封丘| 西山| 临沧| 白山| 九龙| 安塞| 抚顺市| 新田| 东胜| 惠州| 金溪| 涟水| 南平| 突泉| 吐鲁番| 新疆| 新干| 上海| 开封县| 清徐| 六枝| 汉口| 永和| 轮台| 新乡| 荆州| 玉山| 九寨沟| 东乌珠穆沁旗| 新安| 小金| 垦利| 明溪| 平泉| 祁东| 望奎| 延寿| 番禺| 肃宁| 沁水| 山亭| 礼泉| 大方| 新宾| 南召| 华安| 永靖| 罗源| 敦化| 罗山| 十堰| 高安| 深州| 镇原| 桦南| 蓬安| 新建| 班戈| 丰宁| 开化| 汕头| 蓬溪| 丽江| 华阴| 独山子| 娄底| 峰峰矿| 福山| 邕宁| 宁阳| 大城| 乌兰浩特| 晴隆| 繁昌| 上饶县| 潜江| 玉林| 乐东| 瑞昌| 兴国| 沈丘| 开县| 罗田| 上甘岭| 上虞| 团风| 什邡| 君山| 喀什| 八宿| 夏县| 尼木| 河口| 新郑| 利津| 禹州| 绩溪| 平山| 睢县| 海林| 焉耆| 广宗| 珊瑚岛| 北票| 滴道| 呼伦贝尔| 松江| 宜黄| 永德| 新平| 苏家屯| 泽库| 镇江| 让胡路| 泗阳| 固安| 翼城| 临城| 左贡| 安塞| 花莲| 鲁山| 禹城| 华容| 南汇| 徐州| 安县| 恒山| 陵县| 禄丰| 会宁| 涞水| 鸡东| 淮北| 府谷| 达县| 延安| 祁门| 黄冈| 泽库| 上林| 科尔沁右翼前旗| 全椒| 峨眉山| 台前| 英德| 桦南| 神农架林区| 绥滨| 乌鲁木齐| 肥东| 宁南| 琼海| 威信| 铜鼓| 柏乡| 鄂州| 白银| 柘城| 伊川| 石门| 九龙坡| 景泰| 阿拉善左旗| 福贡| 深州| 潢川| 祁阳| 洱源| 曲松| 左云| 滕州| 永平| 巴马| 霍林郭勒| 台东| 镇坪| 郸城| 高邑| 坊子| 阿克苏| 东阳| 广河| 长子| 宜城| 临泉| 余干| 汕尾| 额济纳旗| 大荔| 射阳| 金口河| 北仑| 花垣| 邵阳市| 巩义| 潘集| 信阳| 左权| 合水| 凤冈| 和林格尔| 泗洪| 荣成| 密云| 尼木| 洛宁| 皋兰| 安宁| 万荣| 名山| 安龙| 商城| 宾阳| 思南| 潮安| 孟州| 邵武| 本溪市| 南浔| 琼海| 本溪市| 龙州| 图木舒克| 岱岳| 凯里| 金堂| 开县| 合浦| 衡阳县| 江西| 长岛| 伊宁市| 新兴| 麻城| 岢岚| 尉犁| 六安| 新野| 富县| 衢州| 阿合奇| 平利| 阳东| 丹徒| 沈阳| 雅安| 玉树| 吴中| 大埔| 楚州| 安县| 柞水| 道孚| 崇阳| 乌拉特后旗| 宝清| 阿克陶| 龙南| 梅河口| 黄山市| 巴林右旗| 淮阳|

吉建英:实施一体两翼战略 加快转型升级步伐

2019-08-24 07:32 来源:西安网

  吉建英:实施一体两翼战略 加快转型升级步伐

  LeadersofSCOmemberstatessigndocumentsonSunday.[PhotobyFengYongbin/ChinaDaily]Summitboostsglobalgrowth,unityamidrisingprotectionism,expertssayTheShanghaiCooperationOrganizationSummitinQingdao,whichconcludedwith"themostfruitfuloutcomes"inthehistoryoftheorganization,willbea"newlandmark"intheorganization’sdevelopment,rationdocumentscoveringpolitics,security,economicsandculture,the"ShanghaiSpirit",whichtranscendsoutdatedconceptssuchastheclashofcivilizations,unityofasharedfutureformankind,whichhelpspromotethecommondevelopmentandprosperityoftheregionandtheworldaswell,onsultations,jointcontributionsandsharedbenefit,"fiveperspectives"—development,security,cooperation,civilizationandglobalgovernance—’sproposalsconformto"theneedsoftheSCOdevelopment,thecommoninterestsofcountriesthroughouttheworldaswellasthetrendoftimesintheworld’sdevelopmentandprogress",Wangsaid."Thesummitproducedasuccessindemonstratingtheunityamongmembercountriesaswellasleaders’willandcommitmentinmultilateralismandcooperation,"saidLuigiGambardella,presidentofChinaEU,,Xicalledforjointeffortstobuildanopenworldeconomyandreject"self-centered,shortsightedandclosed-doorpolicies".,,Texas,said,"WhileXiprojectedcalm,creativestatesmanshipatthesummitandwasabletoprojectawin-winconsensus,bycontrastTrumplookedlikeamanoutofhisleague."Trumpwas"stuckinthefailedeconomicpoliciesofthe1920s,andhappytorejecttheWest’slong-termtradeconsensus",Taylorsaid."Ilikedthathe(Xi)linkedChina’sConfucianheritagetothespiritofpromotinganewtypeofinternationalrelations,thecommongoodandharmony—aharmonyfoundinthe‘ShanghaiSpirit’thatfostersmutualrespect,all-aroundcooperationandcommondevelopment."MariaGuleva,adeputyprofessoroftheFacultyofOrientalStudiesatSaintPetersburgUniversity,saidthatthetheoriesXiproposedoninnovation,coordination,theenvironment,opennessandshareddevelopmentsho,aprofessorattheCentreforChineseandSouthEastAsianStudiesatJawaharlalNehruUniversityinNewDelhi,saidinstitution-buildingmakestheSCOoneofthemostsuccessfulmultilateralinstitutionsintheworld,anewmodelforregionaleconomicandsec,professorofinternationalbusinesslawattheUniversityofHullinEngland,saidthatX,WenZongduoinHongKongandCecilyLiuinLondoncontributedtothisstory.AgroupofRussiandoctorsstudycuppingpracticeatatraditionalChinesemedicinehospitalinGansuprovince.[Photo/Xinhua]AnallianceofhospitalshasbeensetuptoenhanceacademicandtechnologicalexchangesamongShanghaiCooperationOrganiza,aplatformfordiscussiononmedicalstandardizationmanagementandclinicaltrials,alliancealongwithsevenfromKyrgyzstan,Kazakhstan,PakistanandMongolia,accordingtoZhaoHongtao,deputysecretary-generaloftheChinaHospitalAssociation,,inwhichSCOcountriescanbenefitfromtelemedicineandtransfertreatment."TheallianceintendstoencouragethepracticeoftelemedicineinSCOcountries,wherethereishighdemandamongmedicalworkers,"ferclinicalcareatadistance,suchasthroughavideolink,he,atelemedicineplatformwassetupintheXinjiangUygurautonomousregiont,theycansharemedicalresourcesandconsultexpertsinmajorcitiesincludingBeijing,sachievementsandencouragemorehospitalstotakepart."WealsoexpectmorequalifiedhospitalsinChinasdevelopedareaswilljointheplatformsothatmorepatientsfromremoteareaswithinSCOcountriescansharehigh-classmedicalresources,",especiallythosewithcomplicatedandseverediseases,,directoroftheassociation,toldChinaNewsServicethatthealliancewillnotonlyenha,deputyhealthministerofKyrgyzstan,saidhiscountryalreadyenjoyslotsofcooperationwithChina,includingexchangesofmedicalexpertsandstudents.

ChinesePresidentXiJinpingmeetswithGermanChancellorAngelaMerkel,inBeijing,capitalofChina,May24,2018.[Photo/Xinhua]Lastweek,GermanChancellorAngelaMerkelconcludedher11thvisittoChinasince2005,,thel,fromJanuarytoMay,EuropeanleaderssuchasFrenchPresidentEmmanuelMacron,BritishPrimeMinisterTheresaMay,DutchPrimeMinisterMarkRutteandAustrianPresidentAlexanderVanderBellenvisitedChina,,mainlybecauseoftheunstablepoliciesoftheUS,thedialoguebetweenEuropeanUnionmemberstatesandChina,statements,mediareportsandcommuniquésshowtheirmeetingshavebeen,byandlarge,,alltheEuropeanleadershavesupportedtheChina-proposedBeltandRoadInitiativeandagreedtoworkwithChinatopromoteglobalization,,MerkelsaidshesupportsChinascooperationeffortsinEurope,sodotheleadersofthe16CentralandEasternEuropeancountries,ina,whichces,especiallyoncooperationonforeignpolicies,nges,,someEUofficialsareinfluencedbyideologyand/orlobbyinggroups,,heurgedthatChinaandGer,theideologicaldifferencesarepreventingsomeEUcountriesfromcapitalizingontheopportunitiescreatedbyChinaDonaldTusk,theyneedtomakemoreeffortstoliftBeijing-Brusselsrelationstoanewlevel,especiallybecausetheyarelosingconfidenceinWashington,,whowastheprimeministerofLuxemburgfrom1995to2013andministeroffinancesfrom1989to2009beforeheadingtheEC,srelationsforeigninvestmentinthefinancial,serviceandhigh-endmanu,therefore,theEUleadersshouldmakeeffortstoestab,BeijingandBrusselscanatleastexchan,TuskandJuncker,whentheyvisitChinalaterthisyeartoholdtheirannualmeetingswithChineseleaders,mustshowtheyareeagertodothesame,sothatBeijingandBrusselscanfulfilltheirdueglobalresponsibilitiesofpromotingfreetradeanddeeAglasscircularbridgeinFuxiShantouristattractionwillopenonJune16aftereightmonthsconstructioninXinmicity,CentralChinasHenanprovince,June12,2018.[Photo/VCG]WorldslongestglasscircularbridgeinFuxiShantouristattractionwillopentothepublicaftereightmonthsconstructioninXinmicity,CentralChinasHenanprovince,onJune16,"skywalk".Itis360metershigh,andextends30metersoutofthecliffthatisnearlyninemeterslongerthantheglassbridgeintheColoradoGrandCanyonintheUnitedStates,whichisclaimedtobethe"EighthWonderoftheWorld".

  Thisvasegatheringdustinaloftturnedouttobeahugely-importantChinesevasewhichhassoldafteratenseauctionroombattle.[Photo/VCG]UnsuspectingownersbroughtthetreasureinashoeboxforvaluationAlong-forgottenandrareChineseim($19million)atSothebyhevase-decoratedwithdeerandcranes-at500,ssaidthevaseisofexceptionalrarityandtheonlyknownexampleofitskind,bearingamarkfromthereignoftheQianlongEmperor(1736-95).The18thcenturyporcelainvasewasfoundbychanceamongdozensofotherpiecesofChinoiseriesinanatticbyitsunsuspectingowners,,SothebysAsianartsexpert,openedtheboxtoexaminethevase,hewasimmediatelystruckbyitsquality."Thisisamajorworkofart,itisasifwehadjustdiscoveredaCaravaggio,"uncleandappearsa,"tookthetrain,thenthemetroandwalkedonfootthroughthedoorsofSothebysandintomyofficewiththevaseinashoeboxprotectedbynewspaper".Headded:"Whensheputtheboxonmydeskandweopeneditwewereallstunnedbythebeautyofthepiece."However,theexactprovenanceoftheitembefore1947cannotbetraced.PresidentXiJinpingdeliversakeynotespeechatthetheShanghaiCooperationOrganizationSummitinQingdao,EastChinasShandongprovince,onJune10,2018.[PhotobyFengYongbin/ChinaDaily]TofurthercarryforwardtheShanghaiSpiritPresidentXicalledforfurthercarryingforwardtheShanghaiSpirittosurmountdifficulties,defuserisksandmeetchallenges."WeshouldrejecttheColdWarmentalityandconfrontationbetweenblocksandopposethepracticesofseekingabsolutesecurityofoneselfattheexpenseofthesecurityofothercountries,soastoachievesecurityofall,"hegemonyandpowerpoliticsstillpersistintheworld,thegr,,tradeprotectionismandbacklashagainstglobalizationaretakingnewforms,hesaidthepursuitofcooperationformutualbenefitrepresentsasurgingtrendinthisglobalvillagewherecountriesawillsetupa30-billion-yuan($)equivalentspeciallendingfacilitywithintheframeworkoftheInter-BankConsortiumoftheShanghaiCooperationOrganization.

  ATridentSeafoodsAlaskanfishingtendervesselispicturedinKetchikanharbor,Alaska,US,July6,2012.[Photo/IC]SANFRANCISCO-GovernmentandbusinessofficialsfromtheUSNorthweststateofAlaskahaveagreedthatatrademissiontoChinalastmonthwasvaluable,,whichconcludedonMay30,AlaskaGovernorBillWalkerwasworkinghardtopromotehisstatesresourcestotheworldssecondlargesteconomy,rangingfromAlaskasseafood,energy,sportsfacilitiessuchasaski-trainingbase,tourismandwinterresortvenues,saidtheTVchannel."Wemetwithsomecompaniesthathavemoreemployeesthanwehaveresidents,andsoitgivesyouanideaofthesizeofthecompaniesthatareinterestedinAlaska,"dpositivelyandareconsideringatriptoAlaskatotapthestatespotentialforwintersportstrainingfacilities,,governmentaffairsdirectorofTridentSeafoods,saidthetripwas"beneficial"tohercompany,sgrowingmiddle-incomepopulationwillincreasedemand,sseafood,thestate$,founderandownerofababyfoodcompanyinAlaska,alsocitedthestronginterestofChinesecustomersin"thepurityofnaturalAlaskaproducts."Theparentsofthe18millionbabiesborneachyearinChinacouldbeavaluablemarket,shesaid.USPresidentDonaldTrumpwalkswiththeDPRKstopleaderKimJong-unattheCapellahotelonSentosaislandinSingaporeonTuesday.[Photo/Agencies]ThenewTrump-Kimjointagreementcouldproveapromising“memorandumofunderstanding.”However,it’snotjustaboutdenuclearization;:Followinghoursofclosed-doortalksinCapellahotelinSingapore,USPresidentDonaldTrumpandDPRKleaderKimJong-unsignedajointfour-pointagreement:toestablishnewUS-DPRKrelations,astablepeaceregime,aDPRKcommitmenttoachievethe“completedenuclearization”oftheKoreanPeninsula,,theagreementdoesnotincludeafirm“verifiable”and“irreversible”,theTrump-Kimagreementisnotafinaldeal,,itshouldbeseenasapromising“memorandumofunderstanding.”,,ag,arealpeaceandstabilityrequiresfarmorethanafour-pointagreemen,DPRKiscus,Pyongyanghaslong–andjustifiably––afterWashingtonhadlostitsnuclearmonopolytotheSovietUnion-theearlysetbacksintheKoreanWarpromptedGeneralMacArthurtoconsiderusingnuclearweaponsagainsttheChineseandNorthKoreans–touseradioactivefalloutzonestodisruptChinesesupplychains-until,,between1950and1953,theUSsubjectedDPRKtoadevastatingbombingcampaign,whichdestroyed85percentofthecountry’sbuildingsandcausedonemillioncivilianstodie;morethantheentireciviliandeathsinWorldWarIIbombingofGermanyandJapan,,WashingtonhasseenDPRKasa“roguestate.”EvenwiththeSovietUnion,Washingtonsupported“peacefulcoexistence,”butwithDPRK,onlya“temporaryceasefire.”That’,Trump’sstatementinthepressconferencethattheUShadagreedtostopplaying“wargames”withPyongyang,referringtothejointmilitaryexerciseswithSouthKorea,“bringoursoldiersbackhome”fromDPRK,headmitteditwas“notpartoftheequationrightnow.”Typically,thedecisiontoceasethej’,hehadnearlyagreedtotheG7Summitcommuniqué,,dealsareseldomfixedentities,,formerUSpresidentJimmyCarterwhohasnegotiatedwithseveralDPRKleaders,notedthat,foralongtime,Pyongyanghassoughta“peacetreatytoreplacethe[1953]ceasefire.”Inhisexperience,inedIrannucleardeal,thatised2013NewYear’saddress,KimJong-unadvocated"aradicalturninthebuildingofaneconomicgiantonthestrengthofscienceandtechnologybyfanningtheflamesoftheindustrialrevolutioninthenewcentury.”Theseeconomiceffortsshould“bemanifestedinthepeople’sstandardofliving.”,PresidentObamaoptedforaPentagon-led“pivottoAsia”’soutlineforaPentagon-led“pivottoAsia,”,theobjectivewastoseizetheopportunitytocooperatewiththethen-presidentofSouthKorea,ParkGeun-hye,,insteadofrapprochement,WashingtonpushedforaTerminalHighAltitudeAreaDefense(THAAD),THAADwouldkilltwobirdswithonestone:itwouldsubduePyongyangand,ifneeded,,however,fellapartinearly2017,,,Park’sconservativeswereabletopostponetherepealoftheOperationControlagreement(OPCON),/USCombinedForcesCommand(CFC)isto“deterhostileactsofexternalaggression”SouthKoreabya“combinedmilitaryeffort.”TheCFCiscommandedbyaUSGeneralandithasoperationalcontrol(OPCON)overmorethan600,,USintere,atrueandlastingpeaceintheKorrtthetalks,thenullificationofimpeachmenteffortsagainsttheWhiteHouse,minimallossesfortheincumbentsintheUSmid-termelections,anotherTrumpelectiontriumphin2020–and’savery,,TrumpandKimtookthefirst,,ChinaandAmericaInstitute(US),theShanghaiInstitutesforInternationalStudies(China)andtheEUCenter(Singapore).

TechniciansinspectgasfacilitiesinHorgos,NorthwestChinasXinjiangUygurautonomousregion.[Photo/Xinhua]GreaterscopeforcooperationwithmemberstatesofSCOChinasrisingdemandfornon-pollutingnaturalgasisexpectedtospurtradetieswiththememberstatesoftheShanghaiCooperationOrganization,analystssaid."Gas-richcountriesincludingRussiaandCentralAsiannationswillplayasignificantroleinthenaturalgastradecooperationwithChina,withpipelinegasimportsfromCentralAsiaandRussiaexpectedtototal85billioncubicmetersby2020,"saidWangLu,anAsia-PacificoilandgasanalystatBloombergIntelligence."Weestimateimports,ledbyState-ownedoilmajorssuchasChinaNationalOffshoreOilCorporationandprivatecompaniessuchasGuanghuiEnergy,maygrowata17percentaverageannualratebetween2017and2020,"shesaid."ConsideringChinasdependenceonimportstosatisfygasdemandwillriseto75percentin2020from57percentin2017,Chinashighergas-consumptiongoalswillbefulfilledbyhigherimports."DespitethefactthatgasproductiongrowthatChinaNationalPetroleumCorpandChinaPetroleumandChemicalCorpissettosurpassthatofoilbetween2018to2020thankstothedevelopmentofshalegas,domesticproductionandpipelineimportswontbeenoughtosatisfyChinasgrowinggasappetite,resultingincontinuousgrowthinnaturalgasimports,investmentsinrecentyearswiththeSCOmembers,includingtheYamalliquifiednaturalgasprojectintheArcticregionofRussiabetweenCNPC,thecountryslargestoilandgasproducerbyannualoutput,andNovatek,Russiasfirstintegratedprojectforpolarnaturalgasexploration,development,liquefactionandtransportation,YearthroughitsChina-RussiaEast-RouteNaturalGasPipelinebytheendof2020,whenthepipelineiscompletedIthasalsosteppe,whichrunsthroughChina,Turkmenistan,KazakhstanandUzbekistan,ein2017,,especiallyRussia,KazakhstanandUzbekistan,playcomplementaryrolesasimporterandproducersofnaturalgas,withChinaseeingsurgingdemandinthedomesticmarket,saidLiLi,energyresearchdirectoratICISChina,aconsultingcompanythatprovidesanalysisofChinabridgethedemand-supplygapamongSCOmembersandhelpmakeSCOmembersstronger,,ChinahasalwaysregardedthememberstatesofSCOasaprioritypartnerforenergycooperation,asChinahasbeenatopbuyerandstrategicpartneroftheabundantoilandgasresourcesfromRussiaandCentralAsia,whileChinasfinancialsupportfrominstitutionsinclusnecessarytoupgradethecountryspipelines,storagefacilitiesandtransportationnetworkstoensuregassupply,shesaid.

  [Photo/VCG]ChinaneedstobepreparedwithflexibleplanstorespondtotheinconsistenttradeandeconomicpoliciesoftheadministrationofUSPresidentDonaldTrump,asbothsidesstillfaceahostofunresolvedissuesrelatedtobilateraltrade,evelofficialtalksthatconcludedinBeijingonSunday,theUSgovernmentmaystillreleasealistonJune15imposinga25percenttariffon$50billionworthofChinesegoodscontaining"industrialsignificanttechnology",sMinistryofCommercestressedonThursdaythatthenationiswillingtoexpandimportsfromtheUSiftheycanmeet"halfway",sstanceisconsist,includingtariffhikes,theeconomicandtradeachievementsnegotiatedbythet,aneconomistatTsinghuaUniversityandformercentralbankmonetarypolicycommitteemember,saidChinaisabletoadjustandupgradeitseconomicstructurefromalong-termperspective."Againstthatbackdrop,,",Lisaid,suchasindustrixtfewmonths,saidLi."Thenegotiationswillbealongandbumpyroad,"hesaid."Weshouldmaintainabalancedframeofmind,ratherthanbeirritatedbytheWhiteHousesstatementsortheUSpresidentsmessagesonTwitter.""IfChinacannotachievesubstantialresultsthroughdialogue,itmuststudytheUSmovesandpreparemeasurestocountertheUSaction,"saidLongGuoqiang,,formerchiefeconomistandseniorvice-presidentoftheWorldBankfrom2008to2012,saidtheUSshouldbeawarethatexportingmoreenergyandagriculturalproductstoChinawillnotfundamentallychangethesituationofthetradedeficitwithChina,andwhatChina,Linsaid,thetwosidesshouldexpandtradenegotiationtopicsfromenergyandagric,Hungarysministerofforeignaffairsandtrade,calledonbothsidestorationallyresolvetradedisputes."Ofcourseweunderstandtherecentdevelopmentoftheglobaltradingsystem,weseethatrestrictivemeasuresandcustomsbarriershavebeensetup,"SzijjartosaidonthesidelinesoftheThirdMinisterialConferenceofChinaandCentralandEasternEuropeanCountriesonPromotingTradeandEconomicCooperationheldinNingboonThursday."ChinaisHungarynationaltradeorder,insteadofadestructivetradewar,"toarecordhigh,frobusteconomicgrowthinthesecondquarter.

  ,aftertheUSimposedtariffsonEUsteelandaluminumproducts.[Photo/IC]OTTAWA-TherecentUSdecisiontoimposeimportsteelandaluminumtariffsonCanada,MexicoandtheEuropeanUnion,andothers,isexpectedtobea"frontandcenter"issueattheGroupofSeven(G7)summitthatwillbeginonFridayinQuebec,aformerCanadianprimeministersaidonThursday."YouregoingtohavethemajorityoftheG7countrieswantingtodealwiththis,aswasthecasewiththefinanceministerswhentheymetinWhistler(aresortmunicipalityintheCanadianprovinceofBritishColumbia),"saidPaulMartin,whoisalsoaformerCanadianfinanceminister,rneyandInternationalMonetaryFundManagingDirectorChristineLagardeduringthemeetingofG7financeministersandcentralbankgovernorslastweek,whichwaschairedbyCanadianFinanceMinisterBillMorneau."MinistersandGovernorshadafrankexchangeonthebenefitsofanopenrules-basedtradingsystemandmanyhighlightedthenegativeimpactofunilateraltradeactionsbytheUnitedStates,"saidastatementissuedaftertheG7financeministersmeeting."MinistersandGovernorsagreedthatthisdiscussionshouldcontinueattheLeadersSummitinCharlevoix,(Quebec),free,fair,predictableandmutuallybeneficialtrade,",whoparticipatedinbothG7financeministersmeetingsandleaderssummitsasprimeministerwhentheforumwasconfiguredastheG8toincludeRussia,toldXinhuathatCanadasharshresponsetotheUStariffswas"warranted"andnotedthat"neverinmytimehaveIseenanissuewhichhassogalvanizedpeople"atthosegatherings."ThepurposeoftheGs-whethertheG7ortheG20-istoessentiallygivethepertinentministersandtheleaderstheopportunitytodealwithissuesofthiskindandhopefullypreventissuesofthiskind,"explainedMartin,whoservedasCanadasprimeministerfrom2003to2006,andasthecountrynministerChrystiaFreeland,did"exactlywhattheyshouldhavedone"inrespondingtoUSPresidentDonaldTrump$,aluminumandotherproducts-rangingfromcoffeeandcandytotoiletpaperandtablecloths-totakeeffectonJuly1,unlesstheTrumpadministrationwithdrewits25-percenttariffonCanasretaliatoryreplyis"thestrongesttradeactionCanadahastakensincetheSecondWorldWar,",,andhoped"thatatsomepoint...commonsensewillprevail,"hetoldreportersataMay31,suchasclimatechange,genderequality,andtheCompactforAfricainitiatedbyGermanylastyearwhenithostedtheG20financeministersandcentralbankgovernorsmeetingtopromoteprivateinvestmentinAfrica,includingininfrastructure."WearenttalkingenoughaboutAfrica,"saidMartin,whoasCanadianfinanceministerproposedtheideaofaG20in1999withthesupportofthenUSTreasurySecretaryLarrySummers."Africaisgoingtohavethelargestpopulationbaseofanycontinentin25years,andIreallydobelievethathelpingAfricathroughwhatisaverydifficultperiodnowwillbenefittheworldenormouslyandthisisarolethattheG7andG20mustplay."ThecommemorationofIndonesias20thyearofReformasiinMaythisyea(GE14)heldonMay9,Malaysiansvotedthereform-orientedPakatanHarapan(PH)coalitionintopower,replacingthedecades-longruleofBarisanNasional(BN).ThishistoricdevelopmenproducedbyPHsvictory,thereturnofTunMahathirMohammadtotopleadershipandMalaysiaBarutobolsathiraspopularandsuccessfulleaders,theportrayalofPHselectionwinasasignofasimilargovernmentchangeinIndonesiaandthecalltoabandonidentitypolitics,,theaftermathofMalaysiaselectionpresentsastrongpoliticalnarrativeofadoliticaldiscourse,,especially,needfreshammunitiontosustaintheirbarrageonJokowisadministrationuntilAprilnextyear,uptregimeanditssubsequentembarkationatdemocratizationbothattainedwithoutbloodsheegimeandembracedReformasi20yearsago,theexperienceofMalaysiadeservesbetterappreciationfromusRegardless,theentryofMalaysianpoliticalexperienceandideasintoournationalconversationisakintofreshbreezeinanenvironmentwher,MalaysiasrecentdevelopmentshowsanecessitytoescapethetrapofourethnocentrismandlearnfromourclosestNusantaraneighbor,despiteasedonsimplisticreasoningthatromanticizesdemocratizationandthedifficultiesofpoliticaltransition,butigntoembarkontheirrespectivegovernmentreform,theprior,MahathirsPHadministrationhasplacedprioritiesinrootingoutcorruptfigures,relaxingthepublicsphereandreforminggovernmentinstitutions,tshelm,aimednotonlyateliminatingtheillnessfesteringunderthepreviousregime,,Indonesiahastac,theReformasi-eragovernmentsboreevengreaterresponsibilities,whichincludereturningthemilitarytothebarracks,revampingthefinancialsectorinthewakeofAsianfinancialcrisis,ensuringpoliticalpartipiretoMalaysiasmodelofreformisillogical,uisnotthechangingofgovernments,isandgreedhasnoplaceinapolitically-awakenedsociety,onewhereparrruptgovernmentwasofhigherprioritythanvotingforpeopleofsimilarethnicityandreligion,ediscussingGE14,kersandofficials,therehavealsobeenallegedattemptstostifletheCorruptionEradicationCommission(KPK),corruptionandpoliticalpowergohandinhand,tyofgovernmentinstitutions,butalsochannelingpoliticalsupportforanti-corruptiththeelitesandthegrassrootsforanti-corruptiondrivespearheadedbyMalaysiasAnti-CorruptionCommission(SPRM).WithinamonthafterGE14,theinvestigationintothe1MalaysiaDevelopmentBerhad(1MDB)scandalwasreopened,corruptofficialswithchequeredrecordseiasfightagainstembezzlement,briberyandabuseofpower,n,theconstantfragilityofourruleoflawandinstitutionswouldalwayscontributetothedeficitoftrusttowardsthegovernmentoftheday,regardlessofwhobon,sincethisfightrequirestheconvergenceorryforwardthisgoodfight,on,thederpartstostageasimilarmovement20yearsago,IndonesianscouldaspiretoemulatetheirMalaysianneighborsdeterminationtoestingdevelopmentalmostonadailybasis,bitsofit,weIndonesiansshouldtrytolookpastwhatourpoliticiansaretellingusaboutMalaysiaspoliticalexperienceandderiveessentiallessonsthatcouldcontributetoournation-andstate-buildingprocess.***:Theopinionsexpressedinthisarticlearet:

  USPresidentDonaldTrumpwalkswiththeDPRKstopleaderKimJong-unattheCapellahotelonSentosaislandinSingaporeonTuesday.[Photo/Agencies]ThenewTrump-Kimjointagreementcouldproveapromising“memorandumofunderstanding.”However,it’snotjustaboutdenuclearization;:Followinghoursofclosed-doortalksinCapellahotelinSingapore,USPresidentDonaldTrumpandDPRKleaderKimJong-unsignedajointfour-pointagreement:toestablishnewUS-DPRKrelations,astablepeaceregime,aDPRKcommitmenttoachievethe“completedenuclearization”oftheKoreanPeninsula,,theagreementdoesnotincludeafirm“verifiable”and“irreversible”,theTrump-Kimagreementisnotafinaldeal,,itshouldbeseenasapromising“memorandumofunderstanding.”,,ag,arealpeaceandstabilityrequiresfarmorethanafour-pointagreemen,DPRKiscus,Pyongyanghaslong–andjustifiably––afterWashingtonhadlostitsnuclearmonopolytotheSovietUnion-theearlysetbacksintheKoreanWarpromptedGeneralMacArthurtoconsiderusingnuclearweaponsagainsttheChineseandNorthKoreans–touseradioactivefalloutzonestodisruptChinesesupplychains-until,,between1950and1953,theUSsubjectedDPRKtoadevastatingbombingcampaign,whichdestroyed85percentofthecountry’sbuildingsandcausedonemillioncivilianstodie;morethantheentireciviliandeathsinWorldWarIIbombingofGermanyandJapan,,WashingtonhasseenDPRKasa“roguestate.”EvenwiththeSovietUnion,Washingtonsupported“peacefulcoexistence,”butwithDPRK,onlya“temporaryceasefire.”That’,Trump’sstatementinthepressconferencethattheUShadagreedtostopplaying“wargames”withPyongyang,referringtothejointmilitaryexerciseswithSouthKorea,“bringoursoldiersbackhome”fromDPRK,headmitteditwas“notpartoftheequationrightnow.”Typically,thedecisiontoceasethej’,hehadnearlyagreedtotheG7Summitcommuniqué,,dealsareseldomfixedentities,,formerUSpresidentJimmyCarterwhohasnegotiatedwithseveralDPRKleaders,notedthat,foralongtime,Pyongyanghassoughta“peacetreatytoreplacethe[1953]ceasefire.”Inhisexperience,inedIrannucleardeal,thatised2013NewYear’saddress,KimJong-unadvocated"aradicalturninthebuildingofaneconomicgiantonthestrengthofscienceandtechnologybyfanningtheflamesoftheindustrialrevolutioninthenewcentury.”Theseeconomiceffortsshould“bemanifestedinthepeople’sstandardofliving.”,PresidentObamaoptedforaPentagon-led“pivottoAsia”’soutlineforaPentagon-led“pivottoAsia,”,theobjectivewastoseizetheopportunitytocooperatewiththethen-presidentofSouthKorea,ParkGeun-hye,,insteadofrapprochement,WashingtonpushedforaTerminalHighAltitudeAreaDefense(THAAD),THAADwouldkilltwobirdswithonestone:itwouldsubduePyongyangand,ifneeded,,however,fellapartinearly2017,,,Park’sconservativeswereabletopostponetherepealoftheOperationControlagreement(OPCON),/USCombinedForcesCommand(CFC)isto“deterhostileactsofexternalaggression”SouthKoreabya“combinedmilitaryeffort.”TheCFCiscommandedbyaUSGeneralandithasoperationalcontrol(OPCON)overmorethan600,,USintere,atrueandlastingpeaceintheKorrtthetalks,thenullificationofimpeachmenteffortsagainsttheWhiteHouse,minimallossesfortheincumbentsintheUSmid-termelections,anotherTrumpelectiontriumphin2020–and’savery,,TrumpandKimtookthefirst,,ChinaandAmericaInstitute(US),theShanghaiInstitutesforInternationalStudies(China)andtheEUCenter(Singapore).

  ChinesePresidentXiJinpingmeetswithGermanChancellorAngelaMerkel,inBeijing,capitalofChina,May24,2018.[Photo/Xinhua]Lastweek,GermanChancellorAngelaMerkelconcludedher11thvisittoChinasince2005,,thel,fromJanuarytoMay,EuropeanleaderssuchasFrenchPresidentEmmanuelMacron,BritishPrimeMinisterTheresaMay,DutchPrimeMinisterMarkRutteandAustrianPresidentAlexanderVanderBellenvisitedChina,,mainlybecauseoftheunstablepoliciesoftheUS,thedialoguebetweenEuropeanUnionmemberstatesandChina,statements,mediareportsandcommuniquésshowtheirmeetingshavebeen,byandlarge,,alltheEuropeanleadershavesupportedtheChina-proposedBeltandRoadInitiativeandagreedtoworkwithChinatopromoteglobalization,,MerkelsaidshesupportsChinascooperationeffortsinEurope,sodotheleadersofthe16CentralandEasternEuropeancountries,ina,whichces,especiallyoncooperationonforeignpolicies,nges,,someEUofficialsareinfluencedbyideologyand/orlobbyinggroups,,heurgedthatChinaandGer,theideologicaldifferencesarepreventingsomeEUcountriesfromcapitalizingontheopportunitiescreatedbyChinaDonaldTusk,theyneedtomakemoreeffortstoliftBeijing-Brusselsrelationstoanewlevel,especiallybecausetheyarelosingconfidenceinWashington,,whowastheprimeministerofLuxemburgfrom1995to2013andministeroffinancesfrom1989to2009beforeheadingtheEC,srelationsforeigninvestmentinthefinancial,serviceandhigh-endmanu,therefore,theEUleadersshouldmakeeffortstoestab,BeijingandBrusselscanatleastexchan,TuskandJuncker,whentheyvisitChinalaterthisyeartoholdtheirannualmeetingswithChineseleaders,mustshowtheyareeagertodothesame,sothatBeijingandBrusselscanfulfilltheirdueglobalresponsibilitiesofpromotingfreetradeanddeeJapanesePrimeMinisterShinzoAbe(left)attendsanewsconferencewithUSPresidentDonaldTrumponWednesdayinPalmBeach,Florida,US.[Photo/Agencies]AttheirmeetinginMar-a-Lago,Florida,onApril18,USPresidentDonaldTrumprebuffedJapanesePrimeMinisterShinzoAbe,TrumpannouncedthattheUSwonewtariffs,whichwillamounttoabout50billionyen($450million)ayearforJapandespiteAbeworkinghardtocultivateacloserelationshipwithTrump-ountermeasuresagainstUStariffs,sprotectionistpolicies,Japanhassignedorisnegotiatingmultilateraltradeagreements,which,itbelieves,,theJapaneseparliamentisworkingtowardratifyingtheComprehensiveandProgressiveAgreementforTrans-PacificPartnership,,JapanseestheTPP-11asacornerstoneonwhichitcn,too,inDecember,andthetwosidesaremaki,t,16countriesreachedaconsensustocompleteabasicframe,itwillproducethemostpopulous,diverseandenergeticfreetradeareaintheworld,,theleadersofChina,JapanandtheROKadvocatedeconomicglobalizationandfreetrade,andagr,,duringPremierLiKeqiangsvisittoJapan,BeijingandTokyoagreedtoestablishapublic-privatecounciltodiscussjoi,Japandoesnotwanttonegotiateatwo-waytrexploringcouldbackfireworldwide,sprotectionistpolicieswil,theUShasaskedJapan,aswellasitsotherallies,sdefensebudgethasalreadybeenrisingeveryyearundertheAbeadministrationendingadecadeofmilitarybudgetcuts,

  JapanesePrimeMinisterShinzoAbe(left)attendsanewsconferencewithUSPresidentDonaldTrumponWednesdayinPalmBeach,Florida,US.[Photo/Agencies]AttheirmeetinginMar-a-Lago,Florida,onApril18,USPresidentDonaldTrumprebuffedJapanesePrimeMinisterShinzoAbe,TrumpannouncedthattheUSwonewtariffs,whichwillamounttoabout50billionyen($450million)ayearforJapandespiteAbeworkinghardtocultivateacloserelationshipwithTrump-ountermeasuresagainstUStariffs,sprotectionistpolicies,Japanhassignedorisnegotiatingmultilateraltradeagreements,which,itbelieves,,theJapaneseparliamentisworkingtowardratifyingtheComprehensiveandProgressiveAgreementforTrans-PacificPartnership,,JapanseestheTPP-11asacornerstoneonwhichitcn,too,inDecember,andthetwosidesaremaki,t,16countriesreachedaconsensustocompleteabasicframe,itwillproducethemostpopulous,diverseandenergeticfreetradeareaintheworld,,theleadersofChina,JapanandtheROKadvocatedeconomicglobalizationandfreetrade,andagr,,duringPremierLiKeqiangsvisittoJapan,BeijingandTokyoagreedtoestablishapublic-privatecounciltodiscussjoi,Japandoesnotwanttonegotiateatwo-waytrexploringcouldbackfireworldwide,sprotectionistpolicieswil,theUShasaskedJapan,aswellasitsotherallies,sdefensebudgethasalreadybeenrisingeveryyearundertheAbeadministrationendingadecadeofmilitarybudgetcuts,

  PengChao,adisabledstudentfromSichuanprovince,/ForChinaDailyThisweek,millionsofhopefulswilltakethegruelingcollegeentryexam,butforonegroup,itpresentsanevengreaterchallenge,,Chinasnationalcollegeentranceexam,,whoundertakeasmanyasthreedaysofintensiveteststhat,inmanycases,,itisoftsity;onetrackisstandard,reamestablishmentsaslongasthey"areabletoadapt",,inrecentyearsthecountryhasbeenprovidinggreaterassistanceforstudentswithdisabilities,especial,theMinistryofEducationpublishedanoticestipulatingthatexaminingbodiesshouldprovidethenecessaryassistancean,theministryandtheChinaDisabledPersonsFederationissuedaguidelinethatrequiredexaminingbodiesnationwidetooffer"reasonable"assistancetostudentswithdisabilitiestakingthetest,,blindandvisuallyimpairedstudentsshouldbeprovidedwithexampapersinBrailleorbearinglarge-printcharacters,whilethosewithhearingdisabilitiesareallowedtousehearingaidsandcanbeexempte,andthedurationofthetests,whichusuallylasttwoortwoandahalfhours,,5,626studentsappliedforassistanceofsomesortduringlastyear,sayingtheywillbetterservetheneedsofstudentswithdisabilities,buttheyalsocalledformoreassistancetailoredtomeetstudents,a23-year-oldfromGuangzhou,Guangdongprovince,,shespentthenightbeforethegaokaopracticingfillinginthesmallboxesonmultiplechoicepapers."Thetinyboxesontheanswersheetlookedlikeantstome,soinadditiontomakingsureIlearnedalltheacademicpoints,theotherthingIdidfrequentlywastofillinasmanyanswersheetsaspossible,soIwouldhaveenoughtimeduringtheexam,"shesaid.

  CarryingForwasRepublicofChinaAtthe18thMeetingoftheCouncilofHeadsofMemberStatesofTheShanghaiCooperationOrganizationQingdao,10June2018Dearcolleagues,InthislovelyseasonofJune,IamdelightedtowelcomeallofyoutothepicturesquecityofQingdaoforthe18thmeetingoftheCouncilofHeadsofMemberStatesoftheShanghaiCooperationOrganization(SCO).Over2,500yearsago,Confucius,thegreatChinesephilosopher,hadthistosay:"Whatajoytohavefriendscomingfromafar!"ItisthereforeofspecialsignificancethatIhostmydistinguishedguestsinShandong,thehomeprovinceofConfucius,,theSCOwillcelebrateits17thbirthday,anoccasionforustoreviewourorganization,guidedbytheSCOCharterandtheTreatyonLong-TermGood-Neighborliness,FriendshipandCooperationBetweentheMemberStatesoftheShanghaiCooperationOrganization,wehaveforgedaconstructivepartnershipfeaturingnon-alliance,,wehaveachievedamajorbreakthroughinthetheoriesandpracticesofinternationalrelations,createdanewmodelforregionalcooperation,,theSCOstandsasacomprehensiveregionalcoopera%oftheglobaleconomyand40%ivecooperationlinkageswi,theSCOhasbecomeanimportantforceforpromotinggloba,inthefinalanalysis,isattributedtotheShanghaiSpirit,acreativevisioninitiatedandfollowedthroughbytheSCOthatchampionsmutualtrust,mutualbenefit,equality,consultation,,transcendingoutdatedconceptssuchasclashofcivilizations,ColdWarandzero-summentality,hasopenedanewpageinthehistoryofinternationalrelationsandgainedincreasingendorsementoftheinternationalcommunity.AnemployeeofZTECorpworksonanassemblylineinXian,capitalofShaanxiprovince.[PhotobyYuanZhijing/forChinaDaily]Managementrevamp,stiffpenaltiestoavoidUSsanctionsdampeninvestorsentimentSharesofZTECorpplummetedonWednesday,aftertheChinesetelecommunicationequipmentmakersaiditwillhavetopayatleast$1billioninpenaltiesandreshuffleitsmanagementinexchangefortheUnitedStatesgovernment$($)onWednesday,thelowestinayear,$1billionfineandsettingaside$400millioninescrow,itwouldreplaceitsboardandseniorman,orthoseabovetheseniorvice-presidentlevel,ceDepartmentimposedabanonpurchasesofUStechnologyinpunishmentforit,becauseUScompaniesprovideanestimated25percentto30percentofcomponentsinitssmartphones,tethatsuchmoveswillhavealimitedimpactonZTEsbusiness,giventhatitremainstheworldsfourth-largesttelecomequipmentmakerandithasarelativelysteadyrelationshipwithitsclients."ItwillnotleadtobigfluctuationsinZTEsshort-termperformance,"CICCsaid,maintainingits40yuan($),,CEOoftelecomsindustrywebsiteCctime,saidthedarkestdaysforZTEareover,anditislikelythatth,000high-techjobsintheUS.

  

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A股万亿商誉“排雷”进行时

KhaltmaaBattulga,Mongolianpresident[Photo/ChinaDaily]ChinastandsreadytoworkwithMongoliatodevelopexchangesandcooperationbasedontheprincipleofmutualtrustandwin-wincooperation,andtostriveforanewvistaofpartnershipbetweenthetwocountries,Presideandrivers,XisaidthsattentiontotheChina-Mongoliarelationship,sayingheiswillingtowoperationfromastrategicheightandlong-termperspective,aswellasrememberthemutualunderstandingandrespectofeachothernicationsas,usemajorprojectcooperationtoguideandpromotebilateralpragmaticcooperation,andstepupthesynergyofMongolias"developmentpath",XisaidChneonconstructionofaneconomiccorridorandpushforprogressofthetrilateralcooperation,lateralties,sayingdevelopingfriendlyrelationsandpragmaticcooperationwithChinaisthepriorityofMongolia,Battulgasaid,addingthathiscountrywillproperlydealwithTaiwanandTibet-relatedaffairs,whichMongoliaconsidersChinasdomesticaffairs.

2019-08-2414:55:18来源:中国证券报·中证网

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经过多年资本市场并购重组的不断发展,A股上市公司商誉急剧膨胀,至今已破万亿规模。随着上市公司遭遇商誉减值“地雷”案例逐渐增多,其中暗藏的风险也开始逐渐暴露并被市场所认知,目前包括上市公司、监管层以及投资者均已有所行动,合力“排雷”。市场人士指出,由于此前并购重组“三高”案例颇多,未来两年仍将是商誉减值风险爆发的高峰期,投资者应注意甄别和规避,上市公司则需做好并购重组前期功课,监管层也应引导上市公司合理并购重组并做好信息披露。

商誉急剧膨胀破万亿

“公司正在跟收购对象协商修改利润补偿方案,拟下调目标净利润总额。”深圳一家上市公司董秘告诉中国证券报记者,近期频频曝出的商誉大额减值现象已引起公司重视,为防止收购标的业绩不达预期,公司拟将交易总价下调,对应给予收购标的的条件就是利润承诺总额也相应下调,“这样他们经营的压力也会小一些,我们也能尽量避免出现商誉‘地雷’,不让投资者失望。”

所谓的商誉“地雷”,只是并购重组后遗症的一个缩影。近年来,随着资本市场并购重组的盛行,很多上市公司为了追逐市场热点、炒概念、做高股价,不惜高溢价收购,导致商誉也出现井喷式增长,随之而来的商誉减值致业绩下滑甚至变脸的案例屡见不鲜。4月15日,勤上股份发布计提资产减值的公告,由于龙文教育2016年度经营情况未达预期,公司将对收购龙文教育形成的商誉计提减值准备4.2亿元。2016年初才完成对龙文教育收购的勤上股份,也由于这一原因,2016年度业绩由原来的盈利4786.69万元,变成亏损4.27亿元。

投资者也开始认识到危害,对商誉“爆雷”的上市公司“用脚投票”,比如勤上股份4月25日复牌后即告跌停。此举还带来连锁反应,由于股价大跌,勤上股份控股股东勤上集团、实控人李旭亮及其关联人李淑贤部分质押的公司股票接近平仓线,公司不得不再度停牌。

因子公司业绩不及预期而计提商誉减值,从而拖累公司业绩的上市公司也不在少数。据中国证券报记者统计,截至5月4日,今年共有新华医疗、大通燃气、东华软件、威海广泰等21家上市公司明确公告计提商誉减值准备。

“与上述21家公司不同,还有很多公司并未直接公告计提商誉减值,而是公告计提资产减值,将商誉作为其中一项,从而被投资者忽略。”有上市公司人士介绍,考虑到这种情况,2016年计提商誉减值的公司远远超过20余家,“还有些收购标的已出现业绩轻微不达标的情况,只是可能因为差额不大,尚未对商誉造成影响。”

据WIND统计数据显示,截至2016年末,A股共有1728家公司产生了商誉,累计规模高达1.05万亿元,而同期上市公司净利润仅为2.76万亿元,商誉占净利润的比例超过三成,高达38.04%。相比之下,2015年全年商誉确认额为6487.10亿元,同期营业利润为33572.32亿元,占比为19.32%。短短一年,A股商誉增幅超过六成,占净利润的比例也大幅提高近二十个百分点。

商誉急剧变动已成为拖累上市公司业绩的重要风险因素。深圳某会计师事务所负责人指出,在现有会计准则下,非同一控制下企业合并成本超过被合并企业可辨认净资产公允价值的部分将被确认为商誉。商誉列入资产负债表,不折旧、不摊销,但需要每年进行减值测试,减值金额将计入公司利润表,一经确认不得转回。“这也意味着商誉减值往往成为一些上市公司业绩下滑的‘黑天鹅’,一旦被收购资产业绩变脸,就将造成商誉减值,直接影响上市公司净利润。”该负责人指出,商誉越重,计提减值对利润造成的冲击就可能越大,上市公司、投资者双方均应高度警惕商誉过度减值带来的风险。

上市公司“破局”手法生变

为避免商誉“地雷”,尽量减轻对业绩的影响,上市公司的应对手法也开始发生变化。“一般而言,一旦被收购资产出现业绩承诺不达标的情况,上市公司大多会要求承诺方尽快补足差额。”深圳某私募负责人告诉记者,通常承诺方和上市公司会约定以回购股份或支付现金的方式对未达标部分进行补偿,但在实际执行过程中,承诺方的补偿往往难以兑现,“这种情况下,上市公司多数会同标的方原股东进行协商。”

“此前最常见的协商结果是更改业绩补偿方案,通常是将业绩承诺期内每个年度单独测算和补偿改为三个或五个年度届满时一次性测算和补偿,或是将现金补偿改为股份补偿。”该私募负责人表示,最近市场出现了“升级版”的业绩补偿方案更改方式,将原定的业绩承诺期延长、原定承诺金额提高。比如日前海格通信即按规定及相关程序,发布了关于延长长沙海格北斗信息技术有限公司业绩承诺期及增加业绩承诺的公告,将原定三年的业绩承诺期延长至五年,并将原定6500万元的业绩承诺金额提高至6800万元。

近期也有部分公司果断出售资产“止损”。以吉艾科技为例,2016年,公司实现营收2.39亿元,同比下降17%;净利润亏损4.39亿元,同比大幅下滑666%。业绩大幅下滑的“罪魁祸首”是2015年5月收购的安埔胜利,当时安埔胜利100%股权的交易总价为8亿元现金,评估增值率高达849%。交易对方承诺,安埔胜利2015年、2016年和2017年实现净利润分别不低于9443.55万元、1.086亿元和1.1946亿元。

不过,2015年度安埔胜利实际盈利9611.5万元,高出承诺数仅168万元,完成率为101.78%,勉强达标。2016年度,安埔胜利盈利仅为2875.5万元,还不到承诺净利润的30%。据此,吉艾科技对收购安埔胜利产生的商誉计提减值达3.29亿元,直接导致公司大幅亏损。为避免标的资产对上市公司业绩长久拖累,吉艾科技4月20日公告称,拟作价8亿元出售子公司安埔胜利100%股权,其中1.86亿元用于填补业绩承诺缺口,6.14亿元用于购买标的资产,总对价与买入价一致。

双箭股份的操作手法与之类似。2016年3月,公司斥资3.36亿元获得了北京约基58%的股权,交易对方当时承诺北京约基2015年至2017年的净利润分别为4000万元、5200万元和6800万元。然而,就在纳入上市公司合并报表的首年,北京约基出现了5096.48万元的亏损。为甩脱“包袱”,双箭股份今年4月11日披露,拟作价3.5亿元将北京约基58%的股权转让给原交易方,业绩承诺随之终止。

“之前上市公司跟承诺方还常常‘互留情面’,但如今上市公司明显理智得多。”上述私募人士表示,对于业绩难以达标的“劣质资产”,如果未来情况难以好转,上市公司果断“止损”不失为一种优质策略,既能及时回笼资金,也能尽快摆脱对业绩和股价的负面影响,腾出更多精力致力于公司主业发展。

监管合力“围剿”减值乱象

不论是更改业绩补偿方案,还是将标的资产出售,都是商誉“地雷”爆发后的无奈之举。市场人士指出,每一轮并购大潮后,可能出现商誉减值高峰。2014年到2016年是A股市场并购重组高峰,而并购业绩承诺一般是三至四年,这意味着2017年和2018年可能成为商誉减值集中爆发期。

“要想降低‘踩雷’的概率,关键还是上市公司应从并购初期就做好准备工作,不盲目跟风跨界,不高溢价、高业绩承诺并购。”前述上市公司董秘表示,上市公司在主营业务缺乏增长动力时,不应盲目追捧热门概念导致资产标的高溢价,并最终形成高额商誉;在并购完成后,经营业绩不应过度依赖并购对象,否则在被收购方业绩大变脸后,将面对商誉减值的冲击。

“投资者也应理性看待上市公司并购重组,分析重大重组对上市公司的长远利弊,尽量少盲目参与炒作,形成理性的投资理念。”他表示,由于商誉占资产比例过高以及收购标的评估增值率较高的公司,常常会面临更大的减值风险,投资者对这类公司要加以警惕。此外,随着部分上市公司逐渐度过业绩承诺期,一些商誉过高却从未有过减值动向的公司也需要投资者仔细甄别。

“监管层应继续引导上市公司合理并购重组,对部分通过调节商誉进行利润操纵甚至是利益输送的行为强力打击,引导市场健康发展。”深圳一私募负责人表示。

事实上,监管层对于商誉减值乱象的关注度也在提高,并在源头上予以“围剿”。证监会此前已多次表示,拟进一步强化对并购重组的监管,其中就包括强化业绩补偿监管,引导市场估值回归。在具体执行方面,监管层也频频出手。2016年以来,上交所和深交所分别向新文化、哈投股份、远方光电、深天地A和唐德影视等多家公司发出问询函,关注的焦点集中在高溢价并购是否合理,较高的业绩承诺能否实现等。

此外,监管机构还长期、多次提示注意减值风险。以深交所为例,在2014年至2016年的上市公司年报实证分析报告中,深交所就连续三次提出,溢价并购后标的业绩下滑计提商誉减值等现象需要引起注意。

“除了监管加压,还需强化并购重组及商誉减值相关信息披露,即向市场尽可能披露并购整体流程,以及对商誉减值作出判断的理由及相关决策过程,令市场参与者,尤其是中小投资者能够观察并监督各个环节,从而更加理性地作出投资决策。”上述私募人士还指出。

责任编辑:李盼(EN057)

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