角則需要 30 多天。

這條路線的競爭對手,傳說中的西北航道,在20世纪初挪威探險家 Roald Amundsen 用了三年時間航行。在那很久之後的一次是在一個無冰的2007 年夏天,但它仍然是較難穿越。然而,隨著美國主導的對俄羅斯的製裁今年引發了北海航線沿線國際運輸的崩潰,西北航道可能對航運更具吸引力,尤其是在氣溫上升的情況下。

到目前為止,第三種選擇是假設性的。如果北極完全融化 - 所有跡像都表明它可能會在本世紀中葉之前融化 - 跨北極航線將允許船隻直接越過北極,穿過國際水域,避免与任何海岸國家的不願意互動。在此之前的十年或更長時間,它可能在夏天變得不結冰。

但在一個水汪汪的北極世界中,將會有嚴重的權衡取捨。世界第二大冰體格陵蘭冰蓋的消失將導致海平面上升 6 米,威脅到數千英里外的島嶼和海岸線。中東、非洲和亞洲的大片地區將變得太熱而無法居住。無論取得什麼經濟收益,都可能被世界各地更極端的風暴、洪水、火災和乾旱所抵消。

到目前為止,這種可怕的前景並沒有讓任何人望而卻步。沒有北極海岸線的中國已經押注於冰層的終結。其 “一帶一路” 倡議包括連接東亞、西歐和北美的極地絲綢之路計劃。跨北極航線的出現是該戰略的關鍵,並將為其通過南中國海、馬六甲海峽和蘇伊士運河的海上航線開闢一條替代路線。它正在建造世界上最大的破冰船來支持這一雄心壯志。

開放北極也將有助於獲得使地球變暖的化石燃料。根據美國地質調查局的數據,北極圈內約有 900 億桶石油和 1670 萬億立方英尺的天然氣,以及電氣化所需的金屬和礦物。

根據海洋法,大多數北極國家都對其部分資源擁有主權,但是否限制對地球有害的發展是取決於各國政府。格陵蘭島去年禁止了石油和天然氣鑽探的新許可證,冰島計劃禁止勘探,而石油巨頭擔心與鑽探未受破壞的原始荒野相關的聲譽損害,已表示他們將遠離。北歐半島國家希望利用該地區的風能和水力發電。相比之下,俄羅斯 - 已經是迄今為止最大的北極能源生產國 - 正在尋求擴大石油和天然氣生產。

愛沙尼亞總統 Alar Karis 在該已關閉的北極理事會申請觀察員地位,告訴議會說: “北極的地緣政治正在發生變化”; “因此,我們在談論該地區時不僅要考慮氣候和環境,還要考慮外交和妨礙物。”

              So, this year’s Arctic Circle Assembly may look like a geopolitical summit rather than a meeting on climate and Arctic development. As the geopolitics in the Arctic is changing, discussion may involve diplomacy and politics on top of climate and the environment.  China, which has no Arctic coastline, is already betting on the end of ice. Its Belt and Road Initiative includes plans for a Polar Silk Road connecting East Asia, Western Europe and North America. Meanwhile Russia is looking to expand its oil and gas production as the region is becoming more accessible.

2022年11月3日 星期四

美國對中國芯片公司的人才禁令阻礙了習近平的主要野心

Recently Yahoo News on-line reported the following:

Ban on US Talent at China Chip Firms Thwarts Xi’s Key Ambition

Bloomberg News

Mon, October 17, 2022 at 2:53 p.m.

(Bloomberg) -- China will speed its efforts to build a legion of talent and win the battle to develop homegrown technologies, President Xi Jinping pledged at the Communist Party’s twice-a-decade congress on Sunday. But new US restrictions issued a week earlier are already undercutting those plans.

The Biden administration’s latest salvo of sanctions includes restrictions on so-called US persons supporting the development, production or use of integrated circuits at some chip plants located in China. Effective Oct. 12, the measures are broad enough to encompass holders of US green cards as well as US residents and American citizens, capturing a wide swath of senior executives at Chinese semiconductor firms.

The country will “attract the best minds from all areas to the cause of the Party and the people,” Xi said, reiterating the need to strengthen international talent exchange. Senior Chinese officials have repeatedly sought to assure overseas researchers that China is a better place for their work. Beijing pledged to beef up its push to lure talent back to China despite tight Covid-19 restrictions that have mostly sealed the country off from the rest of the world.

Foreign-born designers and engineers, along with Chinese people with foreign passports or residency, have long played an instrumental role in the nation’s technological development. In consumer electronics, Huawei Technologies Co. accelerated its efforts to catch up to the iPhone by hiring a former Apple Inc. creative director, Abigail Brody, as its chief designer in 2015. The company also recruited internationally to build up its in-house chip and audio engineering and 5G wireless technology.

Six of the seven key research and development executives of China’s leading semiconductor equipment maker Piotech Inc. are American citizens, per its Star Markets filing in early 2022. Many of Piotech’s top management, including its chairman and general manager, are also Americans.

Previously, US measures to rein in China’s ascent have focused on a particular technology -- such as banning Huawei from accessing advanced chipmaking by the likes of Taiwan Semiconductor Manufacturing Co. -- but the new personnel restriction will hurt by depriving China of a deep pool of experience obtained in the US.

“The control on ‘US person’ is the biggest surprise to us from the announcement,” Bernstein analysts including Stacy Rasgon wrote in response to Washington’s move. “Some Chinese companies have been progressing better, often thanks to founding members or executives bringing their experience from years of working in the US. Many of them hence are US citizens or green card holders.”

Anyone falling under the classification will require a license to continue working in China or in support of chipmakers there, with a heavy burden of proof to show that their work wouldn’t go toward military end uses. Given the variety of applications for any given semiconductor, that makes it challenging for US persons to demonstrate they wouldn’t be aiding China’s military, Bernstein said.

What Bloomberg Intelligence Says

Chinese companies still concentrate on the assembly and testing segments of the industry’s global supply chain, missing out from the 90% of total chain value that’s in the design and manufacturing segments dominated by the US. Non-tariff barriers are the largest obstacle to the rise of the Chinese semiconductor industry.

        -- Clelia Imperiali, BI analyst

Companies like Dutch chip equipment maker ASML Holding NV have now prohibited American staff from supporting Chinese customers, dashing hopes in Beijing that international chip industry players would remain neutral. Meanwhile, Beijing-based semiconductor equipment maker Naura Technology Group Co. has told its US employees in China to withdraw from component and machinery development to comply with Washington’s restrictions, South China Morning Post reported.

“We scoped our measures narrowly,” US Assistant Secretary of Commerce for Export Administration Thea D. Rozman Kendler told an audience on a public call on Thursday. “That ensures that our actions will have the least possible impact on commercial activity and not cause disruptions to the global supply chain.”

Citi analysts said in a note about the new set of US rules this week that Naura and fellow domestic chipmaking gear provider Advanced Micro-Fabrication Equipment Inc. “both believe that even though it applies to their staffs with US citizenship or Green Cards, those staffs should still be allowed to participate in the development or production of mature-node ICs.”

Still, the US curbs are a roadblock for China’s bid to achieve technological self-sufficiency. The measures not only cut the country’s access to advanced chips used in supercomputers and artificial intelligence research, such as those provided by Nvidia Corp., but also impede the arrival of researchers and engineers capable of designing such systems within its borders.

Translation

(彭博社)- 中國國家主席習近平周日在共產黨每十年有兩次的全國代表大會上承諾,中國將加快培養人才隊伍並打贏自主技術開發的戰鬥。但美國在一周前發布的新限制措施已經削弱了這些計劃。

拜登政府最新的制裁措施包括限制所謂的美國人在中國的一些芯片工廠裡支援開發、生產或應用集成電路。從 10 月 12 日起,這些措施的範圍足夠廣泛地涵蓋了美國綠卡持有者, 以及美國居民和美國公民,覆蓋了中國半導體公司的大量高級管理人員。

習近平說,國家將 “吸引各領域最優秀人才投身黨和人民事業” ,並重申加強國際人才交流的必要性。中國高級官員一再試圖向海外研究人員保證,中國是他們工作的更好地方。儘管Covid-19的嚴格限制已使該國與世界其他地區隔絕,但北京仍承諾加大力度吸引人才返回中國。

外國出生的設計師和工程師,以及持有外國護照或居留權的中國人,長期以來一直在國家技術發展中發揮著重要作用。在消費電子領域,華為技術有限公司在 2015 年聘請了前蘋果公司創意總監Abigail Brody 擔任其首席設計師,加快了追上 iPhone 的步伐。該公司還從國際範圍內招聘來構建其內部芯片和音頻工程和 5G 無線技術。

根據 2022 年初提交給科創板的文件,中國領先的半導體設備製造商 Piotech Inc. 的七名主要研發高管中有六位是美國公民。Piotech 的許多高層管理人員,包括其董事長和總經理,也是美國人。

此前,美國遏制中國崛起的措施主要集中在一項特定技術上 - 例如禁止華為進入台積電等公司的先進芯片製造領域 - 新的人員限制將剝奪中國得到美國獲得的豐富經驗。

包括 Stacy Rasgon 在內的 Bernstein analysts 在回應華盛頓的舉動時寫道: “對 ‘美國人’ 的控制是該公告給我們帶來最大的震驚” 。 “一些中國公司取得了較好的進展,這通常要歸功於創始成員或高管帶來了他們在美國工作多年的經驗。因此,他們中的許多人是美國公民或綠卡持有者。”

任何屬於該類別的人都需要獲得許可才能繼續在中國工作或支持那裡的芯片製造商,並有沉重的舉證責任, 去證明他們的工作不會用於軍事最終用途。Bernstein說,鑑於任何半導體都有各種各樣的應用,這使得美國人很難證明他們不會幫助中國的軍隊。

彭博情報說什麼

中國企業仍然專注於行業全球供應鏈的組裝和測試環節,錯過了由美國主導的設計和製造環節中總價值鏈的90%。由非關稅產生的壁壘是中國半導體產業崛起的最大障礙。

——Clelia Imperiali,BI 分析師

荷蘭芯片設備製造商 ASML Holding NV 等公司現已禁止美國員工支援中國客戶,這讓北京方面希望國際芯片行業參與者保持中立的希望破滅。與此同時,據《南華早報》報導,總部位於北京的半導體設備製造商 Naura Technology Group Co. 已告知其在中國的美國員工退出組件和機械開發,以遵守華盛頓的限制。

“我們的措施範圍很窄”, 美國商務部出口管理助理部長 Thea D. Rozman Kendler 在周四的公開電話會議上對聽眾說。 “這確保我們的行動將對商業活動產生最小的影響,並且不會對全球供應鏈造成干擾。”

花旗分析師本週在一份關於美國新規則的報告中表示,Naura 和國內芯片製造設備供應商 Advanced Micro-Fabrication Equipment Inc. “都認為,即使它適用於擁有美國公民身份或綠卡的員工,這些員工仍應允許參與成熟節點 IC 的開發或生產” 。

儘管如此,美國的限制措施仍是中國實現技術自給自足的障礙。這些措施不僅切斷了該國獲得用於超級計算機和人工智能研究的先進芯片的機會,例如Nvidia Corp提供的芯片,也阻礙能夠在其境內設計此類系統的研究人員同工程師的到來。

       So, The Biden administration’s latest salvo of sanctions that aims at China includes restrictions on so-called American people supporting the development of integrated circuits in China. The measures are broad enough to encompass holders of US green cards as well as US residents and American citizens. The competition between the two countries on computer chips is intensifying.

Note

1. Shanghai Stock Exchange STAR Market (上海證券交易所科創板)(Sci-Tech innovAtion boaRd,in short STAR Market, in short in Chinese 科創板) officially known as the Shanghai Stock Exchange Science and Technology Innovation Board is a Chinese science and technology focused equities market established on July 22, 2019. STAR Market has been touted as Shanghai's equivalent to America’s Nasdaq, with state media alluding to its goal as giving Chinese science and technology companies greater access to capital markets. As of July 2020, it is valued at more than US $400 billion. (Wikipedia)

2. Bernstein analysists are widely recognized as Wall Street's premier sell-side research and brokerage people; it is supposed that they could deliver trusted research and execution that help clients stay ahead of what's next.

3. Mature nodes are generally defined at 40nm and above and require older manufacturing processes. Larger nodes are often suitable because of their specific features, such as fast switching. The automotive industry is a large consumer of such components such as LCD drivers and power management controllers. (https://www.z2data.com/insights/chip-shortages-and-technology-)

2022年11月2日 星期三

香港的 “一隻股票,兩種貨幣” 計劃反映了中國的人民幣雄心

Recently Yahoo News on-line reported the following:

Hong Kong's 'one stock, two currencies' plan reflects China's yuan ambitions

Tue, October 18, 2022 at 2:26 p.m.

By Georgina Lee and Summer Zhen

HONG KONG, Oct 18 (Reuters) - As Hong Kong prepares to launch yuan-denominated stocks in its markets, investors and analysts view it mainly as a test run for China's ambitions to internationalise the yuan.

In the weeks since Hong Kong Financial Secretary Paul Chan disclosed the plan for a 'one stock, two currencies' stock trading option, a bunch of blue-chip firms have said they will launch yuan-denominated shares in the city.

As per Chan, the plan is another hook for Hong Kong's role as the pre-eminent offshore yuan hub. For most mainland investors, it is merely an extension of China's "one country, two systems" policy.

Market analysts say it's no coincidence that the plan came just ahead of China's twice-a-decade Communist Party Congress, at which Chinese President Xi Jinping made clear that Hong Kong will be run by patriots and integrated further with the mainland.

"The settlement of security transaction in yuan across the border is more of a market infrastructure driver for yuan internationalisation," said Ju Wang, head of Greater China FX & rates strategy at BNP Paribas.

Institutional investors in particular didn't really need a yuan-denominated trading counter in Hong Kong, given they can easily hedge the currency, Wang said.

China has had a long-standing objective of greater "internationalisation" of the yuan, encouraging its use as a trade settlement currency and promoting yuan-denominated cross-border investments, while leveraging Hong Kong as a major hub for its global offshore yuan business.

LITTLE INCENTIVE

The exact timeline for the launch of the yuan trading counters, which will be part of the southbound leg of the Stock Connect investment channel that connects the Hong Kong, Shanghai, and Shenzhen stock exchanges, is not known.

A market maker system for yuan stocks, which will pave the way for the debut of the yuan trading counters, is slated for the first half of 2023.

Hong Kong Exchanges & Clearing (HKEX) chief executive Nicolas Aguzin is confident this will make settlements easier and bolster flows from China’s retail investors.

It could also be another route for global investors to own yuan assets. Foreigners own less than 5% of mainland yuan-denominated stocks.

Chinese investors say they will bite only if it improves liquidity in Hong Kong-listed Chinese issuers or provides access to a wider pool of stocks.

Mark Dong, co-founder of Minority Asset Management which manages onshore yuan and offshore dollar funds, says the only incentive for mainland investors is to seek "undervalued and high-dividend names which are scarce at home".

Over a dozen Hong Kong-listed Chinese companies including Tencent, Alibaba Group, New World Development and Xiaomi have said they will explore setting up yuan trading counters.

Yet, there are other disincentives for mainland investors, chiefly the recent underperformance of Hong Kong's stock market and the yuan's weakness.

"Yuan trading counter will provide the convenience, but it won’t affect investors’ ultimate trading behaviour and preference" said Xu Lei, chief investment officer at Shanghai-based Generosity Investment, which manages funds that invest into Hong Kong stocks through the Stock Connect.

"Today when we are trading in Hong Kong dollar, we can comfortably bear that foreign exchange risk."

The Hang Seng China Enterprise Index is the second-worst performing index year-to-date, down 30.8 percent. Trading volumes on the southbound Connect channel have been declining this year.

 (Reporting by Georgina Lee; Editing by Vidya Ranganathan and Ana Nicolaci da Costa)

Translation

(路透)香港10月18日 - 隨著香港準備在其市場上推出以人民幣計價的股票,投資者和分析師認為這主要是對中國實現人民幣國際化雄心的一次試水温。

自香港財政司司長陳茂波披露 “一種股票,兩種貨幣” 股票交易期權的計劃之後的幾週內,許多藍籌公司表示將在香港推出以人民幣計價的股票。

 陳茂波表示,該計劃是香港作為聞名的離岸人民幣樞紐的另一個掛鉤。對於大多數內地投資者來說,這只是中國 “一國兩制” 政策的延伸。

市場分析人士表示,該計劃是在中國每十年兩次的共產黨代表大會之前提出是絕非巧合,中國國家主席習近平在大會上明確表示,香港將由愛國者管理,並進一步與內地融合。

法國巴黎銀行大中華區外匯市場和利率策略主管Ju Wang表示: “跨境人民幣證券交易結算更多是推動人民幣國際化的市場基礎設施​​。”

Wang說,機構投資者尤其不需要在香港設立以人民幣計價的交易櫃檯,因為他們可以輕鬆對沖人民幣。

中國的長期目標是提高人民幣 “國際化” , 鼓勵人民幣作為貿易結算貨幣,促進以人民幣計價的跨境投資,同時利用香港作為其全球離岸人民幣業務的主要樞紐。

誘因不多

人民幣交易櫃檯將會作為連接香港、上海和深圳證券交易所的港股通投資南向通道的一部分,啟動人民幣交易櫃檯的確切時間表尚不清楚。

人民幣股票證券莊家系統將為人民幣交易櫃檯的首次亮相鋪平道路,計劃於2023年上半年推出。

香港交易及結算所 (HKEX) 首席執行官 Nicolas Aguzin 相信,這將使結算變得更容易,並增加來自中國散戶投資者的資金流。

這也可能是全球投資者擁有人民幣資產的另一條途徑。外國人持有的大陸人民幣股票不到5%。

中國投資者表示,只有當它改善在香港上市的中國發行人的流動性或提供更廣泛的股票池時,他們才會採取行動。

管理在岸人民幣和離岸美元基金的 Minority Asset Management 的聯合創始人 Mark Dong 表示,內地投資者的唯一動機是尋找 “國內稀缺的被低估和高股息的資產” 。

騰訊、阿里巴巴集團、新世界發展和小米等十多家在香港上市的中國公司表示,將探索設立人民幣交易櫃檯。

然而,內地投資者還有其他不利因素,主要是近期香港股市表現不佳和人民幣疲軟。

總部位於上海的 Generosity Investment,主要管理通過滬港通投資於港股的基金, 其首席投資官Xu Lei表示: “人民幣交易櫃檯將提供便利,但不會影響投資者的最終交易行為和偏好” 。

“今天我們以港元交易,我們可以輕鬆承受外匯風險” 。

恆生中國企業指數是年初至今表現第二最差的指數,下跌 30.8%。今年以來,南向滬港通交易量一直在下降。

       So,  Hong Kong has disclosed a plan for a 'one stock, two currencies' stock trading option, and some blue-chip firms have said they will launch yuan-denominated shares in the city. Some investors and analysts view it mainly as a test run for China's ambitions to internationalize the yuan, a way that may reduce the dominance of the US dollar globally.

Note:

A market maker (證券莊家)or liquidity provider is a company or an individual that quotes both a buy and a sell price in a tradable asset held in inventory, hoping to make a profit on the bid–ask spread, or turn. In U.S. markets, the U.S. Securities and Exchange Commission defines a "market maker" as a firm that stands ready to buy and sell stock on a regular and continuous basis at a publicly quoted price. (Wikipedia)

2022年11月1日 星期二

分析 - 令人頭疼的 1 萬億美元:中國地方財政赤字帶來更廣泛的增長風險

Recently Yahoo News on-line reported the following:

Analysis - A $1 trillion headache: China's local fiscal shortfall poses broader growth risks

Mon, October 17, 2022 at 8:05 AM

By Ellen Zhang and Ryan Woo

BEIJING (Reuters) - By any account, $1 trillion seems huge. That's the scale of budget shortfalls facing Chinese provinces, reducing their fiscal firepower to fund infrastructure spending and tax cuts, and raising risks for the world's second-biggest economy in 2023.

The timing couldn't be worse for policymakers in Beijing, as the economy wobbles under the weight of global recession risks, surging commodity costs, rising geopolitical tension and widespread COVID-19 lockdowns at home - spoiling the backdrop of a once-in-five-years congress of the ruling Communist Party that got underway on Sunday.

Local governments have long been a pump-primer of China's growth, but declining state land sales revenue in the wake of an ongoing crackdown on debt in the sector has severely eroded their financial power - a situation exacerbated this year by China's feeble growth, weak tax income and crippling COVID restrictions.

Local governments must also make debt payments in coming months, portending more financial pain and limiting their ability to meet Beijing's requests to boost spending. Already, many of them have resorted to cutting salaries, reducing headcounts, lowering subsidies and even imposing disproportionately hefty fines to meet budget shortfalls.

In the first eight months, China's 31 provincial-level regions reported a gap between general public revenue and expenditure totalling 6.74 trillion yuan ($948 billion). That's the widest for the period since at least 2012, Reuters calculations from local government data in the past decade showed, with the populous provinces of Sichuan, Henan, Hunan and Guangdong suffering the largest shortfalls.

In the same period, government land sales, counted separately, tumbled 28.5% year-on-year to 3.37 trillion yuan, adding urgency to the need to restore the financial health of indebted real estate firms.

"With the slower growth this year, we expect fiscal deficits for regional and local governments will remain substantial, reflecting the property slowdown and lingering effects of the coronavirus shock," said Jennifer A. Wong, analyst at Moody's, which expects 2022 economic growth to slow to 3.5% from 8.1% in 2021.

In the past, shortfalls were largely offset by transfer payments from the central government and carryover funds from previous years, but analysts say cooling economic growth may limit any such help this time around.

Policymakers will also be wary of picking up the fiscal slack with large-scale monetary stimulus as a wave of global interest rate hikes to rein in red-hot inflation has sent U.S. bond yields soaring, widening the yield gap between U.S. and Chinese debt.

DEBT STRESS

Treasury bond quotas could be increased, so that some of them could be transferred to local governments to ease their fiscal stress, said Luo Zhiheng, chief macroeconomic analyst at Yuekai Securities.

However, they face a squeeze on their already tight cash-flows as maturing local government debts peak in 2023 for the 2021-2025 period, Luo warned.

Combined with some maturing debts of local government financing vehicles (LGFVs) - investment companies that build infrastructure projects - this year and the next will be most stressful for local governments, he said.

Around 380 billion yuan of onshore LGFV bonds from economically weaker provinces are due for repayment in the next 12 months, according to a Moody's report in August.

Such fiscal constraints, together with weakening exports, doubts over a consumption revival and external uncertainties including the Ukraine war, would add pressure on policymakers to shore up the economy in 2023, said Nie Wen, a Shanghai-based economist at Hwabao Trust.

Nie is forecasting GDP growth of 5.5% next year, assuming few or no COVID-19 disruptions, better than the broad 3.2%consensus for this year but still lagging the pre-pandemic 6.0% pace in 2019.

'HEAVY BURDEN'

Highlighting the pressure on finances, the provinces of Shandong, Shanxi, Henan, Zhejiang as well as the municipality of Tianjin said they had all shed budgeted headcounts at government agencies in recent months.

Moreover, some grass-roots market regulators have even imposed excessively high fines on small businesses to boost revenue.

According to financial media outlet Yicai, local governments' revenue from fines and confiscations jumped 10.4% in January-July year-on-year.

Additional spending on containing COVID outbreaks has also strained local government finances.

The fiscal stress is cutting into some households' income, a red flag for consumption and broader growth.

"My annual income was slashed by 27% to around 80,000 yuan last year, due to the very heavy local fiscal burden," an employee surnamed Gao at a government agency in Chongqing told Reuters.

"Our leaders were very anxious these days as they said the current fiscal allocation is not enough at all. As there is no way out, they have had to ask the local government fiscal department for money."

 ($1 = 7.1135 Chinese yuan renminbi)

 (Reporting by Ellen Zhang and Ryan Woo; Editing by Shri Navaratnam)

Translation

北京(路透社)- 無論如何,1萬億美元似乎是巨大的。這就是中國各省面臨的預算短缺規模,削弱了它們為基礎設施支出和減稅提供資金的財政上的火力,並增加了這個世界第二大經濟體在 2023 年面臨的風險。

對於北京的政策制定者來說,時機再糟糕不過了,因為其經濟處於全球衰退風險中搖擺不定、面對大宗商品成本飆升、地緣政治緊張局勢加劇,以及國內廣泛的 COVID-19 封鎖的重壓 - 破壞了將於週日召開的五年一度的執政的共產黨黨代會的背後環景。

長期以來,地方政府一直是中國經濟增長的動力,但在持續打擊國有土地銷售行業債務後,國有土地銷售收入下降, 嚴重削弱了方政府財政實力 - 今年,由於中國經濟增長疲軟、稅收收入軟弱以及新冠疫情嚴重限制,加劇了這情況。

地方政府還必須在未來幾個月償還債務,這預示著更多的財務痛苦,並限制了它們滿足北京方面增加支出要求的能力。他們許多人已經採取用削減工資、裁員、減少補貼, 甚至處以不成比例的巨額罰款等辦法來彌補預算短缺。

前八個月,中國 31 個省級地區的一般公共收入與支出之間的差距總計 6.74 萬億元人民幣(9480 億美元)。路透社根據過去十年地方政府數據的計算顯示,這是至少自 2012 年以來這一時期的最大,其中四川、河南、湖南和廣東等人口稠密省份的缺口最大。

同期,單獨計算的政府土地銷售同比下降 28.5% 至 3.37 萬億元,增加了要去恢復負債房地產公司財務健康的緊迫性。

穆迪分析師 Jennifer A. Wong 表示: “隨著今年增長放緩,我們預計地區和地方政府的財政赤字將依然巨大,這反映出房地產市場放緩和冠狀病毒衝擊的揮之不去的影響” ,並預計 2022 年經濟增長將從 2021 年的 8.1% 放緩至 3.5%。

過去,缺口在很大程度上被中央政府的轉移支付和前幾年的結轉資金所抵消,但分析師表示,經濟增長放緩可能會限制這一次的任何此類幫助。

政策制定者也將對通過大規模貨幣刺激來彌補財政疲軟持謹慎態度,因為有一全球加息浪潮用以遏制熾熱的通脹, 已導緻美國債券收益率飆升,擴大了美國和中國債券之間的收益率差距。

 債務壓力

Yuekai Securities 首席宏觀經濟分析師 Luo Zhiheng 表示,可以增加國債額度,以便將其中的一部分轉移到地方政府以緩解財政壓力。

然而,Luo警告說,隨著到期的地方政府債務在 2023 年達到 2021 年至 2025 年期間的峰值,他們本已緊張的現金流將面臨擠壓。

他說,再加上地方政府融資平台(LGFV)- 建設基礎設施項目的投資公司 - 的一些到期債務,今年和明年對地方政府來說將是最有壓力。

根據穆迪 8 月份的一份報告,未來 12 個月,來自經濟較弱省份的約 3,800 億元人民幣境內地方政府融資平台債券將在未來 12 個月內到期償還。

華寶信託駐上海經濟學家Nie Wen表示,此類財政制抓,加上出口疲軟、對消費復甦的疑慮以及包括烏克蘭戰爭在內的外部不確定性,將增加決策者在 2023 年提振經濟的壓力。

假設很少或沒有 COVID-19 干擾, Nie 預測明年 GDP 增長 5.5%,好過今年 3.2% 的廣泛共識,但仍落後於 2019 年大流行前 6.0% 的速度。

 '沉重負擔'

山東、山西、河南、浙江等省以及天津市突顯財政壓力,表示最近幾個月都在削減政府預算中的人數。

此外,一些基層市場監管機構甚至對小企業處以過高的罰款,以增加收入。

據財經媒體 Yicai 報導,1-7月地方政府罰款和沒收收入同比增長10.4%。

用於遏制 COVID 爆發的額外支出也使當地政府財政緊張。

財政壓力正在削減一些家庭的收入,這對消費和更廣泛的增長來說是一個危險信號。

重慶一家政府機構的姓Gao員工告訴路透社: “由於地方財政負擔非常重,去年我的年收入減少了 27% 至 8 萬元左右” 。

“我們的領導這幾天很著急,說現在的財政撥款根本不夠用,沒有出路,只好向當地財政部門要錢。”

So, there is a budget shortfall of about $1 trillion facing Chinese provinces, reducing their fiscal firepower to fund infrastructure spending and tax cuts, and raising financial difficulties for China in 2023. It seems that the Chinese economy is struggling under the weight of global recession risks, surging commodity costs, rising geopolitical tension and widespread COVID-19 lockdowns in the Mainland.