{"id":3774,"date":"2026-05-07T10:00:00","date_gmt":"2026-05-07T02:00:00","guid":{"rendered":"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/?p=3774"},"modified":"2026-05-05T17:25:31","modified_gmt":"2026-05-05T09:25:31","slug":"%e7%95%b6%e9%87%91%e8%9e%8d%e5%b8%82%e5%a0%b4%e8%88%87%e5%af%a6%e9%ab%94%e7%b6%93%e6%bf%9f%e8%84%ab%e9%89%a4-%e5%8f%8d%e6%80%9d%e5%83%b9%e5%80%bc%e5%88%86%e9%85%8d%e2%94%82%e9%9b%b7%e5%80%a9","status":"publish","type":"post","link":"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/%e7%a0%94%e8%a8%8e%e6%9c%83%e6%96%87%e7%ab%a0%e9%81%b8%e8%bc%af\/%e7%95%b6%e9%87%91%e8%9e%8d%e5%b8%82%e5%a0%b4%e8%88%87%e5%af%a6%e9%ab%94%e7%b6%93%e6%bf%9f%e8%84%ab%e9%89%a4-%e5%8f%8d%e6%80%9d%e5%83%b9%e5%80%bc%e5%88%86%e9%85%8d%e2%94%82%e9%9b%b7%e5%80%a9\/","title":{"rendered":"\u7576\u91d1\u878d\u5e02\u5834\u8207\u5be6\u9ad4\u7d93\u6fdf\u812b\u9264\u2014\u53cd\u601d\u50f9\u503c\u5206\u914d\u2502\u96f7\u5029"},"content":{"rendered":"<h1><a name=\"_Toc228891809\"><\/a>\u7576\u91d1\u878d\u5e02\u5834\u8207\u5be6\u9ad4\u7d93\u6fdf\u812b\u9264\u2014\u53cd\u601d\u50f9\u503c\u5206\u914d<\/h1>\n<pre style=\"text-align: right;\">\u96f7\u5029 \u535a\u58eb\n\u73fe\u4efb\u4e2d\u83ef\u6c11\u570b\u5a66\u5973\u806f\u5408\u6703\u4e3b\u4efb\u59d4\u54e1\n\u524d\u65b0\u52a0\u5761\u9738\u83f1\u4e9e\u592a\u57fa\u91d1\u6295\u8cc7\u5408\u5925\u4eba\n\u524d\uff08\u7f8e\u570b\uff09ABC\u5ee3\u96fb\u7db2\u7e3d\u516c\u53f8\u526f\u7e3d\u88c1<\/pre>\n<p>\u65b0\u7d04\u8056\u7d93\u6700\u5f8c\u4e00\u5377\u66f8\u2014\u300a\u555f\u793a\u9304\u300b\uff0c\u5c0d\u7576\u4eca\u7684\u8655\u5883\u63d0\u4f9b\u4e86\u8a31\u591a\u555f\u793a\u3002\u5176\u4e2d\uff0c\u6709\u4e00\u7bc0\u7d93\u6587\u5e38\u8b93\u4eba\u611f\u5230\u56f0\u60d1\uff1a\u300c\u4e00\u9322\u9280\u5b50\u8cb7\u4e00\u5347\u9ea5\u5b50\uff0c\u4e00\u9322\u9280\u5b50\u8cb7\u4e09\u5347\u5927\u9ea5\uff1b\u6cb9\u548c\u9152\u4e0d\u53ef\u7cdf\u8e4b\u3002\u300d\uff08\u555f\u793a\u9304\u516d\u7ae06\u7bc0\uff09\u9019\u6bb5\u7d93\u6587\u5176\u5be6\u63ed\u793a\u4e86\u4e00\u500b\u6975\u5ea6\u6df7\u4e82\u7684\u7d93\u6fdf\u73fe\u8c61\uff0c\u5c31\u662f\u300c\u5e63\u503c\u8cb6\u503c\u300d\u548c\u300c\u7269\u50f9\u98db\u6f32\u300d\u7684\u7d93\u6fdf\u6642\u4ee3\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u60f3\u8207\u5927\u5bb6\u5206\u4eab\u6211\u5f9e\u300a\u555f\u793a\u9304\u300b\u88e1\u770b\u5230\u7684\u4e00\u500b\u660e\u986f\u8da8\u52e2\uff0c\u5c31\u662f\u7576\u524d\u5be6\u9ad4\u7d93\u6fdf\u8207\u91d1\u878d\u9ad4\u7cfb\u6b63\u5728\u8fc5\u901f\u812b\u9264\u7684\u73fe\u8c61\u3002<\/p>\n<h2><span style=\"color: #000000;\"><a style=\"color: #000000;\" name=\"_Toc228891810\"><\/a>\u524d\u8a00\u3001\u5b6b\u4e2d\u5c71\u5f1f\u5144\u7684\u773c\u5149<\/span><\/h2>\n<p>\u5728\u770b\u5f85\u7576\u524d\u9019\u500b\u8b70\u984c\u6642\uff0c\u6211\u5011\u53ef\u4ee5\u63a1\u7528\u5404\u7a2e\u7d93\u6fdf\u5206\u6790\u7684\u8996\u89d2\uff0c\u4f46\u6211\u5011\u4e5f\u53ef\u4ee5\u9078\u64c7\u4ee5\u4e00\u500b\u57fa\u7763\u5f92\u7684\u773c\u5149\u4f86\u5be9\u8996\u9019\u500b\u554f\u984c\u3002\u8b93\u6211\u5f9e\u6e90\u982d\u958b\u59cb\u8ac7\u8d77\u22ef\u22ef<\/p>\n<p><strong><em>\u6c42\u4e2d\u570b\u4e4b\u81ea\u7531\u5e73\u7b49\u3001\u8b00\u793e\u6703\u4e4b\u6587\u660e\u767c\u5c55\u3001\u9054\u7d93\u6fdf\u4e4b\u6c11\u751f\u6a02\u5229\uff0c\u4e2d\u570b\u8e8b\u8eab\u73fe\u4ee3\u5316\u570b\u5bb6\u4e4b\u6797<\/em><\/strong><\/p>\n<p>\u56de\u9867\u767e\u5e74\u524d\u5b6b\u4e2d\u5c71\u5148\u751f\u958b\u59cb\u9769\u547d\u6642\uff0c\u4e5f\u5c31\u662f1840\u5e74\u82f1\u570b\u767c\u52d5\u4fb5\u7565\u4e2d\u570b\u7684\u9d09\u7247\u6230\u722d\u4ee5\u5f8c\uff0c\u4e2d\u570b\u5728\u5217\u5f37\u5272\u64da\u4e0b\u6c11\u751f\u51cb\u655d\uff0c\u4ed6\u6240\u8ffd\u6c42\u7684\u662f\u300c\u6c42\u4e2d\u570b\u4e4b\u81ea\u7531\u5e73\u7b49\u3001\u8b00\u793e\u6703\u4e4b\u6587\u660e\u767c\u5c55\u3001\u9054\u7d93\u6fdf\u4e4b\u6c11\u751f\u6a02\u5229\u300d\uff0c\u5373\u4e09\u6c11\u4e3b\u7fa9\uff1a\u6c11\u65cf\u4e3b\u7fa9\u3001\u6c11\u6b0a\u4e3b\u7fa9\u548c\u6c11\u751f\u4e3b\u7fa9\uff0c\u5176\u6700\u7d42\u76ee\u6a19\u662f\u300c\u4e2d\u570b\u8e8b\u8eab\u73fe\u4ee3\u5316\u570b\u5bb6\u4e4b\u6797\u300d\u3002<\/p>\n<p><strong><em>\u5438\u5f15\u570b\u969b\u8cc7\u672c\u6280\u8853\u767c\u5c55\u4e2d\u570b\u73fe\u4ee3\u5316\uff0c\u4ee5\u57fa\u790e\u5efa\u8a2d\u4e92\u901a\u4e92\u806f\u767c\u5c55\u6c11\u751f\u7d93\u6fdf<\/em><\/strong><\/p>\n<p>\u5b6b\u5148\u751f\u63d0\u51fa\u4e86\u4e00\u500b\u6975\u70ba\u5b8f\u5927\u7684\u8a08\u756b\u2014\u5be6\u696d\u8a08\u756b\uff0c\u662f\u300a\u5efa\u570b\u65b9\u7565\u300b\u4e4b\u7269\u8cea\u5efa\u8a2d\uff0c\u539f\u4ee5\u82f1\u6587\u767c\u8868\uff0c\u70ba\u300aThe International Development of China\u300b\uff08\u570b\u969b\u5171\u540c\u958b\u767c\u4e2d\u570b\u5be6\u696d\u8a08\u756b\u66f8\uff09\u3002\u4ed6\u5e0c\u671b\u85c9\u52a9\u5438\u5f15\u570b\u969b\u8cc7\u672c\u8207\u6280\u8853\u4f86\u63a8\u52d5\u767c\u5c55\u4e2d\u570b\u7684\u73fe\u4ee3\u5316\uff0c\u5c07\u91cd\u9ede\u653e\u5728\u57fa\u790e\u5efa\u8a2d\u7684\u4e92\u901a\u4e92\u806f\u4e0a\uff0c\u4e26\u540c\u6642\u767c\u5c55\u6c11\u751f\u7d93\u6fdf\u3002<\/p>\n<p>\u5b6b\u5148\u751f\u7684\u773c\u5149\u4e26\u4e0d\u50c5\u9650\u65bc\u7576\u6642\u7684\u653f\u6cbb\u653f\u6b0a\u6216\u50c5\u50c5\u63a8\u7ffb\u6eff\u6e05\uff0c\u4ed6\u8457\u773c\u65bc\u4e00\u500b\u570b\u5bb6\u9577\u9060\u7684\u767c\u5c55\u65b9\u5411\u3002\u9019\u4e00\u9ede\u81f3\u95dc\u91cd\u8981\uff0c\u4e5f\u70ba\u7576\u4e0b\u6211\u5011\u53cd\u601d\u5be6\u9ad4\u7d93\u6fdf\u8207\u91d1\u878d\u812b\u9264\u73fe\u8c61\u63d0\u4f9b\u4e86\u91cd\u8981\u555f\u793a\uff0c\u9700\u4e88\u4ee5\u91cd\u8996\u3002<\/p>\n<h2><a name=\"_Toc228891811\"><\/a>\u4e00\u3001\u7f8e\u5143\u4e3b\u5c0e\u7684\u91d1\u878d\u9ad4\u7cfb\u6301\u7e8c\u812b\u5be6\u5411\u865b<\/h2>\n<h3><span style=\"color: #000080;\"><a style=\"color: #000080;\" name=\"_Toc228891812\"><\/a>\u73fe\u8c61\uff1a\u91d1\u878d\u5e02\u5834\u8207\u5be6\u9ad4\u7d93\u6fdf\u812b\u9264<\/span><\/h3>\n<p>\u7576\u524d\u5168\u7403\u91d1\u878d\u5e02\u5834\u7684\u767c\u5c55\u6216\u8ca1\u5bcc\u7a4d\u7d2f\u7684\u901f\u5ea6\uff0c\u5df2\u7d93\u9060\u9060\u8d85\u904e\u5be6\u9ad4\u7d93\u6fdf\u7684\u6210\u9577\u901f\u5ea6\uff0c\u91d1\u878d\u4ee5\u66f4\u5feb\u7684\u901f\u5ea6\u767c\u5c55\u3002<\/p>\n<p>\u6211\u5e38\u7528\u300c\u812b\u5be6\u5411\u865b\u300d\u9019\u500b\u8a5e\u4f86\u5f62\u5bb9\u4ee5\u7f8e\u5143\u4e3b\u5c0e\u7684\u91d1\u878d\u79e9\u5e8f\u8207\u5be6\u9ad4\u7d93\u6fdf\u4e4b\u9593\u812b\u9264\u7684\u73fe\u8c61\u3002\u91d1\u878d\u7684\u539f\u59cb\u5b58\u5728\u76ee\u7684\u662f\u70ba\u4e86\u652f\u6301\u5be6\u9ad4\u7d93\u6fdf\u904b\u4f5c\uff0c\u6bd4\u5982\u6709\u4eba\u60f3\u958b\u5de5\u5ee0\u537b\u7f3a\u4e4f\u8cc7\u91d1\uff0c\u4ed6\u53ef\u4ee5\u900f\u904e\u91d1\u878d\u6a5f\u69cb\u7684\u501f\u8cb8\u4f86\u53d6\u5f97\u8cc7\u91d1\u3002\u7136\u800c\uff0c\u96a8\u8457\u91d1\u878d\u5e02\u5834\u4e2d\u5404\u7a2e\u884d\u751f\u6027\u5546\u54c1\u7684\u5927\u91cf\u51fa\u73fe\uff0c\u91d1\u878d\u9010\u6f38\u6f14\u8b8a\u6210\u4e86\u812b\u96e2\u5be6\u9ad4\u7d93\u6fdf\u7684\u53e6\u4e00\u500b\u4e16\u754c\u3002\u56e0\u6b64\uff0c\u6211\u7528\u300c\u812b\u5be6\u5411\u865b\u300d\u4e00\u8a5e\u4f86\u9032\u884c\u4ee5\u4e0b\u7684\u5206\u4eab\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891813\"><\/a>\u7f8e\u806f\u5132\u8207\u83ef\u723e\u8857\u9ad8\u5ea6\u9023\u52d5<\/span><\/h4>\n<p>\u5728\u7f8e\u5143\u9ad4\u7cfb\u4e2d\uff0c\u7f8e\u806f\u5132\u626e\u6f14\u8457\u95dc\u9375\u89d2\u8272\uff0c\u5176\u653f\u7b56\u8b8a\u52d5\u5e38\u5e36\u52d5\u6574\u9ad4\u5e02\u5834\u6ce2\u52d5\u3002<\/p>\n<div id=\"attachment_3775\" style=\"width: 994px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3775\" class=\"wp-image-3775 size-full\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57161.jpg\" alt=\"\" width=\"984\" height=\"585\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57161.jpg 984w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57161-768x457.jpg 768w\" sizes=\"auto, (max-width: 984px) 100vw, 984px\" \/><p id=\"caption-attachment-3775\" class=\"wp-caption-text\">\u57161<\/p><\/div>\n<p>\u8acb\u53c3\u8003\u57161 <a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a>\uff0c\u7d05\u8272\u66f2\u7dda\u4ee3\u8868\u7f8e\u806f\u5132\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\uff08Fed Balance Sheet\uff09\uff0c\u800c\u9ed1\u8272\u66f2\u7dda\u5247\u662f\u7f8e\u570b\u80a1\u5e02\u7684\u6307\u6a19\u2014\u6a19\u666e500 \u6307\u6578\uff08S&amp;P 500 Index\uff09\u3002<\/p>\n<p>\u7d05\u8272\u66f2\u7dda\u7684\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u539f\u672c\u9577\u671f\u7a69\u5b9a\u7dad\u6301\u57281\u5146\u7f8e\u5143\u5de6\u53f3\u3002\u7136\u800c\uff0c2008\u5e74\u7684\u6b21\u8cb8\u98a8\u66b4\u5f15\u8d77\u4e86\u5168\u7403\u91d1\u878d\u5371\u6a5f\uff0c\u7f8e\u806f\u5132\u81ea\u6b64\u5be6\u65bd\u91cf\u5316\u5bec\u9b06\uff08Quantitative Easing, QE\uff09\u653f\u7b56\u3002\u5f9e2008 \u5e74\u81f32014 \u5e74\uff0c\u7f8e\u806f\u5132\u5148\u5f8c\u63a8\u51fa\u4e09\u8f2aQE\uff08\u6709Q E1 \u3001Q E2 \u3001QE3\uff09\uff0c\u4f7f\u5176\u8cc7\u7522\u8ca0\u50b5\u8868\u5f9e1\u5146\u7f8e\u5143\u4e00\u8def\u62c9\u52304\u5146\u7f8e\u5143\u3002\u5230\u4e862017\u5e7410\u6708\uff0c\u7f8e\u806f\u5132\u958b\u59cb\u7e2e\u6e1b\u81a8\u8139\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\uff08\u7a31\u70ba\u300c\u7e2e\u8868\u300d\uff0c\u91cf\u5316\u7dca\u7e2e\uff0cQuantitative Tightening, QT\uff09\u3002\u5ffd\u7136\u4e4b\u9593\uff0c COVID\u4f86\u4e86\uff01\u62dc\u767b\u653f\u5e9c\u66f4\u63a8\u52d5\u4e86\u8fd15\u5146\u7f8e\u5143\u7684\u9f90\u5927\u8ca1\u653f\u523a\u6fc0\u63aa\u65bd\u3002\u7d50\u679c\uff0c\u7f8e\u806f\u5132\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u898f\u6a21\u77ed\u77ed\u5341\u9918\u5e74\u9593\u5f9e1\u5146\u7f8e\u5143\u98c6\u6f32\u81f39\u5146\u7f8e\u5143\uff0c\u7136\u5f8c\u624d\u6162\u6162\u964d\u4e0b\u4f86\uff082024\u5e7410\u6708\u5e95\u7d04\u70ba7\u5146\u7f8e\u5143\uff09\u3002<\/p>\n<p>\u7136\u800c\uff0c\u9019\u9ebc\u591a\u7684\u7f8e\u5143\u6700\u7d42\u9020\u5c31\u4e86\u4ec0\u9ebc\uff1f\u7b54\u6848\u662f\uff1a\u5b83\u6210\u5c31\u4e86\u83ef\u723e\u8857\uff01\u5f9e\u57161\u4e2d\u7684\u9ed1\u8272\u66f2\u7dda\u53ef\u4ee5\u770b\u51fa\uff0c\u5728\u7f8e\u806f\u5132\u4e0d\u65b7\u300c\u767c\u9322\u300d\u3001\u300c\u5370\u9214\u300d\u7684\u6642\u5019\uff0c\u8a18\u9304\u7f8e\u570b\u80a1\u5e02\u8868\u73fe\u7684\u6a19\u666e500\u6307\u6578\u6301\u7e8c\u6500\u5347\u3002\u96a8\u8457\u80a1\u5e02\u4e0a\u6f32\uff0c\u83ef\u723e\u8857\u4e5f\u96a8\u4e4b\u84ec\u52c3\u767c\u5c55\uff0c\u8a31\u591a\u7f8e\u570b\u4eba\u56e0\u6b64\u611f\u89ba\u81ea\u5df1\u7684\u8ca1\u5bcc\u4e5f\u96a8\u4e4b\u589e\u9577\u3002\u53ef\u662f\uff0c\u83ef\u723e\u8857\u7a76\u7adf\u5728\u6f32\u4ec0\u9ebc\u5462\uff1f\u83ef\u723e\u8857\u7684\u7e41\u69ae\u4e26\u975e\u4f86\u81ea\u50b3\u7d71\u88fd\u9020\u696d\u6216\u6c7d\u8eca\u696d\u7b49\u7522\u696d\uff0c\u83ef\u723e\u8857\u4e3b\u8981\u662f\u6f32\u79d1\u6280\u80a1\u3002\u5c24\u5176\u662f\u79d1\u6280\u80a1\u7684\u672c\u76ca\u6bd4\uff08Price to Earning Ratio\uff0cPE\uff09\u4e0d\u65b7\u6500\u5347\uff0c\u5176\u4e2d\u6700\u5177\u4ee3\u8868\u6027\u7684\u4f8b\u5b50\u5c31\u662f\u53f0\u7063\u4eba\u719f\u6089\u7684\u8f1d\u9054\uff08NVIDIA\uff09\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u6211\u5011\u6e05\u695a\u770b\u5230\uff0c\u7f8e\u806f\u5132\u8207\u83ef\u723e\u8857\u662f\u9ad8\u5ea6\u9023\u52d5\u7684\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891814\"><\/a>\u83ef\u723e\u8857\u6210\u9577\u9ad8\u5ea6\u96c6\u4e2d\u5728\u4e03\u5927\u79d1\u6280\u80a1<\/span><\/h4>\n<p>\u622a\u81f32024\u5e74\uff0c\u7f8e\u570b\u80a1\u5e02\u7684\u300c\u79d1\u6280\u4e03\u96c4\u300d\uff08Magnificent 7\uff09\u5728\u6574\u9ad4\u6210\u9577\u4e2d\u4f54\u64da\u4e86\u986f\u8457\u6bd4\u4f8b\u3002\u9019\u4e03\u5927\u516c\u53f8\u5305\u62ec\u860b\u679c\u3001\u5fae\u8edf\u3001\u4e9e\u99ac\u905c\u3001Meta\uff08\u539fFacebook\uff09\u3001Alphabet\uff08\u8c37\u6b4c\u6bcd\u516c\u53f8\uff09\u3001\u8f1d\u9054\uff08NVIDIA\uff09\u548c\u7279\u65af\u62c9\uff0c\u5408\u8a08\u5e02\u503c\u5df2\u8d85\u904e16\u5146\u7f8e\u5143\uff0c\u4e26\u57282024\u5e74\u521d\u63a8\u52d5\u4e86\u6a19\u666e500\u6307\u6578\u7d0480%\u7684\u6210\u9577\u3002<\/p>\n<p>\u5c0d\u65bc\u5c6c\u65bc\u9019\u300c\u79d1\u6280\u4e03\u96c4\u300d\u7684\u516c\u53f8\u800c\u8a00\uff0c\u83ef\u723e\u8857\u7684\u56de\u5831\u662f\u6975\u70ba\u53ef\u89c0\u4e14\u9f90\u5927\u7684\u3002\u7136\u800c\uff0c\u83ef\u723e\u8857\u7684\u7e41\u69ae\u4e26\u672a\u6709\u6548\u5730\u652f\u6301\u5be6\u9ad4\u7d93\u6fdf\uff0c\u53cd\u800c\u52a0\u5287\u4e86\u8ca1\u5bcc\u96c6\u4e2d\u5316\u7684\u73fe\u8c61\u3002\u4ee5\u83ef\u723e\u8857\u5e02\u503c\u6700\u5927\u7684\u524d\u5341\u5927\u516c\u53f8\u70ba\u4f8b\uff0c\u5176\u8ca1\u5bcc\u96c6\u4e2d\u7684\u6b0a\u91cd\u5360\u6bd4\u5df2\u63a5\u8fd1\u5e02\u5834\u7684\u4e00\u534a\uff0c\u800c\u5176\u9918\u4e0a\u5e02\u516c\u53f8\uff0c\u5305\u542b\u8a31\u591a\u5275\u7acb\u767e\u5e74\u5b5c\u5b5c\u4e0d\u5026\u7684\u8001\u724c\u4f01\u696d\uff0c\u50c5\u80fd\u5206\u4eab\u5269\u9918\u7684\u5e02\u5834\u4efd\u984d\u3002\uff08\u7de8\u8005\u8a3b\uff1a\u53ef\u53c3\u8003\u90a3\u65af\u9054\u514b100\u6307\u6578\u524d\u5341\u5927\u6b0a\u503c\u80a1\uff09<\/p>\n<p>\u7531\u6b64\u53ef\u898b\uff0c\u7f8e\u570b\u8cc7\u672c\u5e02\u5834\u5448\u73fe\u91d1\u878d\u5e02\u5834\u8207\u5be6\u9ad4\u7d93\u6fdf\u9010\u6b65\u812b\u9264\u7684\u8da8\u52e2\uff0c\u5df2\u65e5\u8da8\u660e\u986f\u3002\u4ee5\u4e0b\u5c07\u7c21\u8981\u8aaa\u660e\u5c0e\u81f4\u300c\u812b\u5be6\u5411\u865b\u300d\u7684\u4e3b\u8981\u539f\u56e0\u3002<\/p>\n<h3><span style=\"color: #000080;\"><a style=\"color: #000080;\" name=\"_Toc228891815\"><\/a>\u56e0\u7d20\u4e00\uff1a\u7f8e\u50b5\u3001\u7f8e\u806f\u5132\u8207\u670b\u53cb\u5708<\/span><\/h3>\n<p>\u7f8e\u5143\u9ad4\u7cfb\u7684\u91d1\u878d\u79e9\u5e8f\u812b\u96e2\u5be6\u969b\u7d93\u6fdf\uff0c\u5176\u4e2d\u4e00\u500b\u6838\u5fc3\u539f\u56e0\u5728\u65bc\u7f8e\u50b5\u548c\u7f8e\u806f\u5132\u8207\u5176\u670b\u53cb\u5708\u7684\u5bc6\u5207\u95dc\u4fc2\u3002<\/p>\n<p>\u6bcf\u7576\u7f8e\u806f\u5132\u5ba3\u5e03\u5229\u7387\u6c7a\u7b56\uff0c\u8abf\u6574\u5229\u7387\u6642\uff0c\u6211\u5011\u5f80\u5f80\u7acb\u523b\u95dc\u6ce8\u53f0\u7063\u592e\u884c\u662f\u5426\u8ddf\u9032\u8abf\u6574\uff0c\u4ee5\u53ca\u6211\u5011\u7684\u5b58\u6b3e\u8207\u8cb8\u6b3e\u5229\u7387\u3002\u7136\u800c\uff0c\u5be6\u969b\u4e0a\u7f8e\u806f\u5132\u4e26\u4e0d\u5728\u610f\u3001\u4e5f\u6beb\u4e0d\u95dc\u6ce8\u9019\u4e9b\u5c0d\u6211\u5011\u500b\u4eba\u7684\u5f71\u97ff\u3002<\/p>\n<p>\u7f8e\u570b\u8ca1\u653f\u90e8\u51fa\u73fe\u8cc7\u91d1\u4e0d\u8db3\u6642\uff0c\u89e3\u6c7a\u65b9\u5f0f\u5c31\u662f\u767c\u884c\u7f8e\u570b\u570b\u50b5\uff0c\u7531\u7f8e\u806f\u5132\u9032\u884c\u62cd\u8ce3\u3002\u7f8e\u50b5\u56e0\u6b64\u6210\u70ba\u7f8e\u806f\u5132\u57f7\u884c\u8ca8\u5e63\u653f\u7b56\u7684\u91cd\u8981\u5de5\u5177\u3002\u7136\u800c\uff0c\u4e26\u4e0d\u662f\u6240\u6709\u4eba\u90fd\u53ef\u4ee5\u76f4\u63a5\u8207\u7f8e\u806f\u5132\u9032\u884c\u4ea4\u6613\u3002\u7f8e\u806f\u5132\u6709\u4e00\u500b\u7279\u5b9a\u7684\u300c\u670b\u53cb\u5708\u300d\u3002\u7f8e\u806f\u5132\u50c5\u820712\u9593\u806f\u90a6\u5132\u5099\u9280\u884c\u9032\u884c\u4ea4\u6613\uff0c\u4ee5\u53ca\u820715\u9593G7\u4ea4\u6613\u9280\u884c\uff08\u5c31\u662f\u4e03\u5927\u5de5\u696d\u570b\u88e1\u9762\u7684\u5927\u9280\u884c\uff09\u4ea4\u6613\uff0c\u7136\u5f8c\u8207\u5168\u740324\u5bb6\u4e3b\u8981\u4ea4\u6613\u5546\uff08\u5373primary dealer\uff09\u9032\u884c\u4ea4\u6613\u3002\u9019\u4e9b\u4e3b\u8981\u4ea4\u6613\u5546\uff0c\u518d\u8207\u5404\u570b\u7684A\u7d1a\u9280\u884c\u9032\u884c\u4ea4\u6613\u3002\uff08\u898b\u57162\uff09<\/p>\n<div id=\"attachment_3776\" style=\"width: 1290px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3776\" class=\"size-full wp-image-3776\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57162.jpg\" alt=\"\" width=\"1280\" height=\"720\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57162.jpg 1280w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57162-768x432.jpg 768w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><p id=\"caption-attachment-3776\" class=\"wp-caption-text\">\u57162<\/p><\/div>\n<p>\u8207\u6b64\u540c\u6642\uff0c\u5728\u5168\u7403\u8ca8\u5e63\u9ad4\u7cfb\u88e1\uff0c\u5305\u62ec\u50cf\u6b50\u6d32\u4e2d\u592e\u9280\u884c\uff08ECB\uff09\u3001\u65e5\u672c\u592e\u884c\uff08BOJ\uff09\u548c\u4e2d\u570b\u4eba\u6c11\u9280\u884c\uff08PBOC\uff09\u7b49\u5168\u7403\u4e3b\u8981\u592e\u884c\uff0c\u90fd\u8207\u7f8e\u806f\u5132\u6709\u4e00\u5b9a\u7a0b\u5ea6\u7684\u9023\u52d5\u95dc\u4fc2\u3002\u5728\u5168\u7403\u8cc7\u672c\u5e02\u5834\u88e1\uff0c\u7121\u8ad6\u662f\u4ea4\u6613\uff0f\u5229\u76ca\u5708\uff0c\u6216\u5f71\u5b50\u9280\u884c\uff0f\u8ca8\u5e63\u5275\u9020\u5708\uff0c\u4ee5\u53ca\u884d\u751f\uff08\u907f\u96aa\uff09\u5546\u54c1\u4ea4\u6613\u5708\uff0c\u7f8e\u806f\u5132\u548c\u5168\u7403\u8cc7\u672c\u5e02\u5834\u4e5f\u6709\u9023\u52d5\u3002<\/p>\n<p>\u7576\u6211\u5011\u4e86\u89e3\u4e86\u4e0a\u8ff0\u9019\u500b\u7d50\u69cb\u5f8c\uff0c\u5c31\u80fd\u66f4\u660e\u767d\u4ee5\u4e0b\u9019\u5e7e\u4ef6\u4e8b\u60c5\u4e86\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891816\"><\/a>\u7f8e\u806f\u5132\u6301\u6709\u5927\u91cf\u9280\u884c\u7684MBS<\/span><\/h4>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891817\"><\/a>\u258e \u4ec0\u9ebc\u662fMBS\uff1f<\/span><\/h5>\n<p>\u4e0d\u52d5\u7522\u62b5\u62bc\u8cb8\u6b3e\u8b49\u5238\uff08Mortgage-backed security, MBS\uff09\uff0c \u53c8\u7a31\u4e0d\u52d5\u7522\u64d4\u4fdd\u8b49\u5238\u6216\u62b5\u62bc\u64d4\u4fdd\u8b49\u5238\uff0c\u662f\u8cc7\u7522\u64d4\u4fdd\u8b49\u5238\uff08ABS\uff09\u7684\u4e00\u7a2e\u3002MBS\u662f\u900f\u904e\u5c07\u4e0d\u52d5\u7522\u62b5\u62bc\u7684\u8cb8\u6b3e\u9032\u884c\u8b49\u5238\u5316\u5f8c\uff0c\u4ee5\u300c\u6253\u5305\u300d\u5f62\u5f0f\u5728\u5e02\u5834\u9032\u884c\u4ea4\u6613\u7684\u91d1\u878d\u5de5\u5177\u3002<a href=\"#_ftn2\" name=\"_ftnref2\">[2]<\/a><\/p>\n<p>MBS\u7684\u6982\u5ff5\u8207\u7f8e\u570b\u5275\u9020\u7684\u5169\u7a2e\u91d1\u878d\u5de5\u5177\u6709\u95dc\uff1a\u4e00\u662fCDO\uff08collateralized debt obligation\uff0c\u50b5\u52d9\u64d4\u4fdd\u8b49\u5238\uff09\uff0c\u53e6\u4e00\u662fCDS\uff08credit default swap\uff0c\u4fe1\u7528\u9055\u7d04\u4ea4\u63db\uff09\u3002\u5176\u4e2d\uff0cCDS\u5c6c\u65bc\u907f\u96aa\u5de5\u5177\uff0c\u662f\u6307\u6709\u64d4\u4fdd\u54c1\u7684\u67d0\u4e00\u7a2e\u8b49\u5238\u5316\u50b5\u6b0a\u3002\u7c21\u55ae\u4f86\u8aaa\uff0c\u9019\u4e9b\u6771\u897f\u4ee5\u300c\u6253\u5305\u300d\u5f62\u5f0f\uff0c\u6700\u5f8c\u5728\u5546\u696d\u9280\u884c\u9032\u884c\u8cb7\u8ce3\u4ea4\u6613\uff0c\u5c31\u662f\u6240\u8b02\u7684\u4e0d\u52d5\u7522\u62b5\u62bc\u8cb8\u6b3e\u8b49\u5238\uff08MBS\uff09\u3002<\/p>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891818\"><\/a>\u258e \u7f8e\u806f\u5132\u6301\u6709\u7684\u662f\u2026\u2026<\/span><\/h5>\n<p>\u7f8e\u806f\u5132\u7684\u4e3b\u8981\u8077\u8cac\u662f\u5236\u5b9a\u548c\u57f7\u884c\u8ca8\u5e63\u653f\u7b56\uff0c\u4ee5\u7dad\u6301\u7d93\u6fdf\u7a69\u5b9a\u8207\u767c\u5c55\u3002\u5b83\u900f\u904e\u8abf\u6574\u5229\u7387\u3001\u63a7\u5236\u8ca8\u5e63\u4f9b\u61c9\u91cf\u4ee5\u53ca\u5be6\u65bd\u5176\u4ed6\u8ca8\u5e63\u653f\u7b56\u5de5\u5177\u4f86\u5f71\u97ff\u901a\u8ca8\u81a8\u8139\u3001\u5c31\u696d\u548c\u7d93\u6fdf\u6210\u9577\u3002\u6b64\u5916\uff0c\u7f8e\u806f\u5132\u4e5f\u8ca0\u8cac\u7f8e\u570b\u73fe\u91d1\u4f9b\u61c9\u7684\u7ba1\u7406\uff0c\u5305\u62ec\u7d19\u5e63\u548c\u786c\u5e63\u7684\u767c\u884c\uff0c\u540c\u6642\u78ba\u4fdd\u652f\u4ed8\u7cfb\u7d71\u904b\u4f5c\u9806\u66a2\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u7f8e\u806f\u5132\u6301\u6709\u7684\u4e3b\u8981\u8cc7\u7522\u61c9\u8a72\u4ee5\u7f8e\u5143\u53ca\u5404\u985e\u578b\u7684\u7f8e\u570b\u516c\u50b5\u70ba\u4e3b\u3002\u9019\u4e9b\u516c\u50b5\u662f\u7531\u7f8e\u570b\u8ca1\u653f\u90e8\u767c\u884c\uff0c\u900f\u904e\u5546\u696d\u9280\u884c\u8ca9\u552e\uff0c\u518d\u7531\u7f8e\u806f\u5132\u5f9e\u5546\u696d\u9280\u884c\u624b\u4e2d\u8cfc\u5165\u7f8e\u570b\u516c\u50b5\u3002\u8acb\u53c3\u8003\u57163 <a href=\"#_ftn3\" name=\"_ftnref3\">[3]<\/a>\u7684\u85cd\u8272\u3001\u7d05\u8272\u3001\u9ec3\u8272\u548c\u7da0\u8272\u90a3\u5e7e\u689d\u66f2\u7dda\uff0c\u9019\u4e9b\u4ee3\u8868\u4e0d\u540c\u671f\u9650\u6216\u985e\u5225\u7684\u7f8e\u570b\u516c\u50b5\u3002<\/p>\n<div id=\"attachment_3777\" style=\"width: 1264px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3777\" class=\"size-full wp-image-3777\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57163.png\" alt=\"\" width=\"1254\" height=\"776\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57163.png 1254w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57163-768x475.png 768w\" sizes=\"auto, (max-width: 1254px) 100vw, 1254px\" \/><p id=\"caption-attachment-3777\" class=\"wp-caption-text\">\u57163<\/p><\/div>\n<p>\u7279\u5225\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u57163\u6700\u4e0a\u65b9\u66f2\u7dda\u4e0a\u65b9\u6a19\u8a3b\u4e86\u4e00\u500b\u7bad\u982d\u7b26\u865f\uff0c\u6307\u51fa\u7f8e\u806f\u5132\u76ee\u524d\u6301\u6709\u7684\u6700\u5927\u8cc7\u7522\u985e\u5225\u662f\u4e0d\u52d5\u7522\u62b5\u62bc\u8b49\u5238\uff08MBS\uff09\u3002\u9019\u662f\u56e0\u70ba\u5728\u904e\u53bb\u7684\u91d1\u878d\u5371\u6a5f\u671f\u9593\uff0c\u7f8e\u806f\u5132\u70ba\u4e86\u6551\u5e02\uff0c\u5927\u91cf\u6536\u8cfc\u4e86\u5546\u696d\u9280\u884c\u7684MBS\u3002\u70ba\u4ec0\u9ebc\u7f8e\u806f\u5132\u8981\u63a1\u53d6\u9019\u6a23\u884c\u52d5\uff1f\u56e0\u70ba\u7f8e\u806f\u5132\u7684\u4e3b\u8981\u76ee\u6a19\u662f\u4fdd\u8b77\u90a3\u4e9b\u91d1\u878d\u6a5f\u69cb\uff08\u898b\u57162\u4e2d\u9593\u6846\u8d77\u4f86\u7684\u5927\u5708\u5708\uff09\uff0c\u6b63\u662f\u7f8e\u806f\u5132\u771f\u6b63\u7684\u300c\u670b\u53cb\u5708\u300d\uff0c\u4e0d\u81f4\u9055\u7d04\u800c\u5f71\u97ff\u91d1\u878d\u9ad4\u7cfb\u7684\u7a69\u5b9a\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891819\"><\/a>\u7f8e\u806f\u5132\u8207\u5404\u570b\u592e\u884c\u9ad8\u5ea6\u9023\u52d5<\/span><\/h4>\n<p>\u6b64\u5916\uff0c\u5f9e\u57162\u53ef\u4ee5\u770b\u5230\uff0c\u7f8e\u806f\u5132\u300c\u670b\u53cb\u5708\u300d\u7684\u53f3\u5074\u662f\u5404\u570b\u592e\u884c\uff0c\u5b83\u5011\u5f80\u5f80\u8207\u7f8e\u806f\u5132\u4fdd\u6301\u653f\u7b56\u4e0a\u7684\u9023\u52d5\u6027\u3002\u56e0\u6b64\uff0c\u7576\u7f8e\u806f\u5132\u958b\u59cb\u64f4\u5145\u653e\u5927\u8cc7\u7522\u7684\u540c\u6642\uff0c\u4e5f\u662f\u5176\u8ca0\u50b5\u8d8a\u4f86\u8d8a\u591a\u7684\u6642\u5019\uff0c\u5176\u4ed6\u5404\u570b\u592e\u884c\u4e5f\u901a\u5e38\u4e00\u8d77\u8ddf\u9032\uff0c\u4f8b\u5982\u6b50\u6d32\u4e2d\u592e\u9280\u884c<\/p>\n<p>\uff08ECB\uff09\u3001\u65e5\u672c\u592e\u884c\uff08BOJ\uff09\u4ee5\u53ca\u4e2d\u570b\u4eba\u6c11\u9280\u884c\uff08PBOC\uff09\u3002\u904e\u53bb\u5e7e\u5e74\uff0c\u5404\u5927\u4e3b\u8981\u592e\u884c\u57fa\u672c\u4e0a\u90fd\u9075\u5faa\u4e86\u8207\u7f8e\u806f\u5132\u540c\u6a23\u7684\u8def\u5f91\uff1a \u64f4\u5927\u8cc7\u7522\u8ca0\u50b5\u8868\u3001\u589e\u52a0\u8cfc\u8cb7\u50b5\u5238\u3002<\/p>\n<p>\u5982\u57164\u6240\u793a <a href=\"#_ftn4\" name=\"_ftnref4\">[4]<\/a>\uff0c\u5168\u7403\u4e3b\u8981\u592e\u884c\uff08\u5982ECB\u8207BOJ\uff0c\u85cd\u3001\u7da0\u5169\u66f2\u7dda\uff09\u5927\u591a\u8ddf\u96a8\u7f8e\u570b\uff08\u7f8e\u806f\u5132Fed\uff0c\u7d05\u8272\u66f2\u7dda\uff09\u7684\u653f\u7b56\u65b9\u5411\uff0c\u5f62\u6210\u9023\u52d5\u6548\u61c9\u3002\u76f8\u8f03\u4e4b\u4e0b\uff0c\u53ea\u6709PBOC\uff08\u9ec3\u8272\u66f2\u7dda\uff09\u6bd4\u8f03\u4e0d\u592a\u4e00\u6a23\uff0c\u5b83\u7684\u7e3d\u8cc7\u7522\u8da8\u52e2\u7a0d\u5fae\u5e73\u7de9\u4e00\u4e9b\u3002\u56e0\u6b64\uff0c\u7f8e\u806f\u5132\u7684\u6c7a\u7b56\u548c\u884c\u52d5\uff0c\u5be6\u969b\u4e0a\u5c0d\u5168\u7403\u91d1\u878d\u5e02\u5834\u5177\u6709\u4e00\u5b9a\u7a0b\u5ea6\u7684\u5f71\u97ff\u3002<\/p>\n<div id=\"attachment_3778\" style=\"width: 1030px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3778\" class=\"size-full wp-image-3778\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57164.jpg\" alt=\"\" width=\"1020\" height=\"598\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57164.jpg 1020w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57164-768x450.jpg 768w\" sizes=\"auto, (max-width: 1020px) 100vw, 1020px\" \/><p id=\"caption-attachment-3778\" class=\"wp-caption-text\">\u57164<\/p><\/div>\n<p>\u9019\u662f\u300c\u812b\u5be6\u5411\u865b\u300d\u7684\u7b2c\u4e00\u500b\u95dc\u9375\u56e0\u7d20\u3002<\/p>\n<h3><span style=\"color: #000080;\"><a style=\"color: #000080;\" name=\"_Toc228891820\"><\/a>\u56e0\u7d20\u4e8c\uff1a\u9ec3\u91d1\u8207\u77f3\u6cb9\u7f8e\u5143\u4e4b\u5f8c<\/span><\/h3>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891821\"><\/a>\u5e03\u5217\u6566\u68ee\u6797\u9ad4\u7cfb<\/span><\/h4>\n<p><strong><em>\u91d1\u672c\u4f4d\u6642\u671f\u7f8e\u5143\u8207\u9ec3\u91d1\u639b\u52fe\u3001\u4e94\u570b\u8ca8\u5e63\u9023\u52d5\uff0c\u6b64\u4e00\u539f\u5247\u4ea6\u904b\u7528\u5728<\/em><\/strong><strong><em>IMF<\/em><\/strong><strong><em>\u7684<\/em><\/strong><strong><em>SDR<\/em><\/strong><strong><em>\u53ca<\/em><\/strong><strong><em>Euro<\/em><\/strong><\/p>\n<p>\u7b2c\u4e8c\u500b\u300c\u812b\u5be6\u5411\u865b\u300d\u7684\u91cd\u8981\u56e0\u7d20\u5c31\u662f\u91d1\u672c\u4f4d\u5236\u6c92\u6709\u4e86\uff08\u5373\u91d1\u672c\u4f4d\u5236\u74e6\u89e3\uff09\u3002<\/p>\n<p>\u7b2c\u4e8c\u6b21\u4e16\u754c\u5927\u6230\u8d77\uff0c\u7f8e\u570b\u5df2\u6210\u70ba\u5168\u4e16\u754c\u6700\u5f37\u5927\u7684\u7d93\u6fdf\u9ad4\uff0c \u4e14\u64c1\u6709\u4e16\u754c\u9ec3\u91d1\u7684\u5927\u90e8\u5206\u5b58\u91cf\uff0c\u6545\u5e03\u5217\u6566\u68ee\u6797\u5354\u8b70\u4e2d\uff0c\u7f8e\u5143\u6b63\u5f0f\u53d6\u4ee3\u9ec3\u91d1\u7684\u5730\u4f4d\uff08\u7a31\u91d1\u672c\u4f4d\uff09\uff0c\u4ee5\u6bcf\u76ce\u53f8\u9ec3\u91d1\u514c\u63db35\u7f8e\u5143\uff0c \u5c07\u7f8e\u5143\u8f49\u63db\u70ba\u9ec3\u91d1\u4f5c\u57fa\u790e\u3002\u7576\u6642\u5728\u5e03\u5217\u6566\u68ee\u6797\u9ad4\u7cfb\u88e1\uff0c\u4e0d\u50c5fix\uff08\u56fa\u5b9a\uff0935\u7f8e\u5143\u4e00\u76ce\u53f8\u7684\u9ec3\u91d1\u50f9\u683c\uff0c\u5b83\u5176\u5be6\u662ffix\u4e86\u4e00\u7d44\u7684\u570b\u969b\u8ca8\u5e63\u3002\u90a3\u4e9b\u6703\u54e1\u570b\uff08\u7f8e\u3001\u82f1\u3001\u5fb7\u3001\u7fa9\u3001\u65e5\uff09\u7684\u8ca8\u5e63\u50f9\u683c\u4e5f\u90fd\u8207\u7f8e\u5143\u505a\u4e86\u4e00\u500b\u7d81\u5b9a\uff0c\u4e5f\u5c31\u662f\u8207\u9ec3\u91d1\u7dad\u6301\u4e00\u5b9a\u7684\u6bd4\u4f8b\uff0c\u9019\u5c31\u662f\u6240\u8b02\u7684\u300c\u9328\u5b9a\u9ec3\u91d1\u300d\u3002\uff08\u898b\u57165\uff09<a href=\"#_ftn5\" name=\"_ftnref5\">[5]<\/a><\/p>\n<div id=\"attachment_3779\" style=\"width: 380px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3779\" class=\"size-full wp-image-3779\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57165.png\" alt=\"\" width=\"370\" height=\"285\" \/><p id=\"caption-attachment-3779\" class=\"wp-caption-text\">\u57165<\/p><\/div>\n<p><a href=\"#_ftn5\" name=\"_ftnref5\"><\/a><\/p>\n<p>\u7136\u800c\uff0c\u9019\u5176\u4e2d\u537b\u4e5f\u9762\u81e8\u8457Triffin Dilemma\uff08\u7279\u91cc\u82ac\u5169\u96e3\uff0c \u6216\u7a31\u7279\u91cc\u82ac\u56f0\u5883\uff09\u3002\u70ba\u4e86\u6eff\u8db3\u4e16\u754c\u7d93\u6fdf\u589e\u9577\u9700\u8981\uff0c\u7f8e\u5143\u4f5c\u70ba\u570b\u969b\u652f\u4ed8\u5de5\u5177\u548c\u5132\u5099\u8ca8\u5e63\u7684\u9700\u8981\uff0c\u7f8e\u5143\u7684\u4f9b\u61c9\u7406\u7576\u4e0d\u65b7\u5730\u589e\u9577\u3002\u4f46\u96a8\u8457\u7f8e\u5143\u4f9b\u7d66\u91cf\u7684\u6301\u7e8c\u589e\u9577\uff0c\u53c8\u6703\u5c0e\u81f4\u7f8e\u5143\u8207\u9ec3\u91d1\u7684\u514c\u63db\u95dc\u4fc2\u8b8a\u5f97\u96e3\u4ee5\u7dad\u6301\u3002\u7576\u5168\u7403\u90fd\u4ee5\u7f8e\u5143\u9032\u884c\u4ea4\u6613\uff0c\u4e26\u4f34\u96a8\u8457\u5168\u7403\u7d93\u6fdf\u5feb\u901f\u767c\u5c55\u6642\uff0c\u5728\u5e03\u5217\u6566\u68ee\u6797\u9ad4\u7cfb\u88e1\u7f8e\u5143\u5c31\u6703\u8d8a\u7528\u8d8a\u591a\u3002\u7576\u7f8e\u5143\u8d8a\u4f86\u8d8a\u591a\uff0c\u9ec3\u91d1\u8207\u7f8e\u5143\u7684\u56fa\u5b9a\u50f9\u683c\u600e\u9ebc\u8fa6\u5462\uff1f\u5b9a\u662f\u7121\u4ee5\u70ba\u7e7c\u3001\u96e3\u4ee5\u7dad\u6301\u7684\uff08\u56e0\u70ba\u7f8e\u5143\u8d8a\u4f86\u8d8a\u591a\uff0c\u9ec3\u91d1\u537b\u662f\u56fa\u5b9a\u7684\uff09\u30021970\u5e74\u4ee3\uff0c\u4fbf\u660e\u986f\u770b\u5230\u9ec3\u91d1\u8207\u7f8e\u5143\u7684\u95dc\u4fc2\u7121\u4ee5\u70ba\u7e7c\u4e86\uff08\u91d1\u672c\u4f4d\u74e6\u89e3\u7f8e\u5143\u8207\u9ec3\u91d1\u812b\u52fe\uff09\u3002<\/p>\n<p>\u904e\u53bb\u5728\u5e03\u5217\u6566\u68ee\u6797\u9ad4\u7cfb\u88e1\uff0c\u662f\u4ee5\u7f8e\u5143\u9328\u5b9a\u9ec3\u91d1\uff0c\u9ec3\u91d1\u5728\u8ca8\u5e63\u9ad4\u7cfb\u4e2d\u626e\u6f14\u4e86\u6838\u5fc3\u4f5c\u7528\u3002\u57166\u662f\u6458\u9304\u81ea\u6700\u8fd1\u4e16\u754c\u9280\u884c\u7684\u5716\uff0c<a href=\"#_ftn6\" name=\"_ftnref6\">[6]<\/a> \u9ec3\u91d1\uff08Gold\uff09\u5728\u5012\u91d1\u5b57\u5854\u5716\u5f62\u7684\u6700\u5e95\u4e0b\uff0c\u5176\u4e0a\u662f\u5404\u570b\u4e0d\u540c\u7684\u8ca8\u5e63\uff08National Currencies\uff09\uff0c\u5f9e\u73fe\u91d1\uff08Money\uff09\u5230\u4fe1\u7528\uff08Credit\uff09 \u4ea4\u6613\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u5c0f\u5c0f\u7684\u9ec3\u91d1\uff08Gold\uff0c\u5728\u5012\u91d1\u5b57\u5854\u5716\u5f62\u7684\u6700\u5e95\u4e0b\uff09\u653e\u5927\u6210\u4e86\u6975\u9f90\u5927\u7684\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\uff08Derivatives\uff0c\u5728\u5012\u91d1\u5b57\u5854\u5716\u5f62\u7684\u6700\u4e0a\u5c64\uff09\uff0c\u986f\u793a\u9ec3\u91d1\u652f\u6490\u8457\u5168\u7403\u9f90\u5927\u7684\u91d1\u878d\u9ad4\u7cfb\u3002<\/p>\n<div id=\"attachment_3780\" style=\"width: 1084px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3780\" class=\"size-full wp-image-3780\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57166.jpg\" alt=\"\" width=\"1074\" height=\"1059\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57166.jpg 1074w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57166-768x757.jpg 768w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57166-90x90.jpg 90w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57166-75x75.jpg 75w\" sizes=\"auto, (max-width: 1074px) 100vw, 1074px\" \/><p id=\"caption-attachment-3780\" class=\"wp-caption-text\">\u57166<\/p><\/div>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891822\"><\/a>\u9ec3\u91d1\u91cd\u4f30\u5e33\u6236<\/span><\/h4>\n<p>\u5982\u524d\u6240\u8ff0\uff0c\u7f8e\u806f\u5132\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u539f\u672c\u7dad\u6301\u57281\u5146\u7f8e\u5143\u5de6\u53f3\uff0c \u4f46\u5f8c\u4f86\u5f9e1\u5146\u81a8\u8139\u81f39\u5146\u7f8e\u5143\uff0c\u96a8\u5f8c\u53c8\u9010\u6f38\u7e2e\u6e1b\u5230\u63a5\u8fd18\u5146\u7f8e\u5143\u3002\u9019\u7576\u4e2d\u589e\u52a0\u76847\u5146\u7f8e\u5143\uff08\u53738\u5146\u6e1b\u53bb\u6700\u521d\u76841\u5146\uff09\u5728\u5168\u7403\u7684\u5f71\u5b50\u9280\u884c\u9ad4\u7cfb\u4e2d\u6d41\u901a\u81f3\u5c11\u7522\u751f10\u500d\u7684\u8ca8\u5e63\u64f4\u5f35\u6548\u679c\u3002\u63db\u53e5\u8a71\u8aaa\uff0c\u9019\u4e9b\u8ca8\u5e63\u4ea4\u6613\u5728\u6d77\u5916\u5275\u9020\u4e8670\u81f380\u5146\u7f8e\u5143\u7684\u8ca8\u5e63\u91cf\u3002\u7136\u800c\uff0c\u96a8\u8457\u8ca8\u5e63\u91cf\u5927\u5e45\u589e\u52a0\uff0c\u53e6\u4e00\u500b\u65b0\u554f\u984c\u96a8\u4e4b\u800c\u4f86\uff1a\u7f8e\u5143\u5982\u4f55\u652f\u6490\u5462\uff1f\u8a72\u600e\u9ebc\u89e3\u6c7a\u7f8e\u5143\u8207\u6301\u6709\u9ec3\u91d1\u4e0d\u5339\u914d\u7684\u554f\u984c\uff1f<\/p>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891823\"><\/a>\u258e 2024\u4e16\u754c\u9280\u884c\u958b\u59cb\u8a0e\u8ad6GRA<\/span><\/h5>\n<p>\u4e16\u754c\u9280\u884c\u7a0d\u65e9\u5728\u4eca\uff082024\uff09\u5e74\u767c\u5e03\u4e86\u300a\u8cc7\u7522\u7ba1\u7406\u4eba\u9ec3\u91d1\u6295\u8cc7\u624b\u518a\u300b\uff0c\u5f37\u8abf\u9ec3\u91d1\u662f\u552f\u4e00\u6c92\u6709\u4ea4\u6613\u5c0d\u624b\u98a8\u96aa\u7684\u91d1\u878d\u8cc7\u7522\uff0c\u800c\u4e14\u7531\u65bc\u5176\u76f8\u5c0d\u65bc\u6cd5\u5b9a\u8ca8\u5e63\u7684\u7a00\u7f3a\u6027\uff0c\u5176\u50f9\u683c\u5f9e\u9577\u9060\u4f86\u770b\u7e3d\u662f\u4e0a\u6f32\u3002\u9577\u671f\u6301\u6709\u9ec3\u91d1\u7684\u4e2d\u592e\u9280\u884c\u53ef\u4ee5\u5f9e\u5176GRA\uff08Gold Revaluation Account\uff0c\u9ec3\u91d1\u91cd\u4f30\u5e33\u6236\uff09\u4e2d\u7372\u76ca\uff0c\u800c\u7121\u9700\u51fa\u552e\u4efb\u4f55\u9ec3\u91d1\u3002<a href=\"#_ftn7\" name=\"_ftnref7\">[7]<\/a><\/p>\n<p>\u7c21\u55ae\u4f86\u8aaa\uff0c\u6211\u5011\u53ef\u4ee5\u628a\u9019\u500b\u6982\u5ff5\u6bd4\u55bb\u70ba\u516c\u53f8\u5c0d\u571f\u5730\u8cc7\u7522\u7684\u91cd\u4f30\u3002\u7576\u516c\u53f8\u5728\u7b26\u5408\u7279\u5b9a\u689d\u4ef6\u4e0b\u5c0d\u56fa\u5b9a\u8cc7\u7522\u4e2d\u7684\u571f\u5730\u9032\u884c\u91cd\u4f30\u6642\uff0c\u571f\u5730\u7684\u50f9\u503c\u6703\u56e0\u6b64\u589e\u52a0\u3002\u540c\u6a23\u7684\u908f\u8f2f\uff0c\u4eca\uff082024\uff09\u5e74\u4e16\u754c\u9280\u884c\u4e5f\u52a0\u5165\u4e86\u6709\u95dcGRA\u7684\u8a0e\u8ad6\uff0c\u76ee\u7684\u662f\u5c0d\u9ec3\u91d1\u9032\u884c\u91cd\u4f30\uff0c\u4ee5\u89e3\u6c7a\u7f8e\u5143\u8207\u5176\u6301\u6709\u9ec3\u91d1\u4e0d\u76f8\u5339\u914d\u7684\u554f\u984c\u3002<\/p>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891824\"><\/a>\u258e \u7f8e\u570b\u70ba\u9ec3\u91d1\u6700\u5927\u5132\u91cf\u570b\u53ca\u91cd\u4f30\u7684\u6700\u5927\u53d7\u76ca\u570b<\/span><\/h5>\n<p>\u8a66\u60f3\uff0c\u7576\u9ec3\u91d1\u50f9\u683c\u9032\u884c\u91cd\u4f30\u6642\uff08GRA\uff09\uff0c\u8ab0\u6703\u662f\u6700\u5927\u7372\u76ca\u8005\uff1f\u7121\u7591\u662f\u90a3\u4e9b\u624b\u4e2d\u63e1\u6709\u5927\u91cf\u9ec3\u91d1\u7684\u570b\u5bb6\uff0c\u4f8b\u5982\u7f8e\u570b\u3002\u6cc1\u4e14\uff0c \u5047\u5982\u9019\u4e9b\u9ec3\u91d1\u662f\u4ee5\u524d\u8cfc\u8cb7\u7684\uff0c\u90a3\u91cd\u4f30\u5f8c\u7684\u50f9\u683c\u5c07\u6703\u986f\u8457\u63d0\u9ad8\u3002\u56e0\u6b64\uff0c\u7f8e\u570b\u6703\u6210\u70ba\u9ec3\u91d1\u91cd\u4f30\u7684\u6700\u5927\u53d7\u76ca\u570b\u3002\u66f4\u4f55\u6cc1\uff0c\u5df2\u6709\u4e00\u4e9b\u8ca1\u52d9\u72c0\u6cc1\u60e1\u5316\u3001\u51fa\u73fe\u50b5\u52d9\u5371\u6a5f\u751a\u81f3\u9762\u81e8\u7834\u7522\u7684\u570b\u5bb6\uff0c\u5df2\u7d93\u958b\u59cb\u64cd\u4f5cGRA\u4e86\u3002\u6216\u8005\u9019\u6a23\u8aaa\uff0c\u82e5\u662f\u7f8e\u570b\u958b\u59cb\u505aGRA\u7684\u8a71\uff0c\u90a3\u9ebc\u5168\u4e16\u754c\u5176\u4ed6\u570b\u5bb6\u4e5f\u6703\u8ddf\u9032\u4e86\u3002<\/p>\n<p>\u6211\u5011\u53ef\u4ee5\u5f9e\u6b77\u53f2\u9ec3\u91d1\u50f9\u683c\u7684\u8b8a\u5316\u4e00\u7aba\u7aef\u502a\u3002\u88681\u662f\u7d93\u904e\u7c21\u55ae\u8a08\u7b97\u5f8c\u7684\u9ec3\u91d1\u50f9\u683c\u3002\u57281944\u5e74\uff0c\u6bcf\u76ce\u53f8\u9ec3\u91d1\u514c\u63db35\u7f8e\u5143\u3002\u5230\u4e861973 \u5e74\uff08\u6b64\u6642\u671f\u524d\u5f8c\u91d1\u672c\u4f4d\u812b\u9264\uff0c\u7f8e\u5143\u8207\u9ec3\u91d1\u50f9\u683c\u7121\u4ee5\u7dad\u7e6b\uff09\uff0c\u50f9\u683c\u4e0a\u5347\u81f342\u7f8e\u5143\u3002\u90a3\u9ebc\u73fe\u5728\u5462\uff1f\u524d\u5e7e\u5929\u6211\u770b\u5230\u7684\u50f9\u683c\u5df2\u9ad8\u90542590\u7f8e\u5143\uff01\u82071944\u5e74\u76f8\u6bd4\uff0c\u9ec3\u91d1\u7684\u50f9\u683c\u8b8a\u5316\u7adf\u9ad8\u905473\u500d\uff01\u56e0\u6b64\uff0c\u5982\u679c\u91cd\u4f30\u9ec3\u91d1\u7684\u8a71\uff0c\u5176\u50f9\u503c\u53ef\u80fd\u96a8\u4e4b\u589e\u52a070\u5e7e\u500d\u3002<\/p>\n<div id=\"attachment_3791\" style=\"width: 1221px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3791\" class=\"size-full wp-image-3791\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88681.jpg\" alt=\"\" width=\"1211\" height=\"571\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88681.jpg 1211w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88681-768x362.jpg 768w\" sizes=\"auto, (max-width: 1211px) 100vw, 1211px\" \/><p id=\"caption-attachment-3791\" class=\"wp-caption-text\">\u88681<\/p><\/div>\n<p>\u5927\u50b5\u6642\u4ee3\uff0c\u570b\u5bb6\u5982\u4f55\u8cf4\u50b5\uff1f\u9019\u4e00\u9805\u5176\u4ed6\u570b\u5bb6\u7121\u6cd5\u8f15\u6613\u505a\u5230\u7684\u4e8b\uff0c\u800c\u5168\u4e16\u754c\u6216\u8a31\u53ea\u6709\u7f8e\u570b\u80fd\u5920\u9019\u6a23\u505a\u3002\u7121\u8ad6\u5982\u4f55\uff0c\u9ec3\u91d1\u5f88\u53ef\u80fd\u662f\u7f8e\u570b\u8a66\u5716\u53bb\u91cd\u65b0\u754c\u5b9a\u7f8e\u5143\u50f9\u503c\u7684\u4e00\u500b\u91cd\u8981\u5de5\u5177\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891825\"><\/a>\u77f3\u6cb9\u7f8e\u5143<\/span><\/h4>\n<p><strong><em>\u77f3\u6cb9\u7f8e\u5143\uff08<\/em><\/strong><strong><em>Petrodollar<\/em><\/strong><strong><em>\uff09\uff1a\u77f3\u6cb9\u958b\u63a1\u2014\u92b7\u552e\uff08\u8a08\u50f9\uff0f\u4ea4\u6613\u6240\uff0f\u671f\u8ca8\uff09\u2014\u7f8e\u50b5\u7684\u9589\u74b0\uff0c\u6709\u6df1\u539a\u7684\u985e\u6b96\u6c11\u7d93\u6fdf\u7684\u80cc\u666f\uff0c\u4e5f\u6709\u9f90\u5927\u7684\u671f\u8ca8\u5e02\u5834\u91d1\u878d\u904a\u6232\u3002<\/em><\/strong><\/p>\n<p>1971\u5e74\uff0c\u7f8e\u5143\u8207\u9ec3\u91d1\u50f9\u683c\u812b\u9264\uff0c\u5c0e\u81f4\u7f8e\u5143\u9738\u6b0a\u9010\u6f38\u8870\u843d\u3002\u70ba\u4e86\u633d\u6551\u7f8e\u5143\uff0c\u7f8e\u570b\u653f\u5e9c\u958b\u59cb\u4ee5\u570b\u969b\u77f3\u6cb9\u8cbf\u6613\u4f5c\u70ba\u7a81\u7834\u53e3\uff0c\u8207\u6c99\u70cf\u5730\u963f\u62c9\u4f2f\u9054\u6210\u5354\u8b70\uff0c\u78ba\u5b9a\u5c07\u7f8e\u5143\u4f5c\u70ba\u77f3\u6cb9\u7684\u8a08\u50f9\u8ca8\u5e63\uff0c\u4f7f\u7f8e\u5143\u548c\u77f3\u6cb9\u7dca\u5bc6\u639b\u920e\u3002\u8a72\u5354\u8b70\u898f\u5b9a\uff0c\u6c99\u70cf\u5730\u963f\u62c9\u4f2f\u5c07\u5b8c\u5168\u4ee5\u7f8e\u5143\u70ba\u5176\u77f3\u6cb9\u51fa\u53e3\u5b9a\u50f9\uff0c\u4e26\u5c07\u5176\u5269\u9918\u7684\u77f3\u6cb9\u6536\u5165\u6295\u8cc7\u65bc\u7f8e\u570b\u570b\u50b5\u3002\u4e8b\u5be6\u4e0a\uff0c\u77f3\u6cb9\u7f8e\u5143\uff08Petrodollar\uff09\u4e26\u975e\u50c5\u6b62\u65bc\u4ea4\u6613\u672c\u8eab\uff0c\u771f\u6b63\u7684Petrodollar\u662f\u6307\uff0c\u6c99\u70cf\u5730\u963f\u62c9\u4f2f\u5c07\u77f3\u6cb9\u8ce3\u7d66\u7f8e\u570b\uff0c\u53c8\u5c07\u5176\u6536\u5165\u4ee5\u8cfc\u8cb7\u7f8e\u50b5\u5f62\u5f0f\u5b58\u653e\u5728\u7f8e\u570b\uff0c\u4ee5\u652f\u6490\u7f8e\u5143\u50f9\u503c\u4e26\u7dad\u6301\u7a69\u5b9a\u6027\u3002<\/p>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891826\"><\/a>\u258e \u6c99\u7279\u963f\u7f8e\u7684\u524d\u4e16\u4eca\u751f<\/span><\/h5>\n<p><strong><em>\u5275\u59cb\u7d50\u69cb\uff1a\u6700\u521d\u7531\u7f8e\u570b\u77f3\u6cb9\u516c\u53f8\u7d44\u6210\uff0c\u64c1\u6709\u5728\u6c99\u70cf\u5730\u7684\u77f3\u6cb9\u958b\u63a1\u6b0a\u3002<\/em><\/strong><\/p>\n<p>\u56e0\u70ba\u6c99\u70cf\u5730\u963f\u62c9\u4f2f\u96d6\u64c1\u6709\u77f3\u6cb9\uff0c\u4f46\u751f\u7522\u92b7\u552e\u6700\u521d\u7531\u7f8e\u570b\u77f3\u6cb9\u516c\u53f8\u7d44\u6210\uff0c\u4e26\u4e14\u53d6\u5f97\u958b\u63a1\u6b0a\uff0c\u5f62\u6210\u7531\u7f8e\u570b\u4e3b\u5c0e\u7684\u985e\u6b96\u6c11\u7d93\u6fdf\u3002\uff08\u898b\u88682\uff09<\/p>\n<div id=\"attachment_3792\" style=\"width: 564px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3792\" class=\"size-full wp-image-3792\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88682.png\" alt=\"\" width=\"554\" height=\"363\" \/><p id=\"caption-attachment-3792\" class=\"wp-caption-text\">\u88682<\/p><\/div>\n<p><strong><em>\u570b\u6709\u5316\uff1a\u6c99\u70cf\u5730\u653f\u5e9c\u65bc<\/em><\/strong><strong><em>1980<\/em><\/strong><strong><em>\u5e74\u5b8c\u5168\u64c1\u6709\u6c99\u70cf\u5730\u963f\u7f8e\u3002<\/em><\/strong><\/p>\n<p>\u96a8\u8457\u963f\u7f8e\u77f3\u6cb9\u516c\u53f8\u7684\u65e5\u76ca\u58ef\u5927\uff0c\u6c99\u70cf\u5730\u963f\u62c9\u4f2f\u8b00\u6c42\u5c0d\u5176\u66f4\u5927\u7684\u63a7\u5236\u6b0a\u3002\u5f8c\u4f861980\u5e74\u767c\u751f\u7b2c\u4e8c\u6b21\u77f3\u6cb9\u5371\u6a5f\u6642\uff0c\u6c99\u70cf\u5730\u963f\u62c9\u4f2f\u653f\u5e9c\u5c07\u5176\u5728\u963f\u7f8e\u516c\u53f8\u7684\u80a1\u4efd\u6b0a\u76ca\u63d0\u5347\u81f3100%\uff0c\u5c07\u4e4b\u570b\u6709\u5316\uff0c \u6c99\u70cf\u5730\u963f\u7f8e\u6b63\u5f0f\u6210\u7acb\u3002\u5373\u4fbf\u5982\u6b64\uff0c\u6c99\u70cf\u5730\u963f\u7f8e\u4ecd\u7136\u7559\u5728\u7f8e\u5143\u7f8e\u50b5\u7684\u5faa\u74b0\u4e2d\u3002<\/p>\n<p><strong><em>\u516c\u958b\u767c\u884c\uff1a<\/em><\/strong><strong><em>2019<\/em><\/strong><strong><em>\u5e74\uff0c\u6c99\u70cf\u5730\u963f\u7f8e\u5728\u6c99\u7279\u8b49\u5238\u4ea4\u6613\u6240\u767c\u884c<\/em><\/strong><strong><em>1.5%<\/em><\/strong><strong><em>\u7684\u80a1\u4efd\uff0c\u662f\u81ea\u570b\u6709\u5316\u5f8c\u9996\u6b21\u5141\u8a31\u975e\u653f\u5e9c\u6301\u80a1\u3002<\/em><\/strong><\/p>\n<p>2019\u5e74\uff0c\u6c99\u70cf\u5730\u963f\u7f8e\u5728\u6c99\u7279\u8b49\u5238\u4ea4\u6613\u6240\uff08TADAWUL\uff09\u9996\u6b21\u516c\u958b\u52df\u80a1\u767c\u552e1.5%\u7684\u80a1\u4efd\u3002\u9019\u662f\u81ea\u570b\u6709\u5316\u4ee5\u4f86\uff0c\u9996\u6b21\u5141\u8a31\u975e\u653f\u5e9c\u6a5f\u95dc\u53c3\u8207\u6301\u80a1\uff08\u5373\u516c\u773e\u80a1\u6771\uff09\u3002<\/p>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891827\"><\/a>\u258e \u91d1\u878d\u5e02\u5834\u8207\u5be6\u9ad4\u7d93\u6fdf\u812b\u9264<\/span><\/h5>\n<p>\u77f3\u6cb9\u7f8e\u5143\u4e0d\u50c5\u50c5\u662f\u4e00\u9805\u4ea4\u6613\u800c\u5df2\uff0c\u9084\u6d89\u53ca\u4e86\u5be6\u9ad4\u7d93\u6fdf\u8207\u91d1\u878d\u5c64\u9762\u7684\u76f8\u95dc\u8b70\u984c\u3002<\/p>\n<p>\u6c99\u70cf\u5730\u963f\u62c9\u4f2f\u653f\u5e9c\u5148\u5c07\u6c99\u70cf\u5730\u963f\u7f8e\u6536\u6b78\u570b\u6709\u5f8c\uff0c\u518d\u5c07\u80a1\u6b0a\u91cb\u653e\u81f3\u570b\u969b\u8cc7\u672c\u5e02\u5834\uff0c\u5f15\u5165\u773e\u591a\u5927\u578b\u6295\u8cc7\u8005\uff0c\u4f8b\u5982\u9f90\u5927\u7684\u9000\u4f11\u57fa\u91d1\u8207\u8ca1\u52d9\u57fa\u91d1\u3002\u6b64\u8209\u4e0d\u50c5\u4f7f\u5176\u80a1\u6b0a\u76f8\u5c0d\u5b89\u5168\u7a69\u5b9a\uff0c\u9084\u5728\u5168\u7403\u91d1\u878d\u5e02\u5834\u7684\u904a\u6232\u4e2d\u7372\u53d6\u61c9\u6709\u7684\u5831\u511f\u3002<\/p>\n<p>\u6211\u5011\u73fe\u5728\u770b\u5230\u7684\u77f3\u6cb9\u50f9\u683c\uff08\u4f8b\u5982\u6bcf\u687680\u7f8e\u5143\u3001100\u7f8e\u5143\u751a\u81f3120\u7f8e\u5143\uff09\uff0c\u5be6\u969b\u4e0a\u8207\u7522\u6cb9\u8005\u7684\u751f\u7522\u6210\u672c\u95dc\u806f\u4e0d\u5927\u3002\u9019\u4e9b\u50f9\u683c\u6ce2\u52d5\u591a\u6578\u4f86\u81ea\u671f\u8ca8\u5e02\u5834\uff0c\u800c\u671f\u8ca8\u5728\u672c\u8cea\u4e0a\u662f\u4e00\u7a2e\u91d1\u878d\u64cd\u4f5c\uff0c\u4e26\u975e\u53cd\u6620\u77f3\u6cb9\u5be6\u969b\u904b\u8f38\u6216\u4ea4\u4ed8\u7684\u6210\u672c\u3002<\/p>\n<p>\u7531\u6b64\u53ef\u898b\uff0c\u91d1\u878d\u5e02\u5834\u8207\u5be6\u9ad4\u7d93\u6fdf\u65e9\u5df2\u812b\u9264\uff0c\u4e0d\u50c5\u5982\u6b64\uff0c\u66f4\u5728\u7121\u5f62\u4e2d\u652f\u6490\u8457\u7f8e\u5143\u7684\u50f9\u503c\u548c\u5730\u4f4d\u3002\u7121\u8ad6\u662f\u524d\u8ff0\u63d0\u5230\u7684\u9ec3\u91d1\uff0c \u9084\u662f\u9019\u88e1\u8ac7\u5230\u7684\u77f3\u6cb9\uff0c\u90fd\u6210\u70ba\u652f\u6490\u7f8e\u5143\u7684\u91cd\u8981\u624b\u6bb5\u3002<\/p>\n<h3><span style=\"color: #000080;\"><a style=\"color: #000080;\" name=\"_Toc228891828\"><\/a>\u56e0\u7d20\u4e09\uff1a\u865b\u64ec\u8ca8\u5e63\u8207\u5f71\u5b50\u9280\u884c<\/span><\/h3>\n<p>\u7b2c\u4e09\u500b\u986f\u793a\u5be6\u9ad4\u7d93\u6fdf\u8207\u91d1\u878d\u9ad4\u7cfb\u9010\u6f38\u300c\u812b\u5be6\u5411\u865b\u300d\u7684\u73fe\u8c61\uff0c\u4fbf\u662f\u865b\u64ec\u8ca8\u5e63\u7684\u8208\u8d77\u4ee5\u53ca\u5f71\u5b50\u9280\u884c\u7684\u5feb\u901f\u767c\u5c55\u3002\u9019\u4e9b\u767c\u5c55\u8da8\u52e2\u9032\u4e00\u6b65\u52a0\u5287\u4e86\u91d1\u878d\u5e02\u5834\u7684\u6295\u6a5f\u6027\u548c\u98a8\u96aa\uff0c\u4f7f\u91d1\u878d\u9ad4\u7cfb\u66f4\u52a0\u812b\u96e2\u5be6\u9ad4\u7d93\u6fdf\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891829\"><\/a>\u865b\u64ec\u8ca8\u5e632024\u8fc5\u901f\u5546\u54c1\u5316\u4e3b\u6d41\u5316<\/span><\/h4>\n<p>\u4eca\uff082024\uff09\u5e74\u521d\uff0c\u865b\u64ec\u8ca8\u5e63\u7372\u5f97\u6279\u51c6\uff0c\u6b63\u5f0f\u88ab\u8a8d\u5b9a\u70ba\u5168\u65b0\u7684\u8cc7\u7522\u2014ETF\uff08\u6307\u6578\u80a1\u7968\u578b\u57fa\u91d1\uff09\u3002\u6bd4\u7279\u5e63\u4f5c\u70ba\u7b2c\u4e00\u500b\u865b\u64ec \u8ca8\u5e63\uff0c\u7926\u5de5\u900f\u904e\u6316\u7926\u53ef\u4ee5\u7372\u5f97\u6bd4\u7279\u5e63\u4f5c\u70ba\u734e\u52f5\u3002\u8a66\u60f3\uff0c\u9019\u4f4d\u4eba\u58eb\u4e26\u672a\u88fd\u9020\u51fa\u4efb\u4f55\u5be6\u9ad4\u7269\u54c1\uff0c\u4e5f\u672a\u63d0\u4f9b\u4efb\u4f55\u670d\u52d9\u6216\u5546\u54c1\uff0c\u4f46\u537b\u53ef\u4ee5\u7528\u300c\u6316\u7926\u300d\u65b9\u5f0f\u7372\u5f97\u6bd4\u7279\u5e63\u4f5c\u70ba\u734e\u52f5\uff0c\u5be6\u5728\u4e0d\u582a\u8a2d\u60f3\u3002<\/p>\n<p>\u5728\u6bd4\u7279\u5e63\u525b\u51fa\u73fe\u6642\uff0c\u8a31\u591a\u6295\u8cc7\u670b\u53cb\u66fe\u5efa\u8b70\u6211\u6295\u5165\u5176\u4e2d\uff0c\u7136\u800c\u6211\u59cb\u7d42\u672a\u505a\u4efb\u4f55\u6295\u8cc7\u3002\u56e0\u70ba\u8056\u7d93\u6559\u5c0e\u6211\u5011\uff0c\u4eba\u985e\u7121\u6cd5\u300c\u5f9e\u96f6\u5230\u4e00\u300d\u300c\u5f9e\u7121\u5230\u6709\u300d\u5275\u9020\u842c\u7269\uff0c\u53ea\u6709\u795e\u624d\u662f\u771f\u6b63\u7684\u5275\u9020\u8005\u3002\u6211\u500b\u4eba\u5c0d\u65bc\u6bd4\u7279\u5e63\u9019\u7a2e\u300c\u5f9e\u7121\u5230\u6709\u300d\u7684\u9ad4\u7cfb\u62b1\u6301\u9ad8\u5ea6\u61f7\u7591\uff0c\u8a8d\u70ba\u5b83\u4e26\u4e0d\u503c\u5f97\u4fe1\u4efb\u3002\u7136\u800c\uff0c\u7576\u521d\u9019\u500b\u5e7e\u4e4e\u9023\u63db\u62ab\u85a9\u90fd\u63db\u4e0d\u5230\u7684\u6bd4\u7279\u5e63\uff0c\u5982\u4eca\u6bcf\u679a\u50f9\u683c\u7adf\u9ad8\u90549\u842c\u523010\u842c\u7f8e\u5143\u3002\u900f\u904e\u5927\u578b\u4ea4\u6613\u5546\uff08\u5982\uff1a\u5bcc\u9054Fidelity\uff09\u7684\u63a8\u52d5\uff0c\u5404\u7a2e\u985e\u578b\u7684\u865b\u64ec\u8ca8\u5e63ETF\u5df2\u5728\u5e74\u521d\u8fc5\u901f\u5546\u54c1\u5316\u8207\u4e3b\u6d41\u5316\u4e86\u3002<\/p>\n<p>\u76ee\u524d\uff0c\u5e02\u9762\u4e0a\u7684\u865b\u64ec\u8ca8\u5e63\u7a2e\u985e\u7e41\u591a\uff0c\u5176\u4e2d\u4e00\u4e9b\u4e3b\u8981\u50f9\u683c\u548c\u8cc7\u8a0a\u898b\u65bc\u88683 <a href=\"#_ftn8\" name=\"_ftnref8\">[8]<\/a>\u3002\u5728\u4ea4\u6613\u5e73\u53f0\u4e0a\uff08\u5982Crypto.com Exchange\uff09\uff0c\u4eba\u5011\u53ef\u4ee5\u8f15\u6613\u627e\u5230\u591a\u7a2e\u865b\u64ec\u8ca8\u5e63\u4e26\u76f4\u63a5\u9032\u884c\u8cfc\u8cb7\u3002\u7576\u7136\uff0c\u9019\u5176\u4e2d\u6703\u6709\u4e0d\u7a69\u5b9a\u7684\u5730\u65b9\uff0c\u6709\u6642\u9084\u6709\u554f\u984c\uff0c\u6216\u8005\u6709\u4eba\u6703\u8ce0\u9322\u3002<\/p>\n<div id=\"attachment_3793\" style=\"width: 820px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3793\" class=\"size-full wp-image-3793\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88683.jpg\" alt=\"\" width=\"810\" height=\"330\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88683.jpg 810w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88683-768x313.jpg 768w\" sizes=\"auto, (max-width: 810px) 100vw, 810px\" \/><p id=\"caption-attachment-3793\" class=\"wp-caption-text\">\u88683<\/p><\/div>\n<p>\u4ee4\u4eba\u64d4\u6182\u7684\u662f\uff0c\u865b\u64ec\u8ca8\u5e63\u5df2\u7d93\u9032\u5165\u5f88\u591a\u7684ETF\u4e86\u3002\u6839\u64da\u88684 <a href=\"#_ftn9\" name=\"_ftnref9\">[9]<\/a> \u7684\u8cc7\u8a0a\uff0c\u9019\u4e9b\u5176\u4ed6\u91d1\u878d\u5546\u54c1\u9664\u4e86\u5305\u542b\u300c\u7a69\u5b9a\u5e63\u7522\u54c1\u300d\uff08\u5982USDT\u3001USDC\uff09\u5916\uff0c\u9084\u6db5\u84cb\u300c\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u300d\u7b49\u65b0\u8208\u5f62\u5f0f\u3002\u4e00\u65e6\u865b\u64ec\u8ca8\u5e63\u9032\u5165\u4e86ETF\u5f8c\uff0c\u5176\u5167\u90e8\u7d50\u69cb\u8b8a\u5f97\u96e3\u4ee5\u8fa8\u8b58\uff0c\u5e7e\u4e4e\u8b93\u4eba\u770b\u4e0d\u51fa\u4f86\u88e1\u9762\u662f\u300c\u7a7a\u300d\u7684\uff0c\u8cfc\u8cb7\u5b83\u5f77\u5f7f\u662f\u5728\u8cfc\u8cb7\u860b\u679cApple \u6216\u5fae\u8edfMicrosoft\u80a1\u4efd\u4e00\u822c\uff0c\u5be6\u5728\u4ee4\u4eba\u6182\u5fc3\u3002<\/p>\n<div id=\"attachment_3794\" style=\"width: 820px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3794\" class=\"size-full wp-image-3794\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88684.jpg\" alt=\"\" width=\"810\" height=\"276\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88684.jpg 810w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88684-768x262.jpg 768w\" sizes=\"auto, (max-width: 810px) 100vw, 810px\" \/><p id=\"caption-attachment-3794\" class=\"wp-caption-text\">\u88684<\/p><\/div>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891830\"><\/a>\u592e\u884c\u6578\u4f4d\u8ca8\u5e63CB\/DC\u8207DC\/EP\u52a0\u901f\u5e02\u5834\u5316<\/span><\/h4>\n<p>\u6b64\u5916\uff0c\u865b\u64ec\u8ca8\u5e63\u9084\u8207\u5176\u4ed6\u570b\u5bb6\u7531\u4e2d\u592e\u9280\u884c\u767c\u884c\u7684\u6578\u4f4d\u8ca8\u5e63\u6709\u4e00\u5b9a\u7684\u5c0d\u61c9\u95dc\u4fc2\u3002<\/p>\n<p>\u4e2d\u592e\u9280\u884c\u6578\u4f4d\u8ca8\u5e63\uff08Central Bank Digital Currency\uff0c\u7c21\u7a31\u300cCB\/DC\u300d\uff09\uff0c\u662f\u4e00\u7a2e\u6578\u4f4d\u5f62\u5f0f\u7684\u570b\u5bb6\u6cd5\u5b9a\u8ca8\u5e63\uff0c\u4e3b\u8981\u662f\u70ba\u4e86\u964d\u4f4e\u767c\u9214\u3001\u767c\u5e63\u7684\u6210\u672c\uff0c\u4e26\u4e14\u589e\u52a0\u8ca8\u5e63\u5728\u6578\u5b57\u5e73\u53f0\u4e0a\u7684\u904b\u7528\u3002<\/p>\n<p>\u800c\u4e2d\u570b\u4eba\u6c11\u9280\u884c\u767c\u884c\u7684\u6cd5\u5b9a\u6578\u4f4d\u8ca8\u5e63\uff0c\u7a31\u70ba\u6578\u5b57\u4eba\u6c11\u5e63\uff0c \u82f1\u6587\u6642\u5e38\u4f75\u7528EP\u6210\u70ba\u300cDC\/EP\u300d\uff0c\u5176\u4e2d\u300cDC\u300d\u662f\u300cDigital Currency\uff08\u6578\u4f4d\u8ca8\u5e63\uff09\u300d\u7684\u7e2e\u5beb\uff0c\u300cEP\u300d\u662f\u300cElectronic Payment\uff08\u96fb\u5b50\u652f\u4ed8\uff09\u300d\u7684\u7e2e\u5beb\uff0c\u4e2d\u570b\u5927\u9678\u592e\u884c\u6578\u4f4d\u8ca8\u5e63\u7684\u4e3b\u8981\u529f\u80fd\u5c31\u662f\u4f5c\u70ba\u96fb\u5b50\u652f\u4ed8\u624b\u6bb5\u3002<\/p>\n<p>\u4e00\u5247\u57282020\u5e74\u95dc\u65bc\u4e2d\u570b\u592e\u884c\u6578\u4f4d\u8ca8\u5e63\u5831\u5c0e\uff0c\u57167\u300c\u4e8c\u5143\u5e33\u6236\u7d50\u69cb\u8207\u96d9\u5c64\u904b\u71df\u9ad4\u7cfb\u7684\u6bd4\u8f03\u300d\u6458\u9304\u81ea\u8a72\u6587\u7ae0 <a href=\"#_ftn10\" name=\"_ftnref10\">[10]<\/a>\u3002\u5176\u6982\u5ff5\u662f\uff0c\u6578\u4f4d\u8ca8\u5e63\u7684\u76e3\u7ba1\u6a21\u5f0f\u8207\u50b3\u7d71\u8ca8\u5e63\u57fa\u672c\u4e00\u6a23\uff0c\u53ea\u662f\u8f49\u63db\u70ba\u53e6\u4e00\u7a2e\u8ca8\u5e63\u5f62\u5f0f\u800c\u5df2\u3002\u6b63\u5982\u6211\u5011\u624b\u6a5f\u4e0a\u7684\u6578\u4f4d\u9322\u5305\u4e00\u6a23\uff0c\u6578\u4f4d\u8ca8\u5e63\u4e5f\u6709\u985e\u4f3c\u7684\u652f\u4ed8\u9322\u5305\u529f\u80fd\u3002\u6b64\u5916\uff0c\u5b83\u9084\u6709\u570b\u5bb6\u4f5c\u70ba\u300c\u6700\u7d42\u652f\u4ed8\u8005\u300d\uff08Last Resort\uff09\u7684\u6a5f\u5236\u8a2d\u8a08\uff0c\u4f7f\u9019\u4e9b\u7531\u592e\u884c\u652f\u6301\u7684\u6578\u4f4d\u8ca8\u5e63\u81f3\u5c11\u662f\u300c\u5be6\u300d\u7684\uff0c\u8207\u6211\u5011\u73fe\u884c\u8ca8\u5e63\u540c\u6a23\u5177\u6709\u6cd5\u5b9a\u652f\u4ed8\u80fd\u529b\u3002<\/p>\n<div id=\"attachment_3781\" style=\"width: 797px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3781\" class=\"size-full wp-image-3781\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57167.jpg\" alt=\"\" width=\"787\" height=\"436\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57167.jpg 787w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57167-768x425.jpg 768w\" sizes=\"auto, (max-width: 787px) 100vw, 787px\" \/><p id=\"caption-attachment-3781\" class=\"wp-caption-text\">\u57167<\/p><\/div>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891831\"><\/a>\u5f71\u5b50\u9280\u884c\u8207\u570b\u969b\u9280\u884c\u9ad8\u5ea6\u9023\u7d50<\/span><\/h4>\n<p>\u63a5\u4e0b\u4f86\uff0c\u6211\u5011\u8981\u63a2\u8a0e\u4e00\u500b\u5927\u5bb6\u53ef\u80fd\u8f03\u4e0d\u719f\u6089\u7684\u4e3b\u984c\u2014\u300c\u5f71\u5b50\u9280\u884c\u300d\uff08\u975e\u9280\u884c\u91d1\u878d\u6a5f\u69cb\uff0c Nonbank Financial Institution\uff09\u3002\u5f71\u5b50\u9280\u884c\u662f\u6307\u90a3\u4e9b\u63d0\u4f9b\u8207\u50b3\u7d71\u5546\u696d\u9280\u884c\u985e\u4f3c\u91d1\u878d\u670d\u52d9\u7684\u975e\u9280\u884c\u7684\u8ca1\u52d9\u91d1\u878d\u6a5f\u69cb\u3002\u5f71\u5b50\u9280\u884c\u8207\u50b3\u7d71\u9280\u884c\u7684\u4e3b\u8981\u5dee\u7570\u5728\u65bc\u76e3\u7ba1\u5c64\u9762\uff1a\u50b3\u7d71\u9280\u884c\u53d7\u5230\u9ad8\u5ea6\u76e3\u7ba1\uff0c\u800c\u5f71\u5b50\u9280\u884c\u5247\u8655\u65bc\u7121\u76e3\u7ba1\u72c0\u614b\u3002\u96a8\u8457\u5f71\u5b50\u9280\u884c\u5728\u570b\u969b\u91d1\u878d\u9ad4\u7cfb\u4e2d\u7684\u89d2\u8272\u8d8a\u767c\u91cd\u8981\uff0c\u4e26\u8207\u50b3\u7d71\u9280\u884c\u7684\u9023\u7d50\u65e5\u76ca\u5bc6\u5207\u6642\uff0c\u539f\u672c\u5c6c\u65bc\u50b3\u7d71\u9280\u884c\u53d7\u76e3\u7ba1\u7684\u696d\u52d9\u4e00\u65e6\u632a\u5230\u5f71\u5b50\u9280\u884c\u9ad4\u7cfb\u88e1\uff0c\u4fbf\u53ef\u80fd\u812b\u96e2\u76e3\u7ba1\u7bc4\u7587\u3002\u5728\u9019\u4e4b\u4e2d\uff0c\u6211\u5011\u53ef\u4ee5\u89c0\u5bdf\u5230\u5169\u500b\u91cd\u8981\u8da8\u52e2\uff1a<\/p>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891832\"><\/a>\u258e \u5f71\u5b50\u9280\u884c\u7684\u91d1\u878d\u89d2\u8272\u65e5\u76ca\u91cd\u8981<\/span><\/h5>\n<p>\u73fe\u6709\u6578\u64da\u986f\u793a\uff0c\u975e\u9280\u884c\u91d1\u878d\u6a5f\u69cb\u8207\u5176\u4ed6\u91d1\u878d\u9ad4\u7cfb\u7684\u4e92\u806f\u4e92\u901a\u7a0b\u5ea6\u589e\u5f37\u3002\u6574\u9ad4\u4f86\u770b\uff0c\u81ea\u5168\u7403\u91d1\u878d\u5371\u6a5f\u4ee5\u4f86\uff0c\u9280\u884c\u548c\u4fdd\u96aa\u516c\u53f8\u5411\u5176\u4ed6\u91d1\u878d\u4e2d\u4ecb\u6a5f\u69cb\u63d0\u4f9b\u7684\u570b\u5167\u878d\u8cc7\u6bd4\u4f8b\u6709\u6240\u4e0b\u964d\uff0c\u800c\u975e\u9280\u884c\u91d1\u878d\u6a5f\u69cb\u4e4b\u9593\u7684\u878d\u8cc7\u6bd4\u4f8b\u6709\u6240\u589e\u52a0\uff08\u898b\u57168\uff0c\u5de6\u5716\uff09\u3002\u7136\u800c\uff0c \u4ecd\u6709\u5de8\u5927\u7684\u6578\u64da\u7f3a\u53e3\uff0c\u5927\u7d04\u4e00\u534a\u7684\u975e\u9280\u884c\u91d1\u878d\u6a5f\u69cb\u570b\u5167\u8cc7\u91d1\u4f86\u6e90\u7e3d\u984d\u6c92\u6709\u7d71\u8a08\u5230\u3002\u540c\u6642\uff0c\u9280\u884c\u8207\u975e\u9280\u884c\u91d1\u878d\u6a5f\u69cb\u7684\u8de8\u5883\u9023\u7d50\u4e0d\u65b7\u589e\u5f37\uff0c\u51f8\u986f\u4e86\u8a72\u7522\u696d\u5728\u8de8\u5883\u4e2d\u4ecb\u7684\u91cd\u8981\u6027\uff08\u898b\u57168\uff0c\u53f3\u5716\uff09\u3002<a href=\"#_ftn11\" name=\"_ftnref11\">[11]<\/a><\/p>\n<div id=\"attachment_3782\" style=\"width: 1290px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3782\" class=\"size-full wp-image-3782\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57168.jpg\" alt=\"\" width=\"1280\" height=\"595\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57168.jpg 1280w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57168-768x357.jpg 768w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><p id=\"caption-attachment-3782\" class=\"wp-caption-text\">\u57168<\/p><\/div>\n<p><a href=\"#_ftn11\" name=\"_ftnref11\"><\/a><\/p>\n<p>\u63db\u8a00\u4e4b\uff0c\u5f71\u5b50\u9280\u884c\u4e0d\u50c5\u8207\u50b3\u7d71\u9280\u884c\u4fdd\u6301\u7dca\u5bc6\u9023\u7d50\uff0c\u751a\u81f3\u6210\u70ba\u8a31\u591a\u8cc7\u91d1\u7684\u91cd\u8981\u63d0\u4f9b\u8005\uff0c\u4f7f\u5176\u5728\u6574\u9ad4\u91d1\u878d\u9ad4\u7cfb\u4e2d\u7684\u5730\u4f4d\u8d8a\u4f86\u8d8a\u91cd\u8981\u3002<\/p>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891833\"><\/a>\u258e \u5f71\u5b50\u9280\u884c\u9032\u884c\u9ad8\u5ea6\u8907\u96dc\u7684\u884d\u751f\u6027\u4ea4\u6613<\/span><\/h5>\n<p>\u6709\u4eba\u53ef\u80fd\u6703\u8a8d\u70ba\uff0c\u9019\u6a23\u4e0d\u662f\u5f88\u597d\u55ce\uff1f\u900f\u904e\u5f71\u5b50\u9280\u884c\u53ef\u4ee5\u8b93\u66f4\u591a\u4eba\u7372\u5f97\u8cc7\u91d1\u652f\u6301\u554a\uff01\uff1f\u7136\u800c\u554f\u984c\u5728\u65bc\uff0c\u5f71\u5b50\u9280\u884c\u4e26\u975e\u5275\u9020\u8ca8\u5e63\uff0c\u800c\u662f\u8a2d\u8a08\u51fa\u6975\u70ba\u8907\u96dc\u7684\u91d1\u878d\u5546\u54c1\u3002\u6211\u5011\u4f86\u770b\u770b\u57169 <a href=\"#_ftn12\" name=\"_ftnref12\">[12]<\/a>\uff0c\u4e00\u500b\u523b\u610f\u6311\u9078\u7684\u8907\u96dc\u793a\u4f8b\u3002\u5982\u679c\u4f60\u5c0d\u5176\u7d50\u69cb\u611f\u5230\u56f0\u60d1\uff0c\u9019\u662f\u5f88\u6b63\u5e38\u7684\uff0c\u56e0\u70ba\u9019\u4e9b\u7522\u54c1\u7684\u8a2d\u8a08\u521d\u8877\u5c31\u662f\u8b93\u4eba\u96e3\u4ee5\u7406\u89e3\u3002\u5728\u9019\u6a23\u8907\u96dc\u7684\u884d\u751f\u6027\u4ea4\u6613\u4e2d\uff0c\u8cfa\u53d6\u7684\u6b63\u662f\u8cc7\u8a0a\u4e0d\u5c0d\u7a31\u6240\u5e36\u4f86\u7684\u300c\u77e5\u8b58\u8ca1\u300d\u3002<\/p>\n<div id=\"attachment_3783\" style=\"width: 1290px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3783\" class=\"size-full wp-image-3783\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57169.jpg\" alt=\"\" width=\"1280\" height=\"627\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57169.jpg 1280w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u57169-768x376.jpg 768w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><p id=\"caption-attachment-3783\" class=\"wp-caption-text\">\u57169<\/p><\/div>\n<p>\u56de\u60f3\u4e00\u4e0b\uff0c\u6b21\u8cb8\u98a8\u66b4\u662f\u5982\u4f55\u7206\u767c\u7684\uff1fCDS\uff08Credit Default Swap\uff09\u57282008\u5e74\u5168\u7403\u91d1\u878d\u5371\u6a5f\u671f\u9593\u6210\u70ba\u773e\u77e2\u4e4b\u7684\uff0c\u4fbf\u662f\u9019\u985e\u7522\u54c1\uff1b\u5b83\u5011\u628a\u5404\u7a2e\u9ad8\u98a8\u96aa\u8cc7\u7522\u6253\u5305\uff0c\u7136\u5f8c\u62c6\u5206\u6210\u4e0d\u540c\u7b49\u7d1a\u51fa\u552e\uff0c \u8f03\u512a\u8cea\u8cc7\u7522\u5206\u914d\u4ee5\u4f4e\u5229\u606f\uff0c\u800c\u9ad8\u98a8\u96aa\u8cc7\u7522\u5247\u63d0\u4f9b\u9ad8\u5229\u606f\u3002\u9019\u985e\u884d\u751f\u6027\u91d1\u878d\u5546\u54c1\u8207\u5be6\u9ad4\u7d93\u6fdf\uff08\u5982\u623f\u5b50\u3001\u5de5\u5ee0\u6216\u670d\u52d9\uff09\u4e4b\u9593\u8ddd\u96e2\u9059\u9060\uff0c\u771f\u6b63\u8ca9\u552e\u7684\u5546\u54c1\u5176\u5be6\u662f\u98a8\u96aa\u3002\u6295\u8cc7\u8005\u8cfc\u8cb7\u7684\u662f\u4e0d\u540c\u7b49\u7d1a\u7684\u98a8\u96aa\uff0c\u800c\u98a8\u96aa\u7b49\u7d1a\u4e0d\u540c\uff0c\u5176\u50f9\u683c\u4e5f\u6709\u6240\u4e0d\u540c\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u7576\u5f71\u5b50\u9280\u884c\u8207\u50b3\u7d71\u9280\u884c\u7684\u9023\u7d50\u65e5\u8da8\u5bc6\u5207\uff0c\u540c\u6642\u53c8\u6d89\u53ca\u5404\u7a2e\u9ad8\u5ea6\u8907\u96dc\u4e14\u6975\u5177\u98a8\u96aa\u7684\u884d\u751f\u6027\u4ea4\u6613\u6642\uff0c\u5c07\u52a0\u5287\u5be6\u9ad4\u7d93\u6fdf\u8207\u91d1\u878d\u9ad4\u7cfb\u300c\u812b\u5be6\u5411\u865b\u300d\u8da8\u52e2\uff0c\u4e26\u5f15\u767c\u66f4\u5927\u7684\u6f5b\u5728\u554f\u984c\u548c\u6311\u6230\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891834\"><\/a>\u5f71\u5b50\u9280\u884c\u6210\u70ba\u76e3\u7ba1\u9ed1\u6d1e\u2014\u6b20\u7f3a\u76e3\u7ba1\u7d50\u69cb\u8207\u57fa\u672c\u8cc7\u8a0a<\/span><\/h4>\n<p>\u571610\u6458\u81ea\u570b\u969b\u8ca8\u5e63\u57fa\u91d1\uff08International Monetary Fund, IMF\uff09\u65bc2023\u5e744\u6708\u767c\u8868\u7684\u300a\u5168\u7403\u91d1\u878d\u7a69\u5b9a\u5831\u544a\u300b\u3002<a href=\"#_ftn13\" name=\"_ftnref13\">[13]<\/a> IMF\u81ea2009\u5e74\u6b21\u8cb8\u98a8\u66b4\u5f8c\uff0c\u70ba\u56e0\u61c9\u5168\u7403\u91d1\u878d\u5371\u6a5f\uff0c\u958b\u59cb\u767c\u5e03\u9019\u4efd\u5831\u544a\uff0c\u4ee5\u8ffd\u8e64\u548c\u5206\u6790\u5168\u7403\u91d1\u878d\u7a69\u5b9a\u72c0\u6cc1\u3002<\/p>\n<div id=\"attachment_3784\" style=\"width: 1095px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3784\" class=\"size-full wp-image-3784\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u571610.jpg\" alt=\"\" width=\"1085\" height=\"618\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u571610.jpg 1085w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u571610-768x437.jpg 768w\" sizes=\"auto, (max-width: 1085px) 100vw, 1085px\" \/><p id=\"caption-attachment-3784\" class=\"wp-caption-text\">\u571610<\/p><\/div>\n<p>\u5176\u91cd\u9ede\u5728\u65bc\u975e\u9280\u884c\u91d1\u878d\u6a5f\u69cb\u7684\u76e3\u7406\u8cc7\u6599\u7f3a\u53e3\u5f88\u5927\uff0c\u963b\u7919\u4e86\u76e3\u7406\u6a5f\u69cb\u8a55\u4f30\u548c\u76e3\u63a7\u7cfb\u7d71\u6027\u98a8\u96aa\u7684\u80fd\u529b\u3002\u63db\u53e5\u8a71\u8aaa\uff0c\u5047\u5982\u76e3\u7406\u6a5f\u69cb\u8981\u4f86\u7ba1\u7406\u5f71\u5b50\u9280\u884c\uff0c\u4ed6\u5011\u6240\u9700\u7684\u8cc7\u6599\u57fa\u672c\u4e0a\u662f\u300c\u6c92\u6709\u300d\u7684\u3002\u9019\u4e0d\u50c5\u986f\u793a\u51fa\u7f3a\u4e4f\u5b8c\u6574\u7684\u76e3\u7ba1\u6846\u67b6\uff0c\u751a\u81f3\u9023\u7528\u4f86\u7ba1\u7406\u5f71\u5b50\u9280\u884c\u7684\u6838\u5fc3\u8cc7\u6599\u90fd\u7121\u6cd5\u7372\u5f97\u3002<\/p>\n<h3><span style=\"color: #000080;\"><a style=\"color: #000080;\" name=\"_Toc228891835\"><\/a>\u5c0f\u7d50\uff1a\u83ef\u723e\u8857\u8207\u8caa\u5a6a\u20141 vs. 99\u7684\u4e16\u754c<\/span><\/h3>\n<p>\u7d9c\u4e0a\u6240\u8ff0\uff0c\u6211\u5011\u6240\u8655\u7684\u9019\u500b\u4e16\u754c\uff0c\u662f\u4e0d\u662f\u96e2\u5be6\u9ad4\u7d93\u6fdf\u8d8a\u4f86\u8d8a\u9059\u9060\u4e86\uff1f\uff01\u96e3\u602a\u6211\u5011\u7684\u4e16\u754c\u51fa\u73fe\u4e86\u300c1%\u820799%\u300d\u7684\u5c0d\u6bd4\uff0c\u56e0\u70ba\u7576\u4eca\u6211\u5011\u6240\u8655\u7684\u4e16\u754c\u5bb9\u8a31\u91d1\u878d\u9ad4\u7cfb\u548c\u90a3\u4e9b\u91d1\u878d\u904a\u6232\u7684\u8a2d\u8a08\u8005\uff0c\u900f\u904e\u8caa\u5a6a\u8207\u63a0\u596a\uff0c\u6539\u8b8a\u4e86\u539f\u672c\u5c6c\u65bc\u5927\u5bb6\u6b63\u5e38\u7684\u50f9\u503c\u5206\u914d\u3002\u91d1\u878d\u4e16\u754c\u7684\u8caa\u5a6a\u8207\u63a0\u596a\u884c\u70ba\uff0c\u52a0\u4e0a\u65e5\u76ca\u8907\u96dc\u7684\u884d\u751f\u6027\u5546\u54c1\uff0c\u653e\u5927\u4e86\u8cc7\u8a0a\u843d\u5dee\uff0c\u9032\u4e00\u6b65\u64f4\u5927\u4e86\u8ca7\u5bcc\u5dee\u8ddd\u3002\u4ee5\u4e0b\u5e7e\u500b\u5927\u9805\u7684\u5f71\u97ff\u5c24\u70ba\u660e\u986f\uff1a<\/p>\n<ol>\n<li><strong>\u5927\u5b97\u7269\u8cc7\uff08\u5546\u54c1\uff09\u3001\u5546\u54c1\u671f\u8ca8\u3001\u91d1\u878d\u671f\u8ca8<\/strong><\/li>\n<\/ol>\n<p>\u6700\u521d\uff0c\u4ea4\u6613\u8005\u53ea\u662f\u60f3\u8981\u77e5\u9053\u6216\u78ba\u4fdd\u672a\u4f86\uff08\u5982\u660e\u5e74\uff09\u8c6c\u8089\u50f9\u683c\u3002\u96a8\u8457\u5e02\u5834\u9010\u6f38\u767c\u5c55\uff0c\u5f9e\u57fa\u790e\u7684\u5927\u5b97\u5546\u54c1\u4ea4\u6613\uff0c\u518d\u5230\u5546\u54c1\u671f\u8ca8\uff0c\u6162\u6162\u5730\u8b8a\u6210\u9f90\u5927\u7684\u91d1\u878d\u671f\u8ca8\u3002<\/p>\n<ol start=\"2\">\n<li><strong> CDO<\/strong><strong>\u3001<\/strong><strong>CDS<\/strong><strong>\u3001<\/strong><strong>MBS<\/strong><\/li>\n<\/ol>\n<p>\u53e6\u4e00\u7a2e\u65b9\u5f0f\u662f\u900f\u904eCDO\uff08collateralized debt obligation\uff0c\u50b5\u52d9\u64d4\u4fdd\u8b49\u5238\uff09\uff0c\u548cCDS\uff08credit default swap\uff0c\u4fe1\u7528\u9055\u7d04\u4ea4\u63db\uff09\u9019\u6a23\u7684\u8a2d\u8a08\uff0c\u904b\u7528\u5546\u696d\u548c\u6578\u5b78\u6a21\u5f0f\u5206\u6790\u98a8\u96aa\uff0c\u518d\u8f49\u8b8a\u70ba\u5e02\u5834\u4e0a\u7684\u4ea4\u6613\u5546\u54c1\u3002\u6700\u5f8c\uff0c\u9019\u4e9b\u7522\u54c1\u53c8\u6703\u6210\u70ba\u7f8e\u806f\u5132\u5728\u8cc7\u7522\u8ca0\u50b5\u8868\u4e0a\u6301\u6709\u9f90\u5927\u7684MBS\uff08mortgage backed securities\uff09\u3002<\/p>\n<ol start=\"3\">\n<li><strong>\u9ad8\u983b\u3001\u7a0b\u5f0f\u4ea4\u6613<\/strong><\/li>\n<\/ol>\n<p>\u9ad8\u983b\u4ea4\u6613\u662f\u4e00\u7a2e\u5229\u7528\u81ea\u52d5\u4ea4\u6613\u7cfb\u7d71\u5728\u6975\u77ed\u7684\u6642\u9593\u5167\u64f7\u53d6\u5546\u6a5f\uff0c\u4e26\u5f9e\u5e02\u5834\u5fae\u5c0f\u6ce2\u52d5\u4e2d\u7372\u5229\u7684\u4ea4\u6613\u7b56\u7565\u3002\u5f9e\u4e8b\u7a0b\u5f0f\u4ea4\u6613\u7684\u4eba\uff0c\u7121\u9700\u6df1\u5165\u5206\u6790\u6bcf\u4e00\u7b46\u4ea4\u6613\uff0c\u53ea\u8981\u5728\u6bcf\u6b21\u4ea4\u6613\u4e2d\u8cfa\u53d6\u4e00\u9ede\u5fae\u5229\uff0c\u5c31\u80fd\u5feb\u901f\u7d2f\u7a4d\u5de8\u984d\u8ca1\u5bcc\u3002\u900f\u904e\u6975\u9ad8\u983b\u7387\u64cd\u4f5c\uff0c\u5373\u4f7f\u4ed6\u5011\u8207\u88ab\u6295\u516c\u53f8\u6216\u7522\u696d\u6beb\u7121\u95dc\u806f\uff0c\u4e5f\u53ef\u5728\u77ed\u6642\u9593\u5167\u5927\u5e45\u7372\u5229\u3002\u7136\u800c\uff0c \u9ad8\u983b\u4ea4\u6613\u4e5f\u626d\u66f2\u4e86\u80a1\u7968\u5e02\u5834\u4e2d\u6b63\u5e38\u98a8\u96aa\u8207\u56de\u5831\u4e4b\u9593\u7684\u95dc\u4fc2\u3002<\/p>\n<ol start=\"4\">\n<li><strong>\u5c08\u696d\u8cc7\u7522\u7ba1\u7406\u8207\u907f\u7a05<\/strong><\/li>\n<\/ol>\n<p>\u4ee5\u53ca\uff0c\u8a31\u591a\u5bcc\u6709\u7684\u4eba\u58eb\u6703\u6709\u5177\u8cc7\u7522\u7ba1\u7406\u7684\u5c08\u696d\u4eba\u54e1\u5354\u52a9\uff0c \u4ee5\u9054\u907f\u7a05\u76ee\u7684\u3002<\/p>\n<ol start=\"5\">\n<li><strong>\u806f\u90a6\u653f\u5e9c\u6e1b\uff08\u516c\u53f8\u53ca\u5bcc\u4eba\uff09\u7a05<\/strong><\/li>\n<\/ol>\n<p>\u7f8e\u570b\u57282001\u30012003\u30012015\u548c2017\u5e74\u5148\u5f8c\u9032\u884c\u56db\u8f2a\u6e1b\u7a05\uff0c\u7e3d\u5171\u6e1b\u5c11\u7d048\u5146\u7f8e\u5143\u7a05\u6b3e\u3002\u4ee52017\u5e74\u5ddd\u666e\u7a05\u6539\u70ba\u4f8b\uff0c\u4ed6\u5927\u5e45\u964d\u4f4e\u4e86\u5bcc\u4eba\u548c\u4f01\u696d\u7684\u7a05\u8ca0\uff0c\u4f46\u540c\u6642\u53c8\u901a\u904e\u63d0\u9ad8\u95dc\u7a05\u4f86\u5f4c\u88dc\u653f\u5e9c\u7a05\u6536\u640d\u5931\u3002<\/p>\n<p>\u6709\u4eba\u4e0d\u7981\u8981\u554f\uff0c\u70ba\u4ec0\u9ebc\u7f8e\u570b\u8981\u6e1b\u5bcc\u4eba\u7a05\u4e26\u52a0\u5fb5\u95dc\u7a05\uff1f\u5be6\u969b\u4e0a\uff0c\u7f8e\u570b\u653f\u5e9c\u7684\u7a05\u6536\uff0c\u7d55\u5927\u591a\u6578\u662f\u5f9e\u5c0f\u8001\u767e\u59d3\u7684income tax\uff08\u5c31\u662f\u4eba\u5011\u7684\u85aa\u8cc7\u6240\u5f97\u7a05\uff09\u800c\u4f86\uff0c\u800c\u4f01\u696d\u53ca\u5bcc\u4eba\u627f\u64d4\u7684\u7a05\u8ca0\u76f8\u5c0d\u8f03\u5c0f\u3002\u60f3\u60f3\u770b\uff0c\u7f8e\u570b\u653f\u5e9c\u5982\u679c\u52a0\u5fb5\u95dc\u7a05\uff0c\u95dc\u7a05\u5c07\u5c0e\u81f4\u6210\u672c\u63d0\u9ad8\uff0c \u7269\u50f9\u96a8\u4e4b\u4e0a\u6f32\u3002\u6709\u4eba\u8aaa\uff0c\u9019\u6a23\u597d\u7b28\uff0c\u5c0d\u7d93\u6fdf\u6c92\u597d\u8655\u3002\u4e0d\uff01\u4ed6\u597d\u8070\u660e\u554a\uff01\u96d6\u7136\u6e1b\u4e86\u5bcc\u4eba\u7a05\uff0c\u6e1b\u5c11\u7684\u7a05\u6536\u537b\u5f9e\u95dc\u7a05\u88dc\u9032\u4f86\uff0c\u7136\u800c\u95dc\u7a05\u9020\u6210\u7269\u50f9\u4e0a\u6f32\u7684\u7d50\u679c\u537b\u8f49\u5ac1\u7d66\u5168\u9ad4\u8001\u767e\u59d3\u4f86\u627f\u64d4\u3002\u6240\u4ee5\u653f\u5e9c\u7a05\u6536\u589e\u52a0\u4e86\uff0c\u4f46\u7531\u5168\u9ad4\u8001\u767e\u59d3\u652f\u4ed8\u4e14\u627f\u64d4\u95dc\u7a05\u4e0a\u6f32\u7684\u7d50\u679c\u3002<\/p>\n<h2><a name=\"_Toc228891836\"><\/a>\u4e8c\u3001\u5168\u7403\u5be6\u9ad4\u7d93\u6fdf\u95dc\u4fc2\u592f\u5be6\u66ff\u4ee3\u9ad4\u7cfb<\/h2>\n<p>\u5728\u5be6\u9ad4\u7d93\u6fdf\u95dc\u4fc2\u4e0a\u758a\u52a0\u91d1\u878d\u652f\u4ed8\u7684\u767c\u5c55\u8def\u5f91\uff0c\u6709\u9019\u5e7e\u9805\uff1a \u589e\u5f37\u5340\u57df\u53ca\u8de8\u5340\u57df\u5be6\u9ad4\u7d93\u8cbf\u3001\u5efa\u7acb\u4f9b\u61c9\u93c8\u5230\u7522\u696d\u93c8\u5925\u4f34\u95dc\u4fc2\u3001\u5167\u5faa\u74b0\u5e02\u5834\u63d0\u4f9b\u5b89\u5168\u4fdd\u969c\u3001\u65b0\u8cea\u751f\u7522\u529b\u5f15\u9818\u672a\u4f86\u767c\u5c55\uff0c\u4ee5\u53ca\u66ff\u4ee3\u6027\u91d1\u878d\u9ad4\u7cfb\u9010\u6f38\u6210\u5f62\u7b49\uff0c\u4ee5\u4e0b\u627c\u8981\u8aaa\u660e\u3002<\/p>\n<h3><span style=\"color: #000080;\"><a style=\"color: #000080;\" name=\"_Toc228891837\"><\/a>\u5168\u7403\u65e2\u6709\u7d93\u8cbf\u677f\u584a\u632a\u79fb\u8207\u78b0\u649e<\/span><\/h3>\n<p>\u571611 <a href=\"#_ftn14\" name=\"_ftnref14\">[14]<\/a>\u3001\u571612 <a href=\"#_ftn15\" name=\"_ftnref15\">[15]<\/a> \u548c\u571613 <a href=\"#_ftn16\" name=\"_ftnref16\">[16]<\/a> \u4f9d\u5e8f\u662f\u300c\u4e2d\u570b\u7684\u9032\u51fa\u53e3vs.\u8cbf\u6613\u5dee\u984d\u300d\u3001\u300c\u7f8e\u570b\u7684\u8cbf\u6613\u9918\u984d\u300d\u548c\u300c\u7f8e\u570b\u7684\u8cbf\u6613\u9918\u984d\u2014 \u6309\u570b\u5bb6\u5225\u300d\uff0c\u9019\u4e9b\u5716\u8868\u53cd\u6620\u51fa\u5168\u7403\u8cbf\u6613\u7d50\u69cb\u7684\u91cd\u5927\u8da8\u52e2\u3002\u5728\u571611\u8207\u571612\u88e1\uff0c\u7d05\u8272\u66f2\u7dda\u4ee3\u8868\u51fa\u53e3\uff0c\u85cd\u8272\u66f2\u7dda\u4ee3\u8868\u9032\u53e3\uff0c\u800c\u9ec3\u8272\u9577\u689d\u5716\u5247\u986f\u793a\u8cbf\u6613\u9806\u5dee\u6216\u9006\u5dee\uff08\u5728\u6a6b\u8ef8\u4ee5\u4e0a\u70ba\u9806\u5dee\uff0c\u4ee5\u4e0b\u70ba\u9006\u5dee\uff09\u3002<\/p>\n<div id=\"attachment_3785\" style=\"width: 624px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3785\" class=\"size-full wp-image-3785\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u571611.png\" alt=\"\" width=\"614\" height=\"305\" \/><p id=\"caption-attachment-3785\" class=\"wp-caption-text\">\u571611<\/p><\/div>\n<div id=\"attachment_3786\" style=\"width: 622px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3786\" class=\"size-full wp-image-3786\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u571612.png\" alt=\"\" width=\"612\" height=\"304\" \/><p id=\"caption-attachment-3786\" class=\"wp-caption-text\">\u571612<\/p><\/div>\n<div id=\"attachment_3787\" style=\"width: 568px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3787\" class=\"size-full wp-image-3787\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u571613.png\" alt=\"\" width=\"558\" height=\"275\" \/><p id=\"caption-attachment-3787\" class=\"wp-caption-text\">\u571613<\/p><\/div>\n<p>\u5f9e\u571611\u53ef\u4ee5\u89c0\u5bdf\u5230\uff0c\u4e2d\u570b\u9577\u5e74\u7dad\u6301\u8cbf\u6613\u9806\u5dee\u7684\u72c0\u614b\u3002\u76f8\u5c0d\u5730\uff0c\u5728\u571612\u4e2d\uff0c\u7f8e\u570b\u8cbf\u6613\u9918\u984d\u5448\u73fe\u8ca0\u503c\uff0c\u53cd\u6620\u7f8e\u570b\u6709\u8cbf\u6613\u8d64\u5b57\u3002\u6b64\u5916\uff0c\u5f9e\u571613\u53ef\u4ee5\u767c\u73fe\u5230\uff0c\u7f8e\u570b\u7684\u8cbf\u6613\u9006\u5dee\u5728\u5169\u500b\u5340\u57df\u986f\u793a\u51fa\u91cd\u8981\u8a0a\u606f\uff0c\u5176\u4e00\u662f\u7f8e\u570b\u5c0d\u4e2d\u5357\u7f8e\u5730\u5340\u5448\u73fe\u8cbf\u6613\u9806\u5dee\uff08\u6700\u4e0a\u65b9\u7684\u7d2b\u8272\u66f2\u7dda\uff09\uff0c\u5176\u4e8c\u70ba\u76ee\u524d\u7f8e\u570b\u6700\u5927\u7684\u8cbf\u6613\u9006\u5dee\u4f86\u81ea\u4e2d\u570b\uff08\u6700\u4e0b\u65b9\u7684\u85cd\u8272\u66f2\u7dda\uff09\uff0c\u4e2d\u570b\u4eab\u6709\u9ad8\u984d\u7684\u8cbf\u6613\u9806\u5dee\uff0c\u4e26\u6210\u70ba\u7f8e\u570b\u6700\u5927\u7684\u50b5\u6b0a\u570b\u3002<\/p>\n<p>\u7531\u6b64\u53ef\u898b\uff0c\u5168\u7403\u7d93\u8cbf\u677f\u584a\u7684\u632a\u79fb\u8207\u78b0\u649e\u5176\u4f86\u6709\u81ea\uff0c\u4e14\u662f\u9577\u671f\u52d5\u614b\u73fe\u8c61\uff0c\u800c\u975e\u77ed\u671f\u6ce2\u52d5\u6240\u81f4\u3002<\/p>\n<h3><span style=\"color: #000080;\"><a style=\"color: #000080;\" name=\"_Toc228891838\"><\/a>\u5c0b\u6c42\u5b89\u5168\u53ca\u7a69\u5b9a\u7684\u8ca8\u5e63\u9ad4\u7cfb<\/span><\/h3>\n<p>\u7531\u8ca8\u5e63\u4e09\u5927\u529f\u80fd\uff08\u8a08\u50f9\u55ae\u4f4d\u3001\u4ea4\u6613\u5a92\u4ecb\u8207\u50f9\u503c\u5132\u85cf\uff09\u53ca\u91d1\u878d\u57fa\u790e\u8a2d\u65bd\u8ca8\u5e63\u7b49\u65b9\u9762\u8a55\u4f30\u7576\u524d\u7f8e\u5143\u5728\u570b\u969b\u91d1\u878d\u5730\u4f4d\uff08\u898b\u88685\uff09\uff0c\u5404\u65b9\u9762\u7686\u986f\u793a\u7f8e\u5143\u6301\u7e8c\u5728\u570b\u969b\u91d1\u878d\u4e0a\u626e\u6f14\u6700\u91cd\u8981\u89d2\u8272\u3002<a href=\"#_ftn17\" name=\"_ftnref17\">[17]<\/a><\/p>\n<div id=\"attachment_3795\" style=\"width: 1273px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3795\" class=\"size-full wp-image-3795\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88685.jpg\" alt=\"\" width=\"1263\" height=\"605\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88685.jpg 1263w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88685-768x368.jpg 768w\" sizes=\"auto, (max-width: 1263px) 100vw, 1263px\" \/><p id=\"caption-attachment-3795\" class=\"wp-caption-text\">\u88685<\/p><\/div>\n<p><a href=\"#_ftn17\" name=\"_ftnref17\"><\/a><\/p>\n<p>\u56e0\u6b64\uff0c\u5728\u5168\u7403\u7d93\u8cbf\u677f\u584a\u7684\u632a\u79fb\u78b0\u649e\u4e0b\uff0c\u5982\u4f55\u5c0b\u6c42\u53e6\u4e00\u500b\u5177\u5099\u5b89\u5168\u6027\u3001\u7a69\u5b9a\u6027\u8207\u6d41\u52d5\u6027\u7684\u66ff\u4ee3\u8ca8\u5e63\u9ad4\u7cfb\uff0c\u5df2\u6210\u70ba\u4e00\u9805\u81f3\u95dc\u91cd\u8981\u7684\u8b70\u984c\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891839\"><\/a>\u5be6\u9ad4\u7d93\u6fdf\u767c\u5c55\u91d1\u878d\u9ad4\u7cfb\u2500\u793a\u610f\u5716<\/span><\/h4>\n<p>\u571614\u662f\u6211\u5f9e2022\u5e74\u958b\u59cb\u7e6a\u88fd\u7684\u793a\u610f\u5716\u3002\u5716\u7684\u5de6\u534a\u90e8\u662f\u4e2d\u570b\u5927\u9678\u7684CIPS\uff08\u4eba\u6c11\u5e63\u8de8\u5883\u652f\u4ed8\u7cfb\u7d71\uff09\uff0c\u53f3\u534a\u90e8\u5247\u662f\u4fc4\u7f85\u65af\u7684SPFS\uff08\u91d1\u878d\u8cc7\u8a0a\u50b3\u8f38\u7cfb\u7d71\uff09\u3002<\/p>\n<div id=\"attachment_3788\" style=\"width: 1290px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3788\" class=\"size-full wp-image-3788\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u571614.jpg\" alt=\"\" width=\"1280\" height=\"720\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u571614.jpg 1280w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u571614-768x432.jpg 768w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><p id=\"caption-attachment-3788\" class=\"wp-caption-text\">\u571614<\/p><\/div>\n<p>\u5176\u5be6\u65e9\u5728\u4e00\u958b\u59cb\uff0c\u4fc4\u7f85\u65af\u5c31\u81f4\u529b\u65bc\u63a8\u52d5\u4e00\u500b\u65b0\u7684\u570b\u969b\u8ca8\u5e63\u9ad4\u7cfb\u3002\u7531\u65bc\u6b50\u4e9e\u7d93\u6fdf\u806f\u76df\u4e2d\u7684\u570b\u5bb6\u53d7\u5230\u7f8e\u570b\u5236\u88c1\uff0c\u4ed6\u5011\u4e0d\u5f97\u4e0d\u5c0b\u6c42\u81ea\u529b\u66f4\u751f\u7684\u89e3\u6c7a\u65b9\u6848\uff0c\u4ee5\u53ca\u5efa\u7acb\u5167\u90e8\u7684\u8ca8\u5e63\u6d41\u52d5\u6027\u3002\u4f46\u7531\u65bc\u898f\u6a21\u6709\u9650\uff0c\u5176\u5167\u90e8\u7684\u8cbf\u6613\u8207\u7522\u696d\u95dc\u4fc2\u5c1a\u4e0d\u8db3\u4ee5\u652f\u6490\u4e00\u500b\u5b8c\u6574\u7684\u8ca8\u5e63\u9ad4\u7cfb\uff0c\u56e0\u6b64\u9019\u500b\u69cb\u60f3\u4e26\u672a\u6210\u529f\u843d\u5be6\u3002<\/p>\n<p>\u96a8\u5f8c\uff0c\u81ea2009\u5e74\uff08\u4e5f\u5c31\u662fG20\u53ec\u958b\u90a3\u4e00\u5e74\uff09\u958b\u59cb\uff0c\u4e2d\u570b\u5927\u9678\u8207\u4fc4\u7f85\u65af\u7c3d\u7f72\u4e86\u4e00\u7cfb\u5217\u96d9\u908a\u5354\u5b9a\uff0c\u5305\u62ec2009\u5e74\u4e2d\u4fc4\u96d9\u908a\u6e05\u7b97\u5354\u5b9a\u30012014\u5e74\u4e2d\u4fc4\u8ca8\u5e63\u4e92\u63db\u5354\u8b70\u30012015\u5e74\u4e2d\u4fc4\u91d1\u878d\u806f\u76df\uff0c\u4ee5\u53ca2017\u5e74\u4e2d\u570b\u5de5\u5546\u9280\u884c\u83ab\u65af\u79d1\u5206\u884c\u7684\u6210\u7acb\u7b49\u3002\u900f\u904e\u9019\u4e9b\u5408\u4f5c\uff0c\u4e2d\u4fc4\u5169\u570b\u9010\u6b65\u69cb\u5efa\u8d77\u4e00\u5957\u91d1\u878d\u9ad4\u7cfb\uff0c\u6db5\u84cb\u8de8\u5883\u878d\u8cc7\u3001\u8cc7\u91d1\u6e05\u7b97\u3001\u672c\u5e63\u4ea4\u6613\u3001\u5916\u532f\u4ea4\u6613\u3001\u5916\u5e63\u73fe\u9214\u548c\u96fb\u5b50\u9280\u884c\u670d\u52d9\u7b49\u591a\u500b\u5c64\u9762\u3002<\/p>\n<p>\u63db\u53e5\u8a71\u8aaa\uff0c\u5118\u7ba1\u4fc4\u7f85\u65af\u6700\u521d\u7684\u8a08\u756b\u7121\u6cd5\u6210\u529f\u63a8\u884c\uff0c\u4f46\u85c9\u7531\u8207\u4e2d\u570b\u5927\u9678\u4ee5\u53ca\u4e2d\u570b\u7684140\u591a\u500b\u4e3b\u8981\u8cbf\u6613\u5925\u4f34\u570b\u5408\u4f5c\uff0c\u518d\u52a0\u4e0a\u4e00\u5e36\u4e00\u8def\u6cbf\u7dda\u570b\u5bb6\uff0c\u53ca\u6c99\u7279\u7b49\u8207\u4e2d\u570b\u5177\u6709\u5bc6\u5207\u5f80\u4f86\u7684\u8cc7\u6e90\u570b\u5bb6\uff0c\u4e00\u500b\u521d\u5177\u898f\u6a21\u7684\u7d93\u6fdf\u91d1\u878d\u9ad4\u7cfb\u9010\u6f38\u5f62\u6210\u3002\u5118\u7ba1\u9019\u4e9b\u570b\u5bb6\u5c1a\u4e14\u7121\u6cd5\u5b8c\u5168\u812b\u96e2\u4ee5\u7f8e\u5143\u4e3b\u5c0e\u7684\u8ca8\u5e63\u9ad4\u7cfb\uff0c\u4f46\u90e8\u5206\u4ea4\u6613\u5df2\u80fd\u5728\u9019\u65b0\u9ad4\u7cfb\u4e2d\u9032\u884c\uff0c\u5f62\u6210\u4e00\u500b\u5167\u90e8\u5faa\u74b0\u3002\u4e0d\u50c5\u9650\u65bc\u91d1\u878d\u4ea4\u6613\u9818\u57df\uff0c\u8a72\u9ad4\u7cfb\u5167\u9084\u5305\u542b\u4e86\u67d0\u4e9b\u7269\u7269\u4ea4\u63db\uff08barter\uff09\u7684\u6a5f\u5236\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891840\"><\/a>2024\u91d1\u78da\u6703\u8b70\u95dc\u6ce8\u91cd\u9ede\u2500\u91d1\u78da\u652f\u4ed8\u7cfb\u7d71<\/span><\/h4>\n<p>\u4ee5\u91d1\u78da\u652f\u4ed8\u7cfb\u7d71\u70ba\u4f8b\uff0c\u9019\u5957\u5168\u65b0\u7684\u652f\u4ed8\u9ad4\u7cfb\u6210\u70ba2024\u5e74\u91d1\u78da\u6703\u8b70\u7684\u91cd\u8981\u8b70\u984c\u4e4b\u4e00\u3002<\/p>\n<p>\u571615\u662f\u300c\u591a\u908a\u6578\u4f4d\u8ca8\u5e63\u6a4b\u300d<a href=\"#_ftn18\" name=\"_ftnref18\">[18]<\/a>\uff0c\u7531BIS\uff08\u570b\u969b\u6e05\u7b97\u9280\u884c\uff09\u8a2d\u8a08\u3002\uff08\u8a3b\uff1aBIS\u65bc2021\u63d0\u6848\uff0c2022\u6e2c\u8a66\uff0c2024\/6\/5\u9032\u5165MVP\u6700\u7c21\u53ef\u884c\u7522\u54c1\u968e\u6bb5\uff0c\u5bb9\u8a31RTGS\u6216FPS\u52a0\u5165\uff0c\u6c99\u7279\u8fd1\u671f\u52a0\u5165\uff09<\/p>\n<div id=\"attachment_3789\" style=\"width: 659px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3789\" class=\"size-full wp-image-3789\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u571615.jpg\" alt=\"\" width=\"649\" height=\"369\" \/><p id=\"caption-attachment-3789\" class=\"wp-caption-text\">\u571615<\/p><\/div>\n<p>2021\u5e742\u6708\uff0c\u4e2d\u570b\u4eba\u6c11\u9280\u884c\u8207\u4e2d\u570b\u9999\u6e2f\u91d1\u7ba1\u5c40\u3001\u6cf0\u570b\u53ca\u963f\u806f\u914b\u592e\u884c\u5ba3\u5e03\u806f\u5408\u767c\u8d77\u591a\u908a\u592e\u884c\u6578\u4f4d\u8ca8\u5e63\u6a4b\u7814\u7a76\u8a08\u756b\uff08Multi- CBDC Bridge\uff0c\u7c21\u7a31\u300c\u591a\u908a\u8ca8\u5e63\u6a4b\u300dmBridge\uff09\uff0c\u65e8\u5728\u63a2\u8a0e\u5229\u7528\u6a4b\u63a5\u592e\u884c\u6578\u4f4d\u8ca8\u5e63\uff08Central Bank Digital Currency, CBDC\uff09\u63d0\u5347\u8de8\u5883\u652f\u4ed8\u7684\u6548\u7387\u3002\u6839\u64da\u6700\u65b0\u516c\u4f48\u7684\u9805\u76ee\u9032\u5c55\u4fe1\u606f\uff0c\u300c\u591a\u908a\u8ca8\u5e63\u6a4b\u300d\u4e0d\u4f46\u80fd\u63d0\u5347\u8de8\u5883\u652f\u4ed8\u7684\u6548\u7387\uff0c\u964d\u4f4e\u4ea4\u6613\u6210\u672c\uff0c\u9084\u6709\u52a9\u65bc\u63d0\u5347\u4eba\u6c11\u5e63\u5728\u570b\u969b\u7d93\u8cbf\u6d3b\u52d5\u4e2d\u7684\u4f7f\u7528\u6bd4\u4f8b\uff0c\u52a0\u901f\u4eba\u6c11\u5e63\u570b\u969b\u5316\u7684\u9032\u7a0b\u3002<a href=\"#_ftn19\" name=\"_ftnref19\">[19]<\/a><\/p>\n<p>\u4eca\u5e74\u4ee5\u4f86\uff0c\u8a72\u7cfb\u7d71\u53c8\u5bb9\u8a31\u90e8\u5206\u5408\u4f5c\u5925\u4f34\uff0c\u5c31\u6700\u7c21\u53ef\u884c\u7522\u54c1\u968e\u6bb5\uff08minimum viable product\uff09\u53c3\u8207\u8a66\u884c\uff0c\u4e5f\u5c31\u662f\u5373\u4f7f\u8a72\u570b\u6216\u8a72\u5730\u6c92\u6709\u592e\u884c\u7684\u6578\u4f4d\u8ca8\u5e63\uff0c\u53ea\u8981\u5177\u5099\u5373\u6642\u652f\u4ed8\u529f\u80fd\u7684\u7cfb\u7d71\uff0c\u4e5f\u80fd\u5617\u8a66\u9032\u884c\u5c0d\u63a5\uff08\u6e2c\u8a66\u3001\u904b\u4f5c\uff09\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891841\"><\/a>2024\u91d1\u78da\u6703\u8b70\u95dc\u6ce8\u91cd\u9ede\u2500\u91d1\u878d\u57fa\u790e<\/span><\/h4>\n<p>\u5728\u91d1\u78da\u570b\u5bb6\u4e4b\u9593\u7684\u4ea4\u63db\u6a5f\u5236\u9010\u6b65\u5efa\u7acb\u8d77\u4f86\u5f8c\uff0c\u4e0b\u4e00\u6b65\u4fbf\u662f\u63a2\u8a0e\u5982\u4f55\u978f\u56fa\u5176\u91d1\u878d\u57fa\u790e\u3002<\/p>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891842\"><\/a>\u258e \u91d1\u78da\u4e94\u570b\u8ca8\u5e63\u7c43<\/span><\/h5>\n<p>\u6839\u64da\u91d1\u78da\u4e94\u570b\u7684\u7d93\u6fdf\u9ad4\u91cf\uff08\u53c3\u898b\u88686\uff09\uff0c\u7d93\u904e\u4e00\u7cfb\u5217\u7684\u8a08\u91cf\u5206\u6790\u5f8c\uff0c\u5404\u570b\u8ca8\u5e63\u53ef\u88ab\u6574\u5408\u70ba\u4e00\u500b\u7c43\u5b50\uff0c\u7a31\u4e4b\u70ba\u300c\u91d1\u78da\u570b\u5bb6\u8ca8\u5e63\u7c43\u300d\uff0c\u5176\u6982\u5ff5\u985e\u4f3c\u65bcIMF\uff08\u570b\u969b\u8ca8\u5e63\u57fa\u91d1\u7d44\u7e54\uff09\u7684SDR\uff08\u7279\u5225\u63d0\u6b3e\u6b0a\uff0cSpecial Drawing Rights\uff09\uff0cSDR\u662fIMF\u5275\u8a2d\u7684\u4e00\u7a2e\u5132\u5099\u8cc7\u7522\u548c\u8a18\u5e33\u55ae\u4f4d\u3002<\/p>\n<div id=\"attachment_3796\" style=\"width: 656px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3796\" class=\"size-full wp-image-3796\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88686.jpg\" alt=\"\" width=\"646\" height=\"556\" \/><p id=\"caption-attachment-3796\" class=\"wp-caption-text\">\u88686<\/p><\/div>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891843\"><\/a>\u258e \u91d1\u78da\u4e94\u570b\u91d1\u878d\u57fa\u790e<\/span><\/h5>\n<p>\u88687\u63d0\u4f9b\u4e86\u4e00\u500b\u4ee5R5\u6982\u5ff5\u6a21\u64ec\u7684\u6a21\u578b\uff08\u8a3b\uff1a\u91d1\u78da\u4e94\u570b\u7684\u8ca8\u5e63\u540d\u7a31\u7686\u4ee5R\u5b57\u6bcd\u958b\u982d\uff09\u3002\u91d1\u78da\u570b\u5bb6\u7684\u91d1\u878d\u57fa\u790e\u5efa\u7acb\u5728\u5f7c\u6b64\u7684\u7d93\u6fdf\u95dc\u4fc2\u4e0a\uff0c\u4f8b\u5982\u8cbf\u6613\u7522\u54c1\u8207\u670d\u52d9\u7684\u4ea4\u63db\u3002\u540c\u6642\uff0c\u9019\u500b\u8ca8\u5e63\u7c43\u4e5f\u5206\u914d\u4e86\u300c\u65b0\u958b\u767c\u9280\u884c\u300d\u548c\u300c\u61c9\u6025\u6e96\u5099\u91d1\u300d\uff08\u6bd4\u4f8b\u5206\u914d\u53c3\u898b\u88687\uff09\u3002\u7576\u6210\u54e1\u570b\u906d\u9047\u7d93\u6fdf\u56f0\u96e3\u6642\uff0c\u53ef\u4ee5\u501f\u52a9\u300c\u61c9\u6025\u6e96\u5099\u91d1\u300d\u6709\u6548\u61c9\u5c0d\uff0c\u5f9e\u800c\u7dad\u6301\u5340\u57df\u5167\u91d1\u878d\u7a69\u5b9a\u3002<\/p>\n<div id=\"attachment_3797\" style=\"width: 1106px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3797\" class=\"size-full wp-image-3797\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88687.jpg\" alt=\"\" width=\"1096\" height=\"498\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88687.jpg 1096w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u88687-768x349.jpg 768w\" sizes=\"auto, (max-width: 1096px) 100vw, 1096px\" \/><p id=\"caption-attachment-3797\" class=\"wp-caption-text\">\u88687<\/p><\/div>\n<h3><span style=\"color: #000080;\"><a style=\"color: #000080;\" name=\"_Toc228891844\"><\/a>\u6578\u667a\u9769\u547d\u3001\u80fd\u6e90\u8f49\u578b\u8207\u5de5\u696d4.0\u7684\u4e2d\u9577\u671f\u5f71\u97ff<\/span><\/h3>\n<p>\u63a5\u4e0b\u4f86\u6211\u5011\u4f86\u63a2\u8a0e\u4e00\u4e9b\u91cd\u5927\u7684\u6539\u8b8a\u662f\u4ec0\u9ebc\uff1f\u5c31\u662f\u4e16\u754c\u6539\u8b8a\u4e86\uff01\u4e16\u754c\u7684\u5de5\u696d\u6539\u8b8a\u4e86\uff0c\u88fd\u9020\u4e5f\u6539\u8b8a\u4e86\u3002\u65b0\u8208\u7522\u696d\u7684\u5d1b\u8d77\uff0c\u4ee5\u53ca\u5275\u65b0\u7684\u5546\u696d\u6a21\u5f0f\uff0c\u52a0\u5feb\u5f62\u6210\u4e86\u65b0\u8cea\u751f\u7522\u529b\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891845\"><\/a>\u6578\u667a\u9769\u547d<\/span><\/h4>\n<p>\u6578\u667a\u9769\u547d\u6db5\u84cb\u591a\u500b\u9818\u57df\uff0c\u5305\u62ec\u7da0\u8272\u80fd\u6e90\u3001\u6578\u5b57\u767c\u5c55\u3001\u667a\u6167\u5927\u6a21\u578b\u53ca\u6578\u5b57\u5b7f\u751f\u904b\u7528\u7b49\uff0c\u878d\u5408\u5404\u7a2e\u865b\u64ec\u8207\u5be6\u9ad4\u7684\u61c9\u7528\u3002<\/p>\n<p>\u4ee52023\u5e74\u676d\u5dde\u4e9e\u904b\u70ba\u4f8b\uff0c\u5168\u583465\u5ea7\u5834\u9928\u53ca\u8fa6\u516c\u5834\u6240\u90fd\u7531\u7da0\u8272\u4f9b\u96fb\uff0c\u5834\u9928\u5167\u8655\u8655\u90fd\u6709\u4f4e\u78b3\u8a2d\u65bd\u3002\u4e9e\u904b\u6578\u5b57\u706b\u70ac\u624b\u3001\u958b\u5e55\u5f0f\u6578\u5b57\u9ede\u706b\u3001\u8cfd\u5834\u4e0a\u6436\u93e1\u7684\u6a5f\u5668\u72d7\u7b49\uff0c\u676d\u5dde\u4e9e\u904b\u5728\u6bcf\u500b\u7d30\u7bc0\u88e1\u90fd\u96b1\u85cf\u8457\u6eff\u6eff\u7684\u79d1\u6280\u611f\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891846\"><\/a>\u7da0\u8272\u9769\u547d<\/span><\/h4>\n<p>\u9664\u4e86\u6578\u667a\u9769\u547d\u5916\uff0c\u53e6\u4e00\u9805\u986f\u8457\u7684\u767c\u5c55\u662f\u7da0\u8272\u9769\u547d\u3002\u7da0\u8272\u9769\u547d\u9032\u4e00\u6b65\u6253\u901a\u4e86\u65b0\u80fd\u6e90\u5f9e\u7522\u88fd\u3001\u5132\u5b58\u5230\u904b\u8f38\u7684\u4efb\u7763\u4e8c\u8108\uff0c\u4f7f\u80fd\u6e90\u6548\u7387\u5927\u5e45\u63d0\u5347\u3002<\/p>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891847\"><\/a>\u258e \u7522\u2014\u6566\u714c\u7194\u9e7d\u592a\u967d\u80fd\u767c\u96fb<\/span><\/h5>\n<p>\u571616 <a href=\"#_ftn20\" name=\"_ftnref20\">[20]<\/a> \u662f\u7518\u8085\u6566\u714c\u5149\u96fb\u7522\u696d\u5712\u5167\u4e00\u5ea7\u53ef\u4ee524\u5c0f\u6642\u9023\u7e8c\u767c\u96fb\u7684\u7194\u9e7d\u5854\u5f0f\u5149\u71b1\u767c\u96fb\u7ad9\uff0c\u9019\u5f35\u662f\u591c\u9593\u7684\u7167\u7247\u3002\u8a66\u60f3\uff1a\u591c\u9593\u4e0d\u662f\u6c92\u6709\u592a\u967d\u55ce\uff1f\u56e0\u70ba\u9019\u5ea7\u767c\u96fb\u7ad9\u767c\u660e\u4e86\u4e00\u7a2e\u6df7\u5408\u9ad4\uff0c\u5229\u7528\u7194\u9e7d\u4f5c\u70ba\u5438\u71b1\u3001\u5132\u71b1\u548c\u63db\u71b1\u7684\u5a92\u4ecb\uff0c\u5373\u4fbf\u5728\u591c\u9593\u7121\u967d\u5149\u6642\uff0c\u53ef\u5728\u6c92\u6709\u5149\u7167\u7684\u689d\u4ef6\u4e0b15\u5c0f\u6642\u6eff\u8ca0\u8377\u904b\u884c\uff0c\u662f\u4e00\u5ea7\u53ef\u4ee524\u5c0f\u6642\u9023\u7e8c\u767c\u96fb\u7684\u7194\u9e7d\u5854\u5f0f\u5149\u71b1\u767c\u96fb\u7ad9\u3002<\/p>\n<div id=\"attachment_3790\" style=\"width: 1510px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3790\" class=\"size-full wp-image-3790\" src=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u571616.jpg\" alt=\"\" width=\"1500\" height=\"842\" srcset=\"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u571616.jpg 1500w, https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-content\/uploads\/\u96f7\u5029_\u571616-768x431.jpg 768w\" sizes=\"auto, (max-width: 1500px) 100vw, 1500px\" \/><p id=\"caption-attachment-3790\" class=\"wp-caption-text\">\u571616<\/p><\/div>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891848\"><\/a>\u258e \u5132\u2014\u5132\u80fd\u7cfb\u7d71<\/span><\/h5>\n<p>\u65b0\u80fd\u6e90\u767c\u96fb\u7684\u95dc\u9375\u5728\u65bc\u5132\u5b58\uff0c\u800c\u7576\u524d\u7684\u89e3\u6c7a\u65b9\u6848\u5305\u62ec\u7b2c\u4e09\u4ee3\u592a\u967d\u80fd\u96fb\u6c60\u300c\u9223\u9226\u7926\u300d\u3001\u5200\u7247\u5132\u80fd\u7cfb\u7d71\u7b49\uff0c\u9019\u4e9b\u6280\u8853\u6b63\u5728\u5feb\u901f\u6210\u719f\u3002<\/p>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891849\"><\/a>\u258e \u904b\u2014\u7279\u9ad8\u58d3\u8f38\u914d\u7cfb\u7d71<\/span><\/h5>\n<p>\u6700\u91cd\u8981\u7684\u4e00\u9ede\u662f\u300c\u7279\u9ad8\u58d3\u8f38\u914d\u7cfb\u7d71\u300d\uff0c\u5b83\u4f7f\u6566\u714c\u7522\u751f\u7684\u96fb\u529b\u80fd\u6e90\u53ef\u4ee5\u9ad8\u6548\u5730\u5c07\u96fb\u529b\u50b3\u8f38\u81f3\u6771\u5357\u6cbf\u6d77\u5730\u5340\u3002<\/p>\n<p>\u9019\u662f\u4e00\u500b\u65b0\u7684\u4e16\u754c\uff0c\u4e00\u500b\u5168\u9762\u6db5\u84cb\u300c\u7522\u2014\u5132\u2014\u904b\u300d\u7684\u80fd\u6e90\u8f49\u578b\u73fe\u5df2\u6210\u578b\uff0c\u4e26\u9010\u6b65\u901a\u5f80\u66f4\u4f4e\u78b3\u7684\u4e16\u754c\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891850\"><\/a>AI\u667a\u80fd\u88fd\u9020<\/span><\/h4>\n<p>\u518d\u8005\uff0c\u5de5\u696d\u9769\u547d4.0\u5c07\u667a\u6167\u6578\u4f4d\u6280\u8853\u6574\u5408\u81f3\u88fd\u9020\u548c\u5de5\u696d\u6d41\u7a0b\uff0c\u5e36\u52d5\u7522\u92b7\u6a21\u5f0f\u53ca\u7d50\u69cb\u9032\u884c\u5168\u9762\u91cd\u7d44\uff0c\u5176\u6240\u6d89\u53ca\u7684\u9818\u57df\u5305\u62ec\u6709\uff1a\u751f\u7522\u65b9\u5f0f\u3001\u92b7\u552e\u65b9\u5f0f\u3001\u4ea4\u6613\u65b9\u5f0f\u3001\u751f\u6210\u5f0fAI\u8a2d\u8a08\u3001\u8a9e\u8a00\u6a21\u578b\u5b78\u7fd2\u3001\u5e73\u81fa\u7d93\u6fdf\u3001\u751f\u547d\u6a5f\u6703\uff08\u5982\u6bcf\u4eba\u7684\u5c31\u696d\u6a5f\u6703\uff09\u7b49\u3002<\/p>\n<p>\u5728\u4ee5\u4e0b\u4e09\u652f\u5f71\u7247\u4e2d\uff0c\u6211\u5011\u53ef\u4ee5\u89c0\u5bdf\u5230\u5be6\u9ad4\u7d93\u6fdf\u767c\u751f\u7684\u986f\u8457\u8b8a\u5316\uff1a<\/p>\n<ul>\n<li>\u3010\u667a\u6167\u7121\u4eba\u8ca8\u8259\u7269\u5206\u6d41\u6a5f\u5668\u4eba\u3011<\/li>\n<\/ul>\n<p><a href=\"https:\/\/haokan.baidu.com\/v?vid=12833004888320754306&amp;pd=pcshare&amp;hkRelaunch=p1%3Dpc%26p2%3Dvideoland%26p3%3Dshare_input\">https:\/\/haokan.baidu.com\/v?vid=12833004888320754306&amp;pd=pcshare&amp;hkRelaunch=p1%3Dpc%26p2%3Dvideoland%26p3%3Dshare_input<\/a><\/p>\n<ul>\n<li>\u3010\u6578\u5b57\u5b7f\u751f\u5de5\u5ee0\u5f15\u9818\u667a\u80fd\u88fd\u9020\u65b0\u7d00\u5143\u3011<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.bilibili.com\/video\/BV1R4bae1Ec3\/?share_source=copy_web&amp;vd_source=5319ce9c256a65b2b26c77086cffd074\">https:\/\/www.bilibili.com\/video\/BV1R4bae1Ec3\/?share_source=copy_web&amp;vd_source=5319ce9c256a65b2b26c77086cffd074<\/a><\/p>\n<ul>\n<li>\u3010\u667a\u6167\u57ce\u5e02\u4e09\u7dad\u8996\u89ba\u5316\u904b\u71df\u5e73\u81fa\u3011<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.bilibili.com\/video\/BV1Yh4y1R7GL\/?share_source=copy_web&amp;vd_source=5319ce9c256a65b2b26c77086cffd074\">https:\/\/www.bilibili.com\/video\/BV1Yh4y1R7GL\/?share_source=copy_web&amp;vd_source=5319ce9c256a65b2b26c77086cffd074<\/a><\/p>\n<h3><span style=\"color: #000080;\"><a style=\"color: #000080;\" name=\"_Toc228891851\"><\/a>\u6240\u8b02\u50f9\u683c\u7834\u58de\u3001\u7522\u80fd\u904e\u5269\u8207\u50b5\u52d9\u9677\u9631<\/span><\/h3>\n<p>\u897f\u65b9\u5c0d\u4e2d\u570b\u7d93\u6fdf\u767c\u5c55\u52d5\u8f12\u4ee5\u50f9\u683c\u7834\u58de\u3001\u7522\u80fd\u904e\u5269\u3001\u50b5\u52d9\u9677\u9631\u8996\u4e4b\u3002\u4f46\u4ee5\u5168\u7403\u5357\u65b9\u89c0\u9ede\u6aa2\u8996\u4ee5\u4e0b\u4e09\u9ede\uff0c\u53ef\u80fd\u7372\u5f97\u622a\u7136\u4e0d\u540c\u7684\u7d50\u8ad6\uff1a<\/p>\n<ol>\n<li>\u4e2d\u570b\u50f9\u683c\uff1a\u5f9e\u300c\u4e2d\u570b\u5de5\u5ee0\u300d\u5230\u300c\u4e2d\u570b\u5e02\u5834\u300d\uff0c\u9019\u662f\u5426\u662f\u5546\u6a21\u5927\u9006\u8f49\u3001\u50f9\u503c\u91cd\u5206\u914d\u7684\u7d50\u679c\uff1f<\/li>\n<li>\u4e2d\u570b\u6a19\u6e96\uff1a\u6578\u667a\u9769\u547d\u3001\u7da0\u8272\u9769\u547d\u8207AI\u6a21\u578b\u7684\u7d50\u5408\u3002\u5de5\u696d\u9769\u547d4.0\u8207\u7522\u92b7\u7d50\u69cb\u91cd\u7d44\u7684\u672a\u4f86\uff1f<\/li>\n<li>\u4e00\u5e36\u4e00\u8def\uff1a\u5f9e\u57fa\u5efa\u5230\u5e02\u5834\u5230\u91d1\u878d\u7684\u4e92\u901a\u4e92\u9023\uff0c\u7a76\u7adf\u662f\u5357\u65b9\u570b\u7684\u50b5\u52d9\u9677\u9631\uff1f\u9084\u662f\u767c\u5c55\u6a5f\u9047\uff1f<\/li>\n<\/ol>\n<p>\u897f\u65b9\u91d1\u878d\u904a\u6232\u64c1\u6709\u4e00\u5957\u9ad8\u5ea6\u91cd\u8996\u9ad8\u9644\u52a0\u50f9\u503c\u8207\u9ad8\u6536\u76ca\u7684\u8cc7\u672c\u904b\u4f5c\u908f\u8f2f\u3002\u4f8b\u5982\uff0c\u860b\u679c\u516c\u53f8\u51fa\u552eiPhone\u624b\u6a5f\u6216\u7279\u65af\u62c9\u8ce3\u51faModel 3\u96fb\u52d5\u8eca\uff0c\u90fd\u91cd\u8996\u53d6\u5f97\u9ad8\u6bdb\u5229\u7387\uff0c\u8cc7\u672c\u5e02\u5834\u56e0\u6b64\u5c0d\u9019\u985e\u4f01\u696d\u56de\u5831\u7684\u672c\u76ca\u6bd4\u4e5f\u6975\u9ad8\u3002\u76f8\u8f03\u4e4b\u4e0b\uff0c\u4e2d\u570b\u5927\u9678\u7684\u7d93\u6fdf\u767c\u5c55\u537b\u5e38\u906d\u53d7\u897f\u65b9\u5a92\u9ad4\u7684\u8ca0\u9762\u8a55\u50f9\uff1a<\/p>\n<ol>\n<li>\u50f9\u683c\u7834\u58de\uff1a\u4e2d\u570b\u88ab\u6307\u8cac\u900f\u904e\u4f4e\u50f9\u7b56\u7565\u7834\u58de\u4e86\u5e02\u5834\u50f9\u683c\u3002\u4f46\u5be6\u969b\u4e0a\uff0c\u4e2d\u570b\u7834\u58de\u7684\u662f\u6ea2\u50f9\u7a7a\u9593\uff0c\u56e0\u70ba\u50f9\u683c\u5f80\u4e0b\u964d\u4e86\uff0c\u7372\u53d6\u66b4\u5229\u7684\u7a7a\u9593\u56e0\u6b64\u88ab\u58d3\u7e2e\u3002<\/li>\n<li>\u7522\u80fd\u904e\u5269\uff1a\u4e2d\u570b\u52a0\u5165\u5168\u7403\u5e02\u5834\u5f8c\uff0c\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u6253\u7834\u4e86\u897f\u65b9\u9577\u671f\u4e3b\u5c0e\u51fa\u53e3\u7684\u683c\u5c40\uff0c\u65bc\u662f\u5f15\u767c\u7522\u80fd\u904e\u5269\u7684\u6279\u8a55\u3002<\/li>\n<li>\u50b5\u52d9\u9677\u9631\uff1a\u4e00\u5e36\u4e00\u8def\u8a08\u756b\u5efa\u7acb\u4e86\u57fa\u790e\u8a2d\u65bd\u3001\u8cbf\u6613\u548c\u91d1\u878d\u4e92\u901a\u4e92\u806f\u7684\u65b0\u9ad4\u7cfb\u3002\u7136\u800c\uff0c\u897f\u65b9\u5c07\u6b64\u89e3\u8b80\u70ba\u50b5\u52d9\u9677\u9631\uff0c\u800c\u975e\u770b\u4f5c\u4fc3\u9032\u767c\u5c55\u6a5f\u9047\u7684\u91cd\u8981\u74b0\u7bc0\u3002<\/li>\n<\/ol>\n<p>\u56e0\u6b64\uff0c\u6211\u5011\u7a0d\u5fae\u7528\u4e00\u4e9b\u7bc7\u5e45\u4f86\u8ac7\u8ac7\u9019\u4e09\u9805\u7f6a\u540d\uff0c\u6216\u8005\u8aaa\uff0c \u4e2d\u570b\u7d93\u6fdf\u767c\u5c55\u6a21\u5f0f\u53ef\u4ee5\u70ba\u5168\u7403\u5357\u65b9\u570b\u5bb6\u5e36\u4f86\u767c\u5c55\u6a5f\u9047\u6216\u798f\u7949\uff0c \u800c\u975e\u50c5\u50c5\u662f\u7834\u58de\u5e02\u5834\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891852\"><\/a>\u4e2d\u570b\u50f9\u683c\uff1a\u5546\u6a21\u5927\u9006\u8f49\u3001\u50f9\u503c\u91cd\u5206\u914d<\/span><\/h4>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891853\"><\/a>\u258e \u5f9e\u6578\u4f4d\u5e73\u53f0\u5230\u4e2d\u4f01\u51fa\u6d77\u7684\u300c\u50f9\u683c\u7834\u58de\u300d<\/span><\/h5>\n<p>\u897f\u65b9\u5a92\u9ad4\u8a55\u50f9\u4e2d\u570b\u7d93\u6fdf\u767c\u5c55\u7684\u7b2c\u4e00\u9805\u7f6a\u540d\uff0c\u4fbf\u662f\u6240\u8b02\u7684\u300c\u50f9\u683c\u7834\u58de\u300d\u3002<\/p>\n<p>\u4ee5\u860b\u679c\u516c\u53f8\u70ba\u4f8b\uff0c\u5176\u92b7\u552e\u4e00\u652fiPhone\u624b\u6a5f\u7684\u6de8\u5229\u9ad8\u905430% \u4ee5\u4e0a\uff0c\u67d0\u4e9b\u6642\u5019\u751a\u81f3\u5c07\u8fd140%\u3002\u8a66\u60f3\uff0c\u65e2\u7136\u860b\u679c\u5982\u6b64\u9ad8\u7372\u5229\uff0c \u662f\u5426\u6709\u53ef\u80fd\u7d66\u62ff\u5230\u860b\u679c\u4ee3\u5de5\u8a02\u55ae\u7684\u5bcc\u58eb\u5eb7\u591a\u652f\u4ed85\u5143\u4eba\u6c11\u5e63\u621610 \u7f8e\u5143\uff1f\u4ea6\u6216\u662f\u5728\u6574\u500b\u516c\u53f8\u7684\u50f9\u503c\u9ad4\u7cfb\u88e1\uff0c\u53ef\u5c0d\u4e0b\u6e38\u4f9b\u61c9\u5546\u9032\u884c\u66f4\u516c\u5e73\u5408\u7406\u7684\u5206\u914d\uff1f\u5c0d\u65bc\u860b\u679c\u516c\u53f8\u800c\u8a00\uff0c\u5b83\u591a\u5206\u914d10\u7f8e\u5143\u662f\u6c92\u6709\u5dee\u5225\u7684\uff0c\u56e0\u70ba\u5b83\u7684\u6de8\u5229\u975e\u5e38\u9ad8\u3002\u53ef\u662f\u5b83\u9078\u64c7\u4e0d\u9019\u9ebc\u505a\uff0c\u56e0\u70ba\u5b83\u670d\u81ba\u7684\u662f\u300c\u5229\u6f64\u6975\u5927\u5316\u300d\uff0c\u5c31\u662f\u300c\u80a1\u6771\u50f9\u503c\u6975\u5927\u5316\u300d\u3002\u56e0\u6b64\uff0c\u897f\u65b9\u6307\u63a7\u4e2d\u570b\u5de5\u5ee0\u6700\u5927\u7684\u7f6a\u540d\uff0c\u5c31\u662f\u4e2d\u570b\u5927\u9678\u6539\u8b8a\u4e86\u50f9\u683c\u7d50\u69cb\u3002\u53ef\u662f\u6211\u500b\u4eba\u8a8d\u70ba\uff0c\u4eca\u5929\u6211\u5011\u770b\u5f85\u9019\u4ef6\u4e8b\u60c5\uff0c\u61c9\u8a72\u53ef\u4ee5\u7528\u4e0d\u4e00\u6a23\u7684\u773c\u5149\u4f86\u5be9\u8996\u3002<\/p>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891854\"><\/a>\u258e \u5f9e\u300c\u4e2d\u570b\u5de5\u5ee0\u300d\u5230\u300c\u4e2d\u570b\u5e02\u5834\u300d\u7684\u300c\u4e2d\u570b\u6a19\u6e96\u300d<\/span><\/h5>\n<p>\u76f8\u4fe1\u8a31\u591a\u4eba\u53ef\u80fd\u807d\u904e\u6211\u63d0\u5230\u300c\u9aa8\u50b3\u5c0e\u8033\u6a5f\u300d\u7684\u4f8b\u5b50\u3002\u9019\u6b3e\u8033\u6a5f\u662f\u5229\u7528\u9aa8\u982d\u50b3\u5c0e\uff0c\u4e0d\u9700\u8981\u5165\u8033\u3002\u6709\u4e00\u6b21\u6211\u9047\u898b\u99ac\u51f1\u78a9\uff08\u524d\u806f\u5408\u570b\u5b89\u5168\u7406\u4e8b\u6703\u4e3b\u5e2d\uff09\uff0c\u5411\u4ed6\u5c55\u793a\u4e86\u9019\u6b3e\u8033\u6a5f\uff0c\u6211\u8aaa\uff1a\u300c\u9019\u662f\u771f\u6b63\u300e\u4e2d\u570b\u50f9\u683c\u300f\u7684\u610f\u7fa9\u3002\u300d\u53c8\u554f\u4ed6\uff1a\u300c\u4f60\u8981\u4e0d\u8981\u8a66\u8a66\u770b\uff1f\u300d\u4ed6\u7acb\u523b\u554f\u6211\uff1a\u300cJoanna\uff0c\u6211\u5728\u54ea\u88e1\u80fd\u8cb7\u5230\uff1f\u300d<\/p>\n<p>\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u9019\u6b3e\u9aa8\u50b3\u5c0e\u8033\u6a5f\u5177\u5099\u986f\u793a\u5269\u9918\u96fb\u91cf\uff0c\u4e26\u652f\u6301\u5145\u96fb\u548c\u85cd\u7259\u529f\u80fd\u3002\u5728\u4e2d\u570b\u5927\u9678\uff0c\u53ea\u9700\u4e0d\u523050\u5143\u4eba\u6c11\u5e63\u5373\u53ef\u8cb7\u5230\u3002\u4f46\u9019\u6b3e\u9aa8\u50b3\u5c0e\u8033\u6a5f\u82e5\u5728\u7f8e\u570b\u88fd\u9020\u8207\u92b7\u552e\uff0c\u4f9d\u64da\u6211\u4ee5\u5f80\u7684\u6295\u8cc7\u7d93\u9a57\u9810\u6e2c\uff0c\u552e\u50f9\u4e0d\u6703\u4f4e\u65bc50\u7f8e\u5143\uff0c\u751a\u81f3\u53ef\u80fd\u9ad8\u905480\u81f3100\u7f8e\u5143\u3002\u9019\u7a2e\u300c\u4e2d\u570b\u50f9\u683c\u300d\u7684\u7522\u54c1\uff0c\u7576\u8d8a\u4f86\u8d8a\u591a\u4eba\u958b\u59cb\u4f7f\u7528\u6642\uff0c\u5c07\u6210\u70ba\u5e02\u5834\u7af6\u722d\u6240\u6c7a\u5b9a\u7684\u300c\u4e2d\u570b\u6a19\u6e96\u300d\u3002<\/p>\n<p>\u4ee5\u73fe\u4eca\u7684\u6bd4\u4e9e\u8fea\u6c7d\u8eca\u70ba\u4f8b\uff0c\u5b83\u5df2\u7136\u6210\u70ba\u300c\u4e2d\u570b\u6a19\u6e96\u300d\u7684\u4f8b\u8b49\uff0c\u9019\u4e0d\u50c5\u95dc\u4e4e\u4e2d\u570b\u5e02\u5834\uff0c\u4e5f\u5f71\u97ff\u8457\u5168\u7403\u6d88\u8cbb\u8005\u3002\u904e\u53bb\uff0c\u8a31\u591a\u767c\u5c55\u4e2d\u570b\u5bb6\u7684\u4eba\u5011\u53ef\u80fd\u7121\u6cd5\u8ca0\u64d4\u9ad8\u50f9\u79d1\u6280\u7522\u54c1\uff0c\u4f46\u73fe\u5728\uff0c\u4f86\u81ea\u4e2d\u570b\u7684\u5275\u65b0\uff0c\u8b93\u76f8\u5c0d\u843d\u5f8c\u7684\u7d93\u6fdf\u9ad4\u4e5f\u80fd\u4eab\u53d7\u5230\u6280\u8853\u5e36\u4f86\u7684\u4fbf\u5229\u3002\u9019\u4e0d\u662f\u50f9\u683c\u7834\u58de\u7684\u554f\u984c\uff0c\u800c\u662f\u5168\u7403\u798f\u7949\u7684\u91cd\u65b0\u5206\u914d\u3002<\/p>\n<p>\u500b\u4eba\u89ba\u5f97\uff0c\u6211\u5011\u61c9\u8a72\u8981\u6709\u4e0d\u4e00\u6a23\u7684\u8996\u89d2\u4f86\u770b\u5f85\u4e00\u4e9b\u8b70\u984c\uff0c \u4e0d\u662f\u4eba\u4e91\u4ea6\u4e91\u7684\u300c\u50f9\u683c\u7834\u58de\u300d\uff0c\u800c\u662f\u770b\u898b\u300c\u798f\u7949\u7684\u91cd\u65b0\u5206\u914d\u300d\u3002<\/p>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891855\"><\/a>\u258e \u5546\u6a21\u5927\u9006\u8f49<\/span><\/h5>\n<p>\u8fd1\u5e74\u4f86\uff0c\u4e2d\u570b\u96fb\u5546\u5e73\u53f0\u5982Temu\u3001\u62fc\u591a\u591a\u5df2\u6380\u8d77\u4e86\u300c\u51fa\u6d77\u300d\u71b1\u6f6e\u3002\u5176\u4e2d\u5c24\u70ba\u91cd\u8981\u7684\u662f\uff0c\u4ed6\u5011\u5fb9\u5e95\u6539\u8b8a\u4e86\u50b3\u7d71\u7522\u92b7\u6a21\u5f0f\u3002<\/p>\n<p>\u4ee5\u5f80\u4f01\u696d\u901a\u5e38\u63a1\u7528\u7684\u662f\u300c\u5148\u751f\u7522\u518d\u92b7\u552e\u300d\u7684\u6a21\u5f0f\u3002\u800c\u73fe\u5728\u5f88\u591a\u90fd\u662f\u8a02\u55ae\u78ba\u8a8d\u5f8c\uff0c\u7acb\u5373\u9001\u5f80\u6771\u839e\u7b49\u5de5\u5ee0\u5feb\u901f\u751f\u7522\uff0c\u518d\u76f4\u63a5\u904b\u9001\u81f3\u7f8e\u570b\u3002\u71b1\u92b7\u5546\u54c1\u4fdd\u7559\u5c11\u91cf\u5eab\u5b58\uff0c\u5927\u90e8\u5206\u5546\u54c1\u662f\u4f9d\u64da\u8a02\u55ae\u9700\u6c42\u751f\u7522\u30021980\u5e74\u4ee3\u7f8e\u570b\u7684\u76ee\u9304\u8cfc\u7269\u5c31\u662f\u5982\u6b64\uff0c\u4ea4\u8ca8\u671f\u70ba14 \u5929\u3002\u800c\u5982\u4eca\uff0c\u4e2d\u570b\u96fb\u5546\u5e73\u53f0\u5df2\u80fd\u5c07\u4ea4\u8ca8\u671f\u9650\u58d3\u7e2e\u52302\u81f33\u5929\uff0c\u4e0d\u50c5\u5927\u5e45\u63d0\u5347\u7269\u6d41\u8207\u751f\u7522\u6548\u7387\uff0c\u4e5f\u6539\u8b8a\u4e86\u7522\u92b7\u6a21\u5f0f\u548c\u6d88\u8cbb\u7fd2\u6163\u3002<\/p>\n<h5><span style=\"color: #800000;\"><a style=\"color: #800000;\" name=\"_Toc228891856\"><\/a>\u258e \u50f9\u503c\u91cd\u5206\u914d<\/span><\/h5>\n<p>SHEIN\uff08\u5e0c\u97f3\uff09\u662f\u4e00\u500b\u5728\u5168\u7403\u591a\u5730\u70ba\u4eba\u6240\u77e5\u7684\u96fb\u5b50\u5546\u52d9\u5e73\u81fa\uff0c\u6642\u5e38\u56e0\u5546\u54c1\u54c1\u8cea\u4f4e\u5ec9\u800c\u906d\u53d7\u6279\u8a55\u3002\u8a66\u60f3\uff0c\u4e00\u4f4d\u5728\u9910\u5ef3\u5de5\u4f5c\u7684\u6bcd\u89aa\uff0c\u60f3\u70ba5\u30016\u6b72\u7684\u5b69\u5b50\u8cb7\u4e00\u4ef6\u6f02\u4eae\u7684\u8863\u670d\u53c3\u52a0\u8056\u8a95\u7bc0\u665a\u6703\u3002\u5728\u7f8e\u570b\uff0c\u6700\u4fbf\u5b9c\u7684\u8863\u670d\u53ef\u80fd\u90fd\u8981\u82b1\u4e0a30\u81f350\u7f8e\u5143\uff0c\u4f46\u5728SHEIN\u53ea\u97001\u81f35\u7f8e\u5143\u4fbf\u80fd\u8cb7\u5230\uff0c\u9019\u8b93\u66f4\u591a\u4eba\u80fd\u4ee5\u8ca0\u64d4\u5f97\u8d77\u7684\u50f9\u683c\u7372\u5f97\u6240\u9700\u5546\u54c1\u3002\u5f9e\u9019\u500b\u89d2\u5ea6\u4f86\u770b\uff0c\u9019\u662f\u4e00\u7a2e\u66f4\u666e\u60e0\u7684\u50f9\u503c\u5206\u914d\u6a21\u5f0f\uff0c\u4e5f\u8a31\u66f4\u63a5\u8fd1\u6211\u5011\u671f\u8a31\u7684\u672a\u4f86\u3002\u5982\u679c\u6211\u5011\u4eba\u985e\u80fd\u5920\u9081\u5411\u66f4\u7f8e\u597d\u7684\u767c\u5c55\u65b9\u5411\uff0c\u9019\u6a23\u7684\u50f9\u503c\u5206\u914d\u53ef\u80fd\u6b63\u662f\u6211\u5011\u6240\u671f\u671b\u7684\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891857\"><\/a>\u4e2d\u570b\u6a19\u6e96\uff1a\u65b0\u80fd\u6e90\u8eca\u5230\u7121\u4eba\u81ea\u99d5\u8eca\u7af6\u722d\u6b63\u70c8<\/span><\/h4>\n<p>\u8b93\u6211\u4ee5\u65b0\u80fd\u6e90\u8eca\u70ba\u4f8b\uff0c\u8aaa\u660e\u6240\u8b02\u300c\u6a19\u6e96\u300d\u4e0d\u662f\u7531\u751f\u7522\u8005\u6c7a\u5b9a\uff0c\u800c\u662f\u7d93\u7531\u6d88\u8cbb\u8005\uff08\u4e5f\u5c31\u662f\u5e02\u5834\uff09\u5728\u773e\u591a\u9078\u64c7\u4e2d\u7528\u81ea\u5df1\u7684\u8377\u5305\u6c7a\u5b9a\u3002<\/p>\n<p>\u5728\u65b0\u80fd\u6e90\u6c7d\u8eca\u9818\u57df\uff0c\u4e2d\u570b\u7684\u767c\u5c55\u901f\u5ea6\u4ee4\u4eba\u9a5a\u8277\uff0c\u800c\u8fd1\u671f\u66f4\u662f\u8fce\u4f86\u4e86\u91cd\u8981\u7684\u91cc\u7a0b\u7891\uff1a<\/p>\n<ul>\n<li>7\u67084\u65e5\uff0c\u6bd4\u4e9e\u8fea\u6210\u70ba\u5168\u7403\u9996\u5bb6\u9054\u6210\u7b2c800\u842c\u8f1b\u65b0\u80fd\u6e90\u6c7d\u8eca\u4e0b\u7dda\u7684\u8eca\u4f01\u3002<\/li>\n<li>11\u670814\u65e5\uff0c2024\u5e74\u4e2d\u570b\u65b0\u80fd\u6e90\u6c7d\u8eca\u9054\u62101000\u842c\u8f1b\u7684\u6176\u795d\u6d3b\u52d5\uff0c\u5728\u6e56\u5317\u6b66\u6f22\u7684\u6771\u98a8\u5d50\u5716\u96f2\u5cf0\u5de5\u5ee0\u8209\u884c\u3002<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>\u6bd4\u4e9e\u8fea\u65d7\u4e0b\u4e00\u6b3e\u88ab\u8a8d\u70ba\u662f\u6700\u63a5\u8fd1\u7279\u65af\u62c9Model 3\u7684\u6d77\u8c79\uff0c\u552e\u50f9\u7d04\u70ba11\u842c\u4eba\u6c11\u5e63\uff0c\u76f8\u8f03\u4e4b\u4e0b\uff0c\u7279\u65af\u62c9Model 3\u7684\u6700\u4f4e\u50f9\u683c\u4e5f\u970020\u81f330\u842c\u4eba\u6c11\u5e63\u3002\u56e0\u6b64\uff0c\u6bd4\u4e9e\u8fea\u7684\u6d77\u8c79\u5728\u6d77\u5916\u5e02\u5834\uff08\u5982\u6fb3\u6d32\uff09 \u71b1\u92b7\uff0c\u4e0d\u50c5\u8b93\u5e74\u8f15\u4eba\u80fd\u4ee5\u4f4e\u50f9\u8cfc\u5165\uff0c\u66f4\u91cd\u8981\u7684\u662f\uff0c\u8b93\u66f4\u591a\u4eba\u6709\u6a5f\u6703\u5be6\u73fe\u7406\u60f3\uff08\u7da0\u8272\u3001\u6e1b\u78b3\uff09\u7684\u4e16\u754c\u3002<\/p>\n<p>\u5728\u7121\u4eba\u81ea\u99d5\u8eca\u9818\u57df\uff0c\u4e9e\u99ac\u905c\u3001\u7121\u5370\u826f\u54c1\u7b49\u4f01\u696d\u5df2\u7d93\u7a4d\u6975\u53c3\u8207\u7121\u4eba\u81ea\u52d5\u99d5\u99db\u6c7d\u8eca\u7684\u6295\u5165\u7814\u767c\u3002\u4e0d\u50c5\u5982\u6b64\uff0c\u7f8e\u5718\u5916\u8ce3\u7684\u7121\u4eba\u6a5f\u4e5f\u5df2\u521d\u6b65\u5b8c\u6210\u81ea\u4e3b\u98db\u884c\u7121\u4eba\u6a5f\u3001\u5168\u81ea\u52d5\u5316\u6536\u767c\u6a5f\u5834\u4ee5\u53ca\u7121\u4eba\u6a5f\u904b\u884c\u8edf\u4ef6\u9ad4\u7cfb\u7684\u7814\u767c\u5de5\u4f5c\uff0c\u4ee5\u6253\u9020\u4f4e\u7a7a\u7269\u6d41\u81ea\u52d5\u914d\u9001\u4f4e\u7a7a\u7d93\u6fdf\uff0c\u958b\u5275\u4e86\u5168\u65b0\u7684\u7269\u6d41\u6a21\u5f0f\u3002\u9019\u4e9b\u767c\u5c55\u7d93\u7531\u6700\u7d42\u6d88\u8cbb\u8005\u7684\u9078\u64c7\uff0c\u6210\u529f\u8005\u5c07\u6210\u70ba\u300c\u6a19\u6e96\u300d\uff0c\u800c\u9010\u6b65\u6539\u8b8a\u4eba\u985e\u7684\u751f\u6d3b\u65b9\u5f0f\u3002<\/p>\n<h4><span style=\"color: #008000;\"><a style=\"color: #008000;\" name=\"_Toc228891858\"><\/a>\u4e00\u5e36\u4e00\u8def\uff1a\u5168\u7403\u5357\u65b9\u7684\u50b5\u52d9\u9677\u9631\u9084\u662f\u767c\u5c55\u6a5f\u9047\uff1f<\/span><\/h4>\n<p>\u63a5\u8457\uff0c\u6211\u5011\u4f86\u8ac7\u8ac7BRI\uff08The Belt and Road Initiative\uff0c\u4e00\u5e36\u4e00\u8def\uff09\u3002\u95dc\u65bc\u9019\u9805\u8a08\u756b\uff0c\u8f3f\u8ad6\u7d93\u5e38\u805a\u7126\u5728\u300c\u50b5\u52d9\u9677\u9631\u300d\u7684\u722d\u8b70\uff0c\u4f46\u82e5\u5f9e\u53e6\u4e00\u500b\u89d2\u5ea6\u4f86\u770b\uff0cBRI\u78ba\u5be6\u70ba\u8a31\u591a\u5730\u5340\u5e36\u4f86\u66f4\u591a\u7684\u767c\u5c55\u6a5f\u6703\u2014\u5f9e\u57fa\u790e\u5efa\u8a2d\uff0c\u5230\u570b\u969b\u5e02\u5834\u4ee5\u53ca\u91d1\u878d\u4e92\u901a\u4e92\u9023\u7b49\uff0c \u8b93\u6211\u82092\u500b\u4e0d\u540c\u7684\u4f8b\u5b50\u8aaa\u660e\uff1a<\/p>\n<p>\u7b2c\u4e00\u4f8b\u662f\u4e2d\u8001\u9435\u8def\u7684\u958b\u901a\uff0c\u4e0d\u50c5\u9023\u63a5\u4e2d\u570b\u96f2\u5357\u8207\u5bee\u570b\u9996\u90fd\u842c\u8c61\uff0c\u4e26\u9032\u4e00\u6b65\u9023\u63a5\u6cf0\u570b\uff0c\u8b93\u5bee\u570b\u64c1\u6709\u65b0\u7684\u8cbf\u6613\u548c\u4ea4\u901a\u7dda\u8def\uff0c \u4e5f\u8b93\u56db\u9762\u516b\u65b9\u7684\u990a\u5206\u6d41\u7d93\u4e2d\u8001\u9435\u8def\uff0c\u9020\u798f\u5bee\u570b\u53ca\u5468\u908a\u5404\u570b\u6c11\u773e\u3002<\/p>\n<p>\u53e6\u4e00\u500b\u4f8b\u5b50\u662f\u514b\u7f85\u57c3\u897f\u4e9e\u7684\u4f69\u5217\u6c99\u8332\u5927\u6a4b\uff0c\u96d6\u7136\u898f\u6a21\u4e0d\u5927\uff0c\u9577\u5ea6\u6216\u91d1\u984d\u4e0d\u662f\u4e00\u5e36\u4e00\u8def\u8a08\u756b\u4e2d\u91cd\u8981\u7684\u57fa\u790e\u9805\u76ee\uff0c\u4f46\u5c0d\u7576\u5730\u5c45\u6c11\u800c\u8a00\u537b\u610f\u7fa9\u975e\u51e1\u3002\u9019\u5ea7\u6a4b\u6a11\u4e0d\u50c5\u89e3\u6c7a\u7576\u5730\u5c45\u6c11\u5728\u56de\u5bb6\u8def\u4e0a\u5fc5\u9808\u51fa\u5883\u518d\u5165\u5883\u7684\u4ea4\u901a\u554f\u984c\uff0c\u540c\u6642\u4e5f\u5927\u5e45\u6539\u5584\u767c\u5c55\u6027\u7684\u74f6\u9838\u3002<\/p>\n<p>\u6574\u9ad4\u800c\u8a00\uff0cBRI\u7684\u5f71\u97ff\u4e26\u4e0d\u9650\u65bc\u7d93\u6fdf\u767c\u5c55\u5c64\u9762\uff0c\u800c\u662f\u9ad4\u73fe\u5728\u5982\u4f55\u900f\u904e\u57fa\u790e\u5efa\u8a2d\u89e3\u6c7a\u7576\u5730\u9577\u671f\u5b58\u5728\u7684\u554f\u984c\uff0c\u9032\u4e00\u6b65\u6539\u5584\u4eba\u5011\u7684\u751f\u6d3b\u3002<\/p>\n<h2><a name=\"_Toc228891859\"><\/a>\u4e09\u3001G20\u3001\u91d1\u78da\u3001RCEP\u8207\u5168\u7403\u5357\u65b9\u2014 \u591a\u6975\u3001\u591a\u908a\u3001\u591a\u5143<\/h2>\n<p>G20\u5cf0\u6703\u884c\u4e4b\u6709\u5e74\uff0c\u4f46\u91cd\u8981\u6027\u57282009\u5e74\u6025\u907d\u4e0a\u5347\u30022008\u5e74\u6b21\u8cb8\u5371\u6a5f\u7206\u767c\u5f8c\uff0c\u7f8e\u570b\u8981\u6c42\u5168\u7403\u5404\u570b\u5171\u540c\u5546\u8a0e\u89e3\u6c7a\u65b9\u6848\uff0c\u9996\u5ea6\u5c0d\u5168\u7403\u5357\u65b9\u570b\u5bb6\uff08\u5373G7\u4e4b\u5916\u7684\u570b\u5bb6\uff09\u958b\u653e\u4e86\u4e00\u500b\u80fd\u5e73\u7b49\u53c3\u8207\u672a\u4f86\u76e3\u7406\u7684\u6a5f\u6703\uff0c\u671d\u5411\u66f4\u52a0\u591a\u6975\u3001\u591a\u908a\u548c\u591a\u5143\u5408\u4f5c\u767c\u5c55\u7684\u65b9\u5411\u767c\u5c55\u3002\u4f462009 \u5e74\u7684\u5584\u610f\u958b\u653e\u4f3c\u4e4e\u50c5\u662f\u66c7\u82b1\u4e00\u73fe\uff0c \u5f9e\u5df4\u8cfd\u723eII \uff08Basel II\uff09\u4e4b\u5f8c\u9032\u5c55\u5e7e\u8fd1\u505c\u6eef\u3002\u70ba\u4ec0\u9ebc\uff1f\u8981\u7406\u89e3\u9019\u500b\u767c\u5c55\uff0c\u6211\u5011\u9700\u56de\u9867\u4e00\u4e9b\u6b77\u53f2\u8108\u7d61\u3002<\/p>\n<h3><span style=\"color: #000080;\"><a style=\"color: #000080;\" name=\"_Toc228891860\"><\/a>1955\u4e9e\u975e\u4e0d\u7d50\u76df\u570b\u5bb6\u842c\u9686\u6703\u8b70<\/span><\/h3>\n<p>\u56de\u9867\u6b77\u53f2\uff0c\u4e0d\u7d50\u76df\u904b\u52d5\u767c\u5c55\u7684\u4e00\u500b\u91cd\u8981\u91cc\u7a0b\u7891\u662f1955\u5e74\u7684\u842c\u9686\u6703\u8b70\u30021955\u5e74\u842c\u9686\u6703\u8b70\uff0c\u5168\u7403\u4e0d\u7d50\u76df\u570b\u5bb6\u666e\u904d\u5e0c\u671b\u5efa\u7acb\u4e00\u500b\u66f4\u52a0\u516c\u5e73\u7684\u570b\u969b\u79e9\u5e8f\u3002\u9019\u4e00\u8a34\u6c42\u8207\u5b6b\u4e2d\u5c71\u5148\u751f\u7684\u907a\u9858\u4e0d\u8b00\u800c\u5408\u2014 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name=\"_Toc228891861\"><\/a>\u4e00\u5e36\u4e00\u8def\u8207\u5168\u7403\u4e09\u5021\u8b70\u9023\u7d50\u4e2d\u570b\u7684\u73fe\u4ee3\u5316\u8207\u5168\u7403\u5357\u65b9\u7684\u767c\u5c55<\/span><\/h3>\n<p>\u81ea\u6b21\u8cb8\u98a8\u66b4\u5f8c\uff0c\u57282009\u5e74\u7684G20\u4e2d\uff0c\u5f9e\u4e2d\u570b\u88ab\u9080\u8acb\u4ee3\u8868\u958b\u767c\u4e2d\u570b\u5bb6\u53c3\u8207\u4e00\u7cfb\u5217\u672a\u4f86\u6230\u7565\u95dc\u4fc2\u53ca\u8ca1\u52d9\u7a69\u5b9a\u76e3\u7406\u7d50\u69cb\u7684\u8a0e\u8ad6\u958b\u59cb\uff0c\u4e00\u5e36\u4e00\u8def\u8207\u4e09\u5927\u5168\u7403\u5021\u8b70\uff0c\u5c07\u4e2d\u570b\u73fe\u4ee3\u5316\u8207\u5168\u7403\u5357\u65b9\u7684\u767c\u5c55\u7dca\u5bc6\u9023\u7d50\u3002\u900f\u904e\u57fa\u5efa\u4e92\u901a\u4e92\u9023\u3001\u6d88\u8cbb\u5e02\u5834\u958b\u653e\u3001\u6295\u8cc7\u8207\u6280\u8853\u8f49\u79fb\u4ee5\u53ca\u91d1\u878d\u9ad4\u7cfb\u9023\u901a\uff0c\u81f4\u529b\u65bc\u5be6\u73fe\u516c\u5e73\u8fd1\u7528\u3001\u666e\u60e0\u767c\u5c55\u3001\u7d50\u69cb\u8abf\u6574\u4ee5\u53ca\u50f9\u503c\u5206\u914d\uff0c\u9010\u6f38\u767c\u5c55\u70ba\u4e00\u500b\u66f4\u5177\u516c\u5e73\u524d\u666f\u7684\u65b0\u672a\u4f86\u3002<\/p>\n<p>\u4e0a\u8ff0\u5167\u5bb9\u8207\u5b6b\u4e2d\u5c71\u5148\u751f\u7684\u7406\u5ff5\u6709\u8457\u5bc6\u5207\u95dc\u806f\u3002\u5b6b\u5148\u751f\u4e00\u751f\u6240\u6c42\uff0c\u662f\u4e2d\u570b\u4e4b\u81ea\u7531\u5e73\u7b49\uff0c\u4ed6\u6240\u8b00\u7684\u662f\u4e2d\u570b\u7684\u73fe\u4ee3\u5316\u3002\u800c\u5982\u4eca\uff0c\u4e2d\u570b\u5927\u9678\u9010\u6b65\u5be6\u73fe\u4e2d\u570b\u5f0f\u73fe\u4ee3\u5316\uff0c\u901a\u904e\u4e00\u5e36\u4e00\u8def\u548c\u4e09\u5927\u5168\u7403\u5021\u8b70\u7684\u843d\u5be6\uff0c\u4e0d\u50c5\u5be6\u73fe\u4e86\u5b6b\u5148\u751f\u7406\u5ff5\u7684\u7576\u4ee3\u50f9\u503c\uff0c\u66f4\u70ba\u5168\u7403\u5357\u65b9\u570b\u5bb6\u5275\u9020\u4e86\u65b0\u7684\u767c\u5c55\u548c\u65b0\u6a5f\u9047\u3002\u9019\u4e9b\u8209\u63aa\u5354\u52a9\u5168\u7403\u5357\u65b9\u570b\u5bb6\u69cb\u5efa\u81ea\u4e3b\u7d93\u6fdf\u9ad4\u7cfb\uff0c\u63a8\u884c\u5176\u7522\u696d\u8a08\u756b\uff0c\u9032\u4e00\u6b65\u5960\u5b9a\u516c\u5e73\u3001\u666e\u60e0\u4e14\u6c38\u7e8c\u767c\u5c55\u7684\u57fa\u77f3\u3002<\/p>\n<h2><a name=\"_Toc228891862\"><\/a>\u7d50\u8a9e\u3001\u57fa\u65bc\u65b0\u79e9\u5e8f\u7684\u518d\u5168\u7403\u5316\u2014 \u516c\u5e73\u3001\u666e\u60e0\u3001\u6c38\u7e8c<\/h2>\n<h3><span style=\"color: #000080;\"><a style=\"color: #000080;\" name=\"_Toc228891863\"><\/a>\u50f9\u503c\u91cd\u5206\u914d\u3001\u79e9\u5e8f\u91cd\u6d17\u724c<\/span><\/h3>\n<p>\u89aa\u611b\u7684\u5f1f\u5144\u59d0\u59b9\uff0c\u7576\u6211\u5011\u56de\u9867\u7f8e\u5143\u4e3b\u5c0e\u7684\u91d1\u878d\u9ad4\u7cfb\u6642\uff0c\u53ef\u4ee5\u6e05\u695a\u770b\u5230\u5b83\u6b63\u9010\u6f38\u812b\u96e2\u5be6\u9ad4\u7d93\u6fdf\u3002\u800c\u5728\u9019\u6a23\u7684\u7d50\u69cb\u80cc\u5f8c\uff0c\u5176\u5be6\u96b1\u85cf\u8457\u4e0d\u5c11\u6df1\u5c64\u56e0\u7d20\uff0c\u96e3\u4ee5\u8f15\u6613\u7ffb\u8f49\u6216\u6539\u8b8a\u3002\u7136\u800c\uff0c\u8207\u6b64\u540c\u6642\uff0c\u6211\u5011\u4e5f\u770b\u5230\u4e86\u5168\u7403\u5357\u65b9\uff0c\u7279\u5225\u662f\u7d93\u6fdf\u76f8\u5c0d\u843d\u5f8c\u7684\u5730\u5340\u6216\u570b\u5bb6\uff0c\u6b63\u9010\u6f38\u5c55\u73fe\u51fa\u65b0\u7684\u767c\u5c55\u53ef\u80fd\u6027\u3002\u6211\u5011\u6240\u770b\u5230\u7684\u9019\u500b\u4e16\u754c\uff0c \u82e5\u80fd\u8fce\u4f86\u5d84\u65b0\u7684\u9762\u8c8c\u2014\u4e5f\u5c31\u662f\u65b0\u5929\u65b0\u5730\u2014\u5fc5\u7136\u4f34\u96a8\u8457\u50f9\u503c\u7684\u91cd\u65b0\u5206\u914d\u8207\u79e9\u5e8f\u7684\u91cd\u65b0\u7d44\u5408\u3002<\/p>\n<p>\u8209\u4f8b\u4f86\u8aaa\uff0c\u5982\u679c\u50cf\u860b\u679c\u9019\u6a23\u7684\u54c1\u724c\u4f01\u696d\uff0c\u80fd\u5c07\u5176\u63a5\u8fd140% \u7684\u6de8\u5229\u4e2d\u7684\u90e8\u5206\u5229\u76ca\u5408\u7406\u5206\u914d\u7d66\u8cc7\u6e90\u570b\u548c\u88fd\u9020\u570b\uff0c\u90a3\u9ebc\u5168\u7403\u7d93\u6fdf\u79e9\u5e8f\u5fc5\u7136\u7165\u7136\u4e00\u65b0\u3002\u5728\u9019\u6a23\u7684\u79e9\u5e8f\u4e2d\uff0c\u5982\u679c\u80fd\u9069\u5ea6\u5236\u7d04\u91d1\u878d\u9ad4\u7cfb\u88e1\u7684\u8caa\u5a6a\u56e0\u7d20\uff0c\u4f7f\u7d93\u6fdf\u8207\u91d1\u878d\u6062\u5fa9\u5230\u6b63\u5e38\u7684\u5065\u5eb7\u95dc\u4fc2\uff0c\u5c31\u80fd\u63a8\u52d5\u6574\u500b\u570b\u969b\u79e9\u5e8f\u8da8\u5411\u66f4\u52a0\u516c\u5e73\u3001\u666e\u60e0\u548c\u6c38\u7e8c\u767c\u5c55\u7684\u65b9\u5411\u3002<\/p>\n<p>\u6216\u8a31\u6709\u4eba\u8a8d\u70ba\u4e0a\u8ff0\u69cb\u60f3\u904e\u65bc\u7406\u60f3\u5316\u751a\u81f3\u5929\u771f\uff0c\u4f46\u6211\u89ba\u5f97\u6211\u5011\u5c31\u61c9\u8a72\u8981\u5929\u771f\uff0c\u6211\u5011\u61c9\u8a72\u8981\u76f8\u4fe1God is good all the time\uff01\u8981\u5805\u4fe1\uff1a\u9019\u500b\u4e16\u754c\u7684\u79e9\u5e8f\uff0c\u4e26\u975e\u8a2d\u8a08\u4f86\u8b93\u6709\u77e5\u8b58\u6216\u80fd\u529b\u7684\u4eba\u7528\u8caa\u5a6a\u4f86\u63a0\u596a\u5176\u4ed6\u4eba\uff0c\u800c\u662f\u61c9\u8a72\u5efa\u7acb\u4e00\u500b\u66f4\u52a0\u516c\u5e73\u3001\u666e\u60e0\u4e14\u6c38\u7e8c\u7684\u4e16\u754c\u3002<\/p>\n<h3><span style=\"color: #000080;\"><a style=\"color: #000080;\" name=\"_Toc228891864\"><\/a>\u975e\u6d32\u4eca\u6614\u5927\u4e0d\u540c<\/span><\/h3>\n<p>\u5bb9\u6211\u5206\u4eab\u4e00\u6bb5\u500b\u4eba\u7d93\u6b77\u3002\u65e9\u5e74\u9593\uff0c\u6211\u4ee5\u5b78\u8005\u7684\u8eab\u5206\u53c3\u8207\u8af8\u591a\u570b\u969b\u5b78\u8853\u6d3b\u52d5\u548c\u7814\u7a76\uff0c\u4e26\u4e14\u6709\u6a5f\u6703\u9020\u8a2a\u975e\u6d32\u3002\u7576\u6642\uff0c\u6211\u5011\u6eff\u61f7\u5e0c\u671b\u60f3\u70ba\u975e\u6d32\u5e36\u4f86\u67d0\u4e9b\u6539\u8b8a\uff0c\u65bc\u662f\u6211\u5011\u6559\u5c0e\u7576\u5730\u4eba\u5b78\u7fd2\u82f1\u8a9e\u3001\u63a8\u5ee3\u751f\u80b2\u63a7\u5236\uff0c\u4ee5\u53ca\u5982\u4f55\u8655\u7406\u5c0f\u5152\u8650\u75be\u3002\u7136\u800c\uff0c\u7e3d\u7f3a\u5c11\u5927\u898f\u6a21\u7684\u8cc7\u91d1\u6295\u5165\u4f86\u652f\u6301\u975e\u6d32\u7684\u767c\u5c55\u3002\u5728\u4e8c\u6b21\u4e16\u754c\u5927\u6230\u5f8c\u9577\u905470 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\u571f\u5730\u9762\u7a4d\u670980%\u662f\u6c99\u6f20\u7684\u5c3c\u65e5\uff0c\u9435\u8def\u5efa\u8a2d\u4f7f\u7576\u5730\u5c45\u6c11\u80fd\u5920\u901a\u884c\u5f7c\u6b64\u806f\u7d61\uff0c\u751f\u6d3b\u958b\u59cb\u9010\u6f38\u6539\u5584\u3002\u4e2d\u570b\u5927\u9678\u4e0d\u50c5\u6295\u5165\u8cc7\u91d1\uff0c\u9084\u638c\u63e1\u4e86\u5728\u60e1\u52a3\u74b0\u5883\u4e0b\u4fee\u5efa\u9435\u8def\u7684\u6280\u8853\uff0c\u9019\u662f\u5176\u4ed6\u570b\u5bb6\u7121\u6cd5\u4f01\u53ca\u7684\u3002<\/p>\n<p>\u53e6\u5916\u9084\u6709\u4e00\u500b\u503c\u5f97\u5206\u4eab\u7684\u5c0f\u4f8b\u5b50\u3002\u904e\u53bb\uff0c\u6211\u5011\u70ba\u4e86\u89e3\u6c7a\u7576\u5730\u6559\u80b2\u8cc7\u6e90\u5331\u4e4f\u7684\u554f\u984c\uff0c\u66fe\u7d93\u5617\u8a66\u60f3\u7528\u885b\u661f\u5ee3\u64ad\uff08satellite radio\uff09\u8b93\u77e5\u8b58\u666e\u53ca\u5230\u504f\u9060\u5730\u5340\u3002\u4f46\u662f\u9019\u500b\u60f3\u6cd5\u7121\u6cd5\u5be6\u73fe\uff0c\u56e0\u70ba\u975e\u6d32\u9023\u6700\u57fa\u672c\u7684\u96fb\u529b\u4f9b\u61c9\u90fd\u6c92\u6709\uff0c\u66f4\u9051\u8ad6\u5176\u4ed6\u767c\u5c55\u3002\u90a3\u6642\uff0c\u6211\u53bb\u904e\u7684\u5730\u65b9\u6709\u4e00\u534a\u7684\u5b69\u5b50\u751a\u81f3\u6d3b\u4e0d\u904e\u4e94\u6b72\uff0c\u5176\u4e2d\u4e3b\u8981\u539f\u56e0\u662f\u8650\u75be\u548c\u7f3a\u4e4f\u4e7e\u6de8\u6c34\u6e90\u3002\u6211\u5011\u544a\u8a34\u5b69\u5b50\u7684\u6bcd\u89aa\u53ef\u4ee5\u7528\u7cd6\u9e7d\u6c34\u7de9\u89e3\u8179\u7009\uff0c\u4f46\u662f\u5979\u5011\u62ff\u5230\u7684\u537b\u662f\u6ce5\u6fc1\u4e0d\u582a\u7684\u9ad2\u6c34\u3002\u6211\u5011\u751a\u81f3\u9084\u8981\u6559\u5979\u5011\u5148\u628a\u6c34\u6c89\u6fb1\u3001\u716e\u6cb8\uff0c\u518d\u7d66\u5b69\u5b50\u98f2\u7528\u3002\u5728\u90a3\u500b\u5e74\u4ee3\uff0c\u4ed6\u5011\u6c92\u6709\u6a5f\u6703\u64e0\u8eab\u9032\u5165\u516c\u5e73\u666e\u60e0\u7684\u4e16\u754c\u3002\u9019\u662f1980\u5e74\u4ee3\uff0c\u6211\u4ee5\u4e00\u540d\u5b78\u8005\u8eab\u5206\u5230\u8a2a\u975e\u6d32\u6642\u7684\u898b\u805e\u3002<\/p>\n<p>\u5982\u4eca\uff0c\u975e\u6d32\u5df2\u6709\u65b0\u7684\u6539\u8b8a\u3002\u5728\u7af9\u5167\u4eae\u70ba\u83ef\u70ba\u62cd\u651d\u7684\u7d00\u9304\u7247\u4e2d\u63d0\u5230\u4e86\u4e00\u500b\u6545\u4e8b\uff1a<a href=\"#_ftn21\" name=\"_ftnref21\">[21]<\/a> \u83ef\u70ba\u7684\u6280\u8853\u4eba\u54e1\u524d\u5f80\u975e\u6d32\u4e00\u500b\u504f\u9060\u7684\u5c0f\u6751\u838a\uff0c\u4e00\u500b\u770b\u8d77\u4f86\u76f8\u7576\u539f\u59cb\u751f\u6d3b\u7684\u5730\u65b9\u3002\u83ef\u70ba\u7684\u54e1\u5de5\u958b\u59cb\u8abf\u7814\u7576\u5730\u6751\u6c11\u7684\u65e5\u5e38\u751f\u6d3b\u548c\u901a\u8a0a\u60c5\u6cc1\u3002\u5176\u4e2d\u4e00\u4f4d\u7236\u89aa\u63d0\u5230\uff0c\u4ed6\u53ea\u6709\u5076\u723e\u624d\u80fd\u8207\u81ea\u5df1\u7684\u5152\u5b50\u901a\u8a0a\uff0c\u56e0\u70ba\u6751\u838a\u88e1\u7684\u7db2\u8def\u4e0d\u5f37\uff0c\u4fe1\u865f\u5be6\u5728\u592a\u5dee\u3002\u7136\u800c\uff0c\u83ef\u70ba\u7684\u6280\u8853\u4eba\u54e1\u651c\u5e36\u7c21\u55ae\u7684\u8a2d\u5099\uff0c\u5229\u7528\u7c21\u6613\u7684\u652f\u6490\u642d\u5efa\u8a2d\u5099\u7c21\u55ae\u7684\u5c0f\u578b\u8fb2\u696d\u57fa\u7ad9\uff0c\u518d\u52a0\u4e0a\u5e7e\u584a\u592a\u967d\u80fd\u677f\u89e3\u6c7a\u96fb\u529b\u554f\u984c\u3002\u4e09\u5929\u4e4b\u5f8c\uff0c\u4fe1\u865f\u8b8a\u597d\u4e86\uff0c\u7db2\u8def\u4e5f\u66f4\u6d41\u66a2\u4e86\u3002\u73fe\u5728\uff0c \u9019\u4f4d\u7236\u89aa\u53ef\u4ee5\u96a8\u6642\u8207\u81ea\u5df1\u7684\u5152\u5b50\u9032\u884c\u8996\u8a0a\u901a\u8a71\u4e86\u3002\u5c0d\u4ed6\u5011\u800c\u8a00\uff0c\u9019\u662f\u4ed6\u5011\u8207\u4e16\u754c\u9023\u7d50\u7684\u4e00\u5927\u9032\u6b65\u3002<\/p>\n<h3><span style=\"color: #000080;\"><a style=\"color: #000080;\" name=\"_Toc228891865\"><\/a>\u516c\u5e73\u3001\u666e\u60e0\u3001\u6c38\u7e8c<\/span><\/h3>\n<p>\u89aa\u611b\u7684\u670b\u53cb\u5011\uff0c\u6240\u6709\u79d1\u6280\u7684\u7814\u7a76\u8207\u767c\u5c55\uff0c\u6700\u7d42\u6211\u5011\u61c9\u56de\u6b78\u4e00\u500b\u6838\u5fc3\u50f9\u503c\uff1a\u9019\u4e9b\u79d1\u6280\u5982\u4f55\u70ba\u4eba\u985e\u798f\u7949\uff0c\u5728\u516c\u5e73\u3001\u666e\u60e0\u548c\u5168\u7403\u6c38\u7e8c\u767c\u5c55\u4e0a\u505a\u51fa\u591a\u5c11\u5177\u9ad4\u8ca2\u737b\u3002<\/p>\n<p>\u56e0\u6b64\uff0c\u8d81\u6b64\u6a5f\u6703\u6211\u60f3\u8207\u5404\u4f4d\u5206\u4eab\uff0c\u6211\u5011\u9700\u8981\u4ee5\u4e00\u500b\u5168\u65b0\u7684\u8996\u89d2\u4f86\u770b\u5f85\u9019\u4e9b\u8b8a\u5316\u3002\u9019\u500b\u8996\u89d2\u4e0d\u50c5\u61c9\u62cb\u958b\u4eba\u4e91\u4ea6\u4e91\u7684\u773c\u5149\u6216\u53d7\u9650\u65bc\u7576\u524d\u570b\u969b\u653f\u6cbb\u6846\u67b6\u7684\u675f\u7e1b\uff0c\u66f4\u61c9\u662f\u4e00\u7a2e\u5168\u65b0\u7684\u601d\u7dad\u6a21\u5f0f\uff1a\u6700\u7d42\u6211\u5011\u7684\u884c\u52d5\u6703\u5c07\u9019\u500b\u4e16\u754c\u5e36\u5f80\u4f55\u8655\uff1f\u5728\u6b64\u904e\u7a0b\u4e2d\uff0c\u8cc7\u6e90\u5206\u914d\u662f\u5426\u80fd\u5408\u7406\u4e14\u516c\u5e73\uff1f\u53c8\u662f\u5426\u80fd\u8b93\u90a3\u4e9b\u6700\u70ba\u8ca7\u56f0\u8207\u843d\u5f8c\u7684\u5f31\u52e2\u65cf\u7fa4\u4e5f\u80fd\u878d\u5165\u4e26\u771f\u6b63\u53d7\u60e0\uff1f<\/p>\n<p>\u89aa\u611b\u7684\u5f1f\u5144\u59ca\u59b9\uff0c\u5982\u4eca\u6211\u5011\u6b63\u9762\u81e8\u8457\u7d93\u6fdf\u8207\u91d1\u878d\u5feb\u901f\u812b\u9264\u7684\u6642\u4ee3\uff0c\u540c\u6642\u4e5f\u5b58\u5728\u5169\u80a1\u529b\u91cf\u6fc0\u70c8\u7af6\u722d\u8457\u3002\u7948\u6c42\u4e0a\u5e1d\u6190\u61ab\u6211\u5011\u4eba\u985e\u7684\u611a\u8822\uff0c\u8cdc\u4e88\u6211\u5011\u667a\u6167\u548c\u6a5f\u6703\uff0c\u53ef\u4ee5\u5171\u540c\u9081\u5411\u516c\u5e73\u3001\u666e\u60e0\u8207\u6c38\u7e8c\u7684\u672a\u4f86\u767c\u5c55\u3002<\/p>\n<h3><span style=\"color: #000080;\"><a style=\"color: #000080;\" name=\"_Toc228891866\"><\/a>\u5929\u4e0b\u89c0\u3001\u89c0\u5929\u4e0b<\/span><\/h3>\n<p>\u300c\u5927\u9053\u4e4b\u884c\u4e5f\uff0c\u5929\u4e0b\u70ba\u516c\uff0c\u9078\u8ce2\u8207\u80fd\uff0c\u8b1b\u4fe1\u4fee\u7766\u3002\u6545\u4eba\u4e0d\u7368\u89aa\u5176\u89aa\uff0c\u4e0d\u7368\u5b50\u5176\u5b50\uff1b\u4f7f\u8001\u6709\u6240\u7d42\uff0c\u58ef\u6709\u6240\u7528\uff0c\u5e7c\u6709\u6240\u9577\uff0c\u9c25\u5be1\u5b64\u7368\u5ee2\u75be\u8005\u7686\u6709\u6240\u990a\uff1b\u7537\u6709\u5206\uff0c \u5973\u6709\u6b78\u3002\u8ca8\uff0c\u60e1\u5176\u68c4\u65bc\u5730\u4e5f\uff0c\u4e0d\u5fc5\u85cf\u65bc\u5df1\uff1b\u529b\uff0c\u60e1\u5176\u4e0d\u51fa\u65bc\u8eab\u4e5f\uff0c\u4e0d\u5fc5\u70ba\u5df1\u3002\u662f\u6545\u8b00\u9589\u800c\u4e0d\u8208\uff0c\u76dc\u7aca\u4e82\u8cca\u800c\u4e0d\u4f5c\uff0c\u6545\u5916\u6236\u800c\u4e0d\u9589\uff0c\u662f\u8b02\u5927\u540c\u3002\u300d\u2014\u300a\u79ae\u904b\u5927\u540c\u7bc7\u300b<\/p>\n<p>\u6587\u672b\uff0c\u6211\u5f15\u7528\u570b\u7236\u6700\u63a8\u5d07\u7684\u300a\u79ae\u904b\u5927\u540c\u7bc7\u300b\u4f5c\u70ba\u7d50\u8a9e\u3002\u8eab\u70ba\u4e2d\u570b\u6587\u5316\u7684\u50b3\u627f\u8005\uff0c\u6211\u5011\u7121\u9700\u5916\u6c42\uff0c\u56e0\u70ba\u6211\u5011\u6709\u4e0a\u5e1d\u3001\u6709\u8056\u7d93\uff0c\u9084\u6709\u4e86\u89e3\u795e\u5fc3\u610f\u7684\u5b6b\u4e2d\u5c71\u5f1f\u5144\u5728\u524d\u65b9\u9818\u8def\uff0c\u6211\u5011\u53ea\u9700\u8ddf\u96a8\u524d\u884c\u3002\u9858\u4e0a\u5e1d\u8cdc\u798f\u5927\u5bb6\uff01<\/p>\n<p>\uff08\u672c\u6587\u70ba2024\u5e7411\u670816\u65e5\u300c\u79a7\u5e74\u8056\u7d93\u7d93\u6fdf\u502b\u7406\u7814\u8a0e\u6703\u300d\u4e4b\u91cd\u9ede\u6458\u9304\uff0c\u90b1\u83ef\u82f1\u6574\u7406\uff09<\/p>\n<p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> \u8cc7\u6599\u4f86\u6e90\uff1a<a href=\"https:\/\/ng.investing.com\/analysis\/feds-not-qe-program-may-fuel-next-%20stock-market-rally-159290\">https:\/\/ng.investing.com\/analysis\/feds-not-qe-program-may-fuel-next- stock-market-rally-159290<\/a><\/p>\n<p><a href=\"#_ftnref2\" name=\"_ftn2\">[2]<\/a> \u8cc7\u6599\u4f86\u6e90\uff1a\u7dad\u57fa\u767e\u79d1\u3002<a href=\"https:\/\/zh.wikipedia.org\/zh-tw\/\u4e0d\u52d5\u7522\u62b5\u62bc\u8cb8\u6b3e\u8b49\u5238\">https:\/\/zh.wikipedia.org\/zh-tw\/\u4e0d\u52d5\u7522\u62b5\u62bc\u8cb8\u6b3e\u8b49\u5238<\/a><\/p>\n<p><a href=\"#_ftnref3\" name=\"_ftn3\">[3]<\/a> \u5716\u7247\u4f86\u6e90\uff1a<a href=\"https:\/\/www.macromicro.me\/charts\/1242\/us-fed-balance-sheet-structure\">https:\/\/www.macromicro.me\/charts\/1242\/us-fed-balance-sheet-structure<\/a><\/p>\n<p><a href=\"#_ftnref4\" name=\"_ftn4\">[4]<\/a> \u4e3b\u8981\u4e2d\u592e\u9280\u884c\u7684\u7e3d\u8cc7\u7522\u3002\u4f86\u6e90\uff1aHaver Analytics\u3001Yardeni.com\u3002\u5716\u7247\u53c3\u8003\uff1a<a href=\"https:\/\/www.marcocasario.com\/blog\/politiche-monetarie-non-convenzionali-2\/\">https:\/\/www.marcocasario.com\/blog\/politiche-monetarie-non-convenzionali-2\/<\/a><\/p>\n<p><a href=\"#_ftnref5\" name=\"_ftn5\">[5]<\/a> \u8cc7\u6599\u4f86\u6e90\uff1aBullion By Post\u3002<a href=\"https:\/\/www.bullionbypost.co.uk\/index\/gold\/the-gold-standard\/\">https:\/\/www.bullionbypost.co.uk\/index\/gold\/the-gold-standard\/<\/a><\/p>\n<p><a href=\"#_ftnref6\" name=\"_ftn6\">[6]<\/a> \u8cc7\u6599\u4f86\u6e90\uff1aWorld Bank on Gold Revaluation Account, 2024.04.12\u3002<a href=\"https:\/\/www.gainesvillecoins.com\/blog\/world-bank-report-highlights-advantage-central-bank-gold-revaluation-accounts\">https:\/\/www.gainesvillecoins.com\/blog\/world-bank-report-highlights-advantage-central-bank-gold-revaluation-accounts<\/a><\/p>\n<p><a href=\"#_ftnref7\" name=\"_ftn7\">[7]<\/a> 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[&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,80],"tags":[],"class_list":["post-3774","post","type-post","status-publish","format-standard","hentry","category-8","category-80"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-json\/wp\/v2\/posts\/3774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-json\/wp\/v2\/comments?post=3774"}],"version-history":[{"count":2,"href":"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-json\/wp\/v2\/posts\/3774\/revisions"}],"predecessor-version":[{"id":3799,"href":"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-json\/wp\/v2\/posts\/3774\/revisions\/3799"}],"wp:attachment":[{"href":"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-json\/wp\/v2\/media?parent=3774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-json\/wp\/v2\/categories?post=3774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jubilee.economic-ethics.org\/ourjubilee\/wp-json\/wp\/v2\/tags?post=3774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}