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纵观过去一年,在全球金融市场中,除美元外,股票、债券、商品等几乎全数下挫。2015年明晟全球股票指数、彭博全球主权债指数以及标普高盛大宗商品指数的年收益率分别为-1.74%、-1.22%和-19.6%。伴随着国际大宗商品的一路下行,中国的宏观经济也面临严峻挑战。长期以来依靠人口红利、能源消耗、基础建设刺激的中国经济高增长时代或将一去不复返。与此同时,经济景气度下降造成银行借贷萎缩,民间投
Throughout the past year, in the global financial markets, stocks, bonds, commodities, etc. all fell except for the U.S. dollar. The annual returns of the Ming Cheng Global Equity Index, the Bloomberg Global sovereign debt index and the S & P Goldman Sachs Commodities Index in 2015 were -1.74%, -1.22% and -19.6%, respectively. Along with the international commodity downturn, China’s macro economy is also facing severe challenges. The era of high economic growth in China, which has long relied on demographic dividends, energy consumption and infrastructure construction, will never return. In the meantime, declines in the economy have resulted in a decline in bank lending and private investment