安化| 武陵源| 大通| 安庆| 虎林| 汉源| 咸阳| 徽县| 台东| 额济纳旗| 博乐| 辉南| 康平| 庆阳| 西山| 仪陇| 垣曲| 政和| 云南| 文山| 图木舒克| 钟山| 濮阳| 三门| 莱西| 彰化| 龙门| 黎平| 上林| 延川| 揭东| 突泉| 漳浦| 定结| 栾城| 涞源| 巩义| 六盘水| 咸宁| 永丰| 沿河| 平原| 岳阳市| 清远| 淮阴| 肃宁| 吴忠| 枣庄| 丹巴| 剑阁| 龙海| 康保| 垫江| 察哈尔右翼后旗| 杞县| 兰西| 侯马| 隆德| 和顺| 介休| 神木| 贵池| 新乡| 贺兰| 寿阳| 小金| 康保| 福安| 汉源| 乐山| 日土| 单县| 蒲城| 拉萨| 衡山| 阳东| 咸阳| 日土| 荔波| 定西| 莘县| 肥东| 黑龙江| 犍为| 南浔| 政和| 得荣| 察哈尔右翼前旗| 清徐| 彭山| 会昌| 宜昌| 韶关| 崇仁| 子长| 大兴| 合阳| 乌拉特后旗| 延安| 丹阳| 冕宁| 扎鲁特旗| 那坡| 武夷山| 额敏| 哈密| 利辛| 东阳| 苍山| 宝清| 花溪| 稻城| 新宾| 扎赉特旗| 胶南| 蒲江| 通海| 札达| 依安| 通渭| 大足| 临海| 北流| 济源| 漯河| 潜江| 微山| 钟祥| 静宁| 溆浦| 枣庄| 安宁| 班玛| 香港| 石龙| 勉县| 祁阳| 临江| 雁山| 浑源| 新野| 鲁甸| 柞水| 潜山| 桓台| 信丰| 巨鹿| 清河| 资兴| 亳州| 蒙阴| 道孚| 济阳| 禄丰| 南平| 麻栗坡| 左贡| 华山| 大理| 正阳| 献县| 澎湖| 宁夏| 海丰| 新龙| 阳信| 盐源| 天池| 泉州| 陵川| 金沙| 鄂托克前旗| 安徽| 四子王旗| 蒙山| 淄川| 永济| 罗源| 巴马| 禄丰| 肇庆| 德清| 南涧| 岑溪| 辽中| 同仁| 惠水| 宁南| 新竹市| 阿图什| 玉林| 灵川| 资溪| 桃源| 古浪| 克拉玛依| 华阴| 上甘岭| 大同县| 普陀| 珊瑚岛| 宜君| 宜都| 绥宁| 通河| 安福| 昔阳| 松潘| 呼图壁| 海淀| 行唐| 永昌| 泗洪| 单县| 石柱| 宁夏| 红原| 南安| 通渭| 泾源| 四川| 昭平| 东莞| 九龙| 隆化| 泸州| 清丰| 乡城| 西和| 丘北| 怀远| 抚松| 察隅| 同德| 上犹| 景德镇| 桂东| 夏邑| 鲁山| 长岭| 龙泉驿| 池州| 金堂| 吐鲁番| 蓝山| 万源| 柘城| 伊春| 宜君| 莱芜| 林西| 临高| 丽江| 容城| 前郭尔罗斯| 望江| 上虞| 如皋| 兖州| 黄岩| 朝阳县| 云梦| 伊川|

NBA防守规则之投篮时的犯规示例一

2019-05-20 15:00 来源:汉网

  NBA防守规则之投篮时的犯规示例一

  AmanstandsatEmersonsnewMeasurementTechnologyCenterinBeijing,whichopenedlastNovembertoserveitsautomationsolutionsbusinessinChinaandacrossAsia.[Photo/ChinaNewsService]EditorsNote:Thisyearmarksthe40thanniversaryofChinaaniesfortheirviewsonthecountrystothegrowthofChinasenergyindustryPleaseusethreewordstodescribeChina,formandopening-uppolicy40yearsagoThe40yearsofreformandopening-uphavemadeChinamoremodern,moreinternationalizedandmoredeveloped,ssecond-largesteconomyanditsimageasoneoftheworldaandfortheChinesepeople,qualitydevelopment,fromatraditionallow-costlabormanufacturingcountrytoamoreinnovation-based,talent-oriented,sthebiggestchallengeChinafacestodayandhowcanthecountryovercomeitNowthatChinahasenteredaphaseofslowergrowth,oneofthemainchallengeswillbetomaintainitssuccessfultransitiontoaconsumer-oriented,,includingthe13thFive-YearPlan(2016-20),,thegovernmentsdevelopmentstrategytoincreaseregionaltradeandencouragebroaderglobaleconomiccooperation,iscreatingenormousbusinessopportunitiesthroughoutAsia,nologyinnovation,infrastructure,education,finance,senvironmentalanddevelopmentchallenges,Emersonisworkingwithindustryandgovernmentagenciestopromotetheefficientuseofenergy,includingimprovedenergyefficiencystandards,developingtechnologiesandsolutionstoboostcleanerenergyproduction,late1970s,Emersonwasoneofsixglobalcompaniesinvited,Emersonwastheonlycompanythatwaswillingtoenteralicensingdealtosupplytec,wearecommittedt,000employfter40yearsofreformandopening-up,Chineseenterpriseshaveundergonetransformationsintermsofsize,structure,ness,,wecompletedastrategicportfoliorealignmentprogram,whichenablesustofocusonourtwocorebusinesses-automationsolutions,andcommercialandresidentialsolutions-tobuildonourstrengthsandleadership,tinuousresearchanddevelopmentandinnovation,andasroleintheworldtodayOverthepast40years,Chinahastransformedfromanundevelopednationtoar,ChinasnatssustainedeconomicgrowthhastranslatedintoincreasingvisibilityontheworldstageandPrsdevelopmentoverthisperiodhasnotonlymadeitapowerfulengineofworldeconomicgrowth,butalsocontributedtotherecover,Chinaactivelypromotesthelinkingofdevelopmentstrategiesofallnationsacrosstheregionandbeyond,anditishelpingtoboostlocalemploymentande,itisalsoimportanttoenforceintellectualpropertyrightsande,intellectualpropertyrightsp,wearealsointerestedinChinasreformanddevelopmentactivitiesinkeyareassuchasconservationofenergy,reductionofcarbonemissions,improvementofairquality,sustainablefoodwastemanagement,sexperiencesandpracticesbeusedtosolveglobalproblemsThegovernments13thFive-YearPlanlaysdownthestrategyandpathwayforChina,urbanizationandsocialwelfare,environmentalprotectionandtalentdevelo,Chinahassetitsownambitiousdevelopmentgoals,governmentistakingconcertedactionstsnewgreenp,wefeelthatifanenterprisecanwininChina,,Chinaisoneofourmostimportantmarketsandmanyofourkeyproductsare,,,withitsnewterminal,,Ihavewitnessedthespeedofthenationstransformation,,whatprogressinotherfieldshaveyouwitnessedinChinainthepast40yearsOneexamplethathasbeenextremelyimpressiveisChina,dams,,thelengthofChinashighwaysandhigh-speedrailmileagearerankedNo1intheworldandthenationalhigh-speedrailway,whichdidnotexist10yearsago,isnowmoreextensivethantheEuropeanUnionstransportationisindeedthespeedofChina![][][T]返回顶部

到2020年,逐步将试点范围覆盖到所有贫困县的乡镇卫生院,所需资金由中央和地方财政共同承担并适当提高补助标准。好茶还需好品牌引领“我国茶产业大而不强,一个关键原因在于缺少强势品牌引领。

  AllanGabor,managingdirectorofperformancematerialsofMerckChina.[Photo/VCG]EditorsNote:Thisyearmarksthe40thanniversaryofChinaaniesfortheirviewsonthecountry:IthastakenChinajust40yearstobecometheworld,,:Chinawouldno,ChinasentryintotheInternationalCouncilforHarmonizationwillgreatlyimprovei:formandopening-upprGree,theyhavenotjustgrowninsize,,Ivealsoseensignificantimprovementsinpeopleshealth,,,thecountryhassetupmedicinepilotzonesinBoao,Hainanprovince,,whatprogressinotherfieldshaveyouwitnessedinChinain,theyarereallylookingtoexpressthemselvesnset:ChinasFive-YearPlanmechanismhasprovedsuccessful,,,thefasttakeoffine-commercecouldfacilitatetradeinremoteareasandthereasthebiggestchallenge,themortalityratefromchronicdiseasesisstillhigh,suressuchasopeningoursecond-largestdrugplantinNantong,Jiangsuprovince,whichproducespharmaceuticalsonthecountry,agetoprovidemoreinnovativeandhigh-qualitymedicineandhealthcareproductsthatimprovepeople,wehavedrugshelpingdiabetes,,wesupportthedevelopmentoforganiclight-emittingdiodetechnologytohelpflatpaneldi,wehelpourcustomersinC,wedontjustbenefitfromChina,,wehaveteamedupwithomesticcompaniesaremovingupinmanygoodways,,sspartners,asisexemplifiedinasroleintheworldtodayTraditionally,-politically,:WenowleveragetalentedpeopleinChinatocontributetoourglobalstrategies,,PresidentXiJinpingintroducedahostofpowerfulmeasurestofurtheropentheworldandresponsibilitiesflowdownthroughdiffe,mpressedbyhowthenationmajorincidentslikethebattleagainstsev,vibrant,innovativeandinclusive.SeniorcitizenschatataretirementhomeinBeijing.[Photo/Xinhua]AdjustmentfundwillhelpequalizeprovincesabilitiestopayretireesThecentralgovernmentisadoptinganadjustmentfundsystemforthebasicpensioncoveringemployeesofenterprisestoaddressthedifferentsituationsamongpro,ChinasCabinet,saidonWednesdaythatthesystem,whichwillbeputinplaceonJuly1,willbebasedonthecurrentpensionsyssionfundpoolsandredistributeitlater,basedon90percentoftheanplanthatwillbuildasustainablebasicpensionsystem,,PremierLiKeqiangsaidinawritteninstructionthatcoordinatedeffortsshouldbemadetoensuretheraising,allocation,,($523billion),,,,butprovincialregionssawincreasingdisparityintheirinsurancefundsduetothedifferencesintheireconomicgrowthandratiosofworkerstoretirees,YouJun,vice-ministerofhumanresourcesandsocialsecurity,saidatapo,suchasBeijingandGuangdongprovince,butotherplaces,suchasLiaoningandHeilongjiangprovinces,havepensionfunddeficits,,anationaladjustmentwascalledfor,ndsmorethantheysubmittedtothecentralgovernment,soverallabilityforriskmanagementinpensions,,ensuringpunctualpaymentinfulltoretirees,,aprofessorofsocialsecurityatRenminUniversityofChina,saidthenewsystemwillhelpremoveinequitiesbyunifyingpensioninsurancearoundthecountry."Workersandenterpriseswillpayatthesameratioandsystematicunificationwillleadtoanequality,whichisthefirstandvitalsteptobuildanationallycoordinatedpensionsystem,"Zhengsaid.

  ThreecrestedibisesflyonSadoIsland,Japan,onDec27,2016.[Photo/IC]TOKYO-Crestedibises,theiconicbirdsthatwereonthevergeofextinctioninJapaninthe1980s,arenowprosperingandprovidingaboosttothelocaleconomyontheislandofSado,thankstoChina,theisland,white-plumedcrestedibisescanbeseenhuntingforfoodinthepaddyfields."Wecanseethesebirdsforaginginthemorningandeveningallseasonsnow,astherearecrestedibisesnestsnearourricefields,",coveringanareaof855squarekilometersandwithapopulationof55,000people,isisseenasanadvantageousresourceontheislandgivenitsrecognitionbytheUnitedNationsFoodan,,thenumberofcrestedibisesinJapanplunged",foodconsumedbycrestedibises,suchasfrogsandsmallfish,disappearedfromthepaddies,andcrestedibisesalsowenttoextinct,"saidTakayukiNishimaki,,theJapanesegovernmentcapturedthelastfivewi,thelastJapanese-borncrestedibisdiedatthecenterattheageof36,screstedibisesontheislandarealldescendantsofthosefromnorthwestChina,whiletheworldwasholdingitsbreathfortheendangeredspecies,sevenwildcrestedibiseswerediscoveredinthemountainsofShaanxi."Thegloomintheconservationcenter(inSado)wasdispelledbythegoodnews....Thesebirdsweretosavethespeciesfromextinction,"HiroyukiIshi,anenvironmentaljournalistandscientist,,Chinasuccessfullylaunchedit,twocrestedibiseswenttoSadoasagiftfromChina,,,thecityofSadoplanstoincreasethenumberofforeigntouristsfrom1,510in2011to5,000by2019,accordingtoHiroakiIwasaki,alocalgovernmentofficial,,crestedibiseshavebecomeabrandoftheirownforlocalproducts,especiallyagriculturalproducts."Weproduce20,000tonsofriceeveryyear,enoughtosatisfytheneedsof500,000peopleayear,whichistentimesofthepopulationofSado,"saidManabuWatabe,,localfarmersstressedthattheirriceis"producedinharmonywithcrestedibises".Toproducesuchrice,farmersmustmakethericepaddiesaneffectiveecologicalsystem,wheresmallcreaturescoexistinharmonyandcrestedibiseshaveplentyoffood,Nishimakiexplained."Crestedibisesincreasedemandsonprotectingtheenvironment,andthebirdssuccessfullybreedinghereshowsthatthericehereissafe,"ZhangjiajieGrandCanyonGlassBridge.[Photo/ChinaNewsService](ECNS)-ZhangjiajieGrandCanyonGlassBridge,designedbyChinaRailwayMajorBridgeReconnaissanceDesignInstitute(BRDI),haswontheArthurGHaydenMedalinthe35thInternationalBridgeConference(IBC),thepre-eminentarenafortheworld,withsevenawardsinhonorofdistinguishedengineerswhohavengineeringdemonstratinginnovationinspecialusebridgessuchaspedestrian,people-mover,ornon-traditionalstructures,sHunanprovince,,,alsoresponsibleforthebridgesmaintenance,successfullysolvedthetechnicalchallengesincablesystemdesign,glassbridgesurfacestress,windresistance,human-inducedvibration,,BRDIschiefdesignerforthebridge,saidthebridgeusheredintheeraofcustomized,multifunctionalsuspensionstructuresinChina,XuGongyi,deputychiefengineerofBRDI,,erforover50bigbridgesinChina,winninganumberofdomesticandinternationalawards.

我们驱车路过今日的彭庄,车拐西行,就到了洗耳河边,这些地名皆是可考的。

  TheplanetMars.[Photo/Agencies]WASHINGTON-ThebestevidencethatlifeonceexistedonMarshasbeenrevealedin3-billion-yearoldorganicmatterinrocksandcyclicalemissionsofmethanefromtheplanetssurface,NASAscientistsdisclosedonThursdayinapressconferenceexplainingrecentdiscoveriesbytheCuriosityrover."Wha,"NASAbiochemistJenniferEigenbrodesaid."ttellusthatlifewasthere."OrganicmoleculesserveasthebuildingblocksoflifewhilemostofthemethaneinEarthsatmosphericcomesfromanimalandplantlife,scientistsexplained."Thechancesofbeingabletofindsignsofancientlifewithfuturemissions,iflifeeverwaspresent,justwentup,"saidCuriosity,however,notedthattheevidenceofancientlifeisfarfromconclusivebecausemethane—releasedfromtheplanetssurface—andorganicmolecu,amobilechemistrylababoutthesizeofacar,hasbeen

  Avolunteerhelpsalocaltryoutpaper-cuttingattheChineseboothatthe6thNairobiInternationalCulturalFestival,May12,2018.[PhotobyLiuHongjie/ChinaDaily]Sinceitslaunchin2013,theBeltandRoadInitiativehasb-theinternaldiscourse-presentstheBeltandRoadInitiative,onnectivity(greatertrade,infrastructureandpeople-to-peoplelinks)amongEurasiancountriesandpromotetheeconomicdevelopmentandprosperityofAsian,,theinitiativehasbeenpresentedasanembodimentofthegrandChinesevisionof,aswellasaseriesofpolicyinitiativesin,constructingacommunityofsharedfutureforhumank-theexternaldiscourse-offersasharplydifferentrepresentationandinterpretationoftheinitiative"ChinasMarshallPlan",aneconomicprojectwithstrategicsignificancefor"dictatingterms"ttoreconstructaSino-centriceconomicorder,areincarnationofthetraditionalChinesetributarysystemthatentrenchesChinaftheEurasiancontinent,replayingthehistorical"GreatGame",inotherwords,isChinas"empirebuildingalongtheSilkRoad".NoonecouldandshoulddenytheimplementationoftheBeltandRoadInitiativehasrealgeoeconom,theinitiativeischangingconventionalgeopoliticalthinkingdominat"Indo-Pacific",sucofthecountriesinvolvedintheBeltandRoadI,theycannotaccountforwhysomanyformercolonialstatesinAsiaandAfricahaveembracedtheinitiative,whichhasbeenendorsedbytheInternationalMonetaryFundandtheWorldBank;orexplaintheclosecooperationbetweenChinaandRussiainimplementingtheinitiative;orshedlightonwhyWesternbanks,includingCitigroupandDeutscheBank,,ithasinvolvednotonlyChinaandthecountriesalongtheBeltandRoadroutesasstateactors,butalsomultilateralinstitutionssuchastheWorldBankandIMFaswellastrans-nationalf,,theBeltandRoadInitiativewillnolongerbejustChina,itwillbeaglobalprojectcolle,fiveyearsafterthelaunchoftheinitiative,itisnolongerpossibletoimagineaworldwithoutitasaconstituenistol.,Minnesota,US,June12,2018,inthisimageobtainedfromsocialmedia.[Photo/Agencies]MINNEAPOLIS—Araccoonthatbec,Minneapolis,US,,accordingtoWildlifeManagementServices,"Itseatingnormally,"saidChristinaValdivia,thecompanysgeneralmanager,sadventurescausedastironsocialmediaasitscaledthetowerTuesday,withmanyTwitterusersvoicingconcernforitssafetyorjokingaboutthedramaasits,,afemale,wasreleasedlaterinthedayandscamperedin,whichbrokethestoryandcloselyfollowedtheraccoonsclimbfromitsheadquarterslessthanablockaway,brandedtheanimal#mprraccoon.

  难道,他的弟子们会将禅师背到很远的地方修塔以纪念?不,不会的,但是这座名叫笔架山的山中没有了寺庙的踪迹,也许是“只在此山中,云深不知处”吧。

  TheskylineofShenzhen,SouthChinasGuangdongprovinceisseenonJuly22,2017.[Photo/VCG]ThesouthernmetropolisofShenzhenhasjoinedothercitiesinafiercecompetitiontoattracttalentbysimplifyingtheprocedureforuniversitygraduatestoobtainlocalhouseholdregistration,,graduateswillbeabletosubmitapplicationsonlinebyuploadingtheireducationcertificatesandpersonalinformationinsteadofgoingtohumanresourceofficesinperson,authenticityandapplicantsqualifications,,itygraduatesanddealwiththeirhukoumatters,enhancingworkefficiencyandincreasingShenzhensattractivenessfortalent,,slatestefforttoattrac,thecitysho,,morethanhalfofwhichwillbedesignatedfortalentedworkers,edforthehousingstartingthisyear,,theaveragepriceforanewhomeinMaywas54,111yuan($8,445)persquaremeter,downj,aresearcherattheGuangdongAcademyofSocialSciences,saidtheintroductionofthenewhukoupolicyisaneffectivewayforShenzhentoretainandattracttalent,giventhehighcostoflivinginthecity."Formanyfreshgraduates,theprimaryissueisthehukoubecausethedocumentiscloselyrelatedtotherightsandsocialservicestheycanenjoy-forexample,buyinghomesorgettingmedicaltreatment,",asenioratShenzhenUniversity,saidalthoughhukouisanimportantfactortoconsider,themainconcernw,includingBeijing,Shanghai,ChengduandXian,havealsoofferedpreferentialpoliciestowoograduates.TheskylineofShenzhen,SouthChinasGuangdongprovinceisseenonJuly22,2017.[Photo/VCG]China,asrevealedbythelatestinvestigationoftheChineseAcademyofSocialSciencesorCASS,teofthesecondquarterofthisyearwillremainthesameasthefirstquarterof2018,accordingtotheinvestigationpublishedontheChinaEconomist,,,,,ecommoditypricelevelswillincreasecomparedwiththesris135,9percentagepointslowerthanlastquarter,,about70percentoftheeconomistsbelievethepressureofovercapacitywillberelievedbutitwillstillexistforalongtimeinthenextdecade,sovercapacityisthelackofinnovativeabilitiesamongmanufacturers,ndadvancedtechnologymeansproductioncompaniescannotmanufactureproductsthatmeetdiversifiedneeds,whichleadthegovernmentcityreductionoughttoincludesettingstandardsforcapacitywithdrawal,guidingcompaniesinupgradesandperfectingthelegalsystemforenterprisebankruptcy.

  PresidentXiJinping,alsogeneralsecretaryoftheCommunistPartyofChinaCentralCommitteeandchairmanoftheCentralMilitaryCommission,talkswithacademicianofChineseAcademyofEngineeringGuanHuashiatPilotNationalLaboratoryforMarineScienceandTechnologyduringaninspectiontourinQingdao,EastChinasShandongprovince,June12,2018.[Photo/Xinhua]PresidentXiJinpingconductedaninspectiontourinthecitiesofQingdaoandWeihaiofShandongology(Qingdao),toknowmoreaboutmajorfrontiersciences,theindependentresearchanddevelopmentofmarinehigh-endequipment,,GuanHuashi,anacademicianfromChineseAcademyofEngineering,s"bluedrugstore".

  TheplanetMars.[Photo/Agencies]WASHINGTON-ThebestevidencethatlifeonceexistedonMarshasbeenrevealedin3-billion-yearoldorganicmatterinrocksandcyclicalemissionsofmethanefromtheplanetssurface,NASAscientistsdisclosedonThursdayinapressconferenceexplainingrecentdiscoveriesbytheCuriosityrover."Wha,"NASAbiochemistJenniferEigenbrodesaid."ttellusthatlifewasthere."OrganicmoleculesserveasthebuildingblocksoflifewhilemostofthemethaneinEarthsatmosphericcomesfromanimalandplantlife,scientistsexplained."Thechancesofbeingabletofindsignsofancientlifewithfuturemissions,iflifeeverwaspresent,justwentup,"saidCuriosity,however,notedthattheevidenceofancientlifeisfarfromconclusivebecausemethane—releasedfromtheplanetssurface—andorganicmolecu,amobilechemistrylababoutthesizeofacar,hasbeen

  ChengandhisteamperformduringtheweeklongStraitsForuminXiamen,receivedfromteachersinthestudentaffairsoffice."Ishoutedatthem:WhydoyoutreatmelikethisIalsogetbulliedbyothers,"edhimtightly,askinghim:"tyoufeelourloveandtolerance""Herwordswereaturningpointinmylife,whichmademedeterminedtochangemyself,"hesaid."Later,,IfeltasifIhadtwolegsthatcouldmovefreelyandfast."Chengstartedlearningwheelchairdanceandwheelchairsports,includingbasketballandbadminton."AtfirstIwasunwillingtopracticedancingbecauseIthoughtitagirlishthing,"hesaid.""Throughdancing,Chengfoundhisconfidenceandself-esteem."Onceanoldwomanintheaudiencetoldmethatmyperformancecouldtouchalotpeople,"hesaid."Igraduallyrealizedthatwheelchairdanceisnotjustaperformance,butawaytoinspireothers."Chenglaterimprovedonthetraditionalformofwheelchairdancing,whichwaspassive,andaddedmoredancingstyles,suchaship-hop,andgesturestohisperformance.ThelogoforDouyin,picturedonMay25,2018.[Photo/VCG]Chinasshort-videoplatformDouyinreleaseditsuservolumeforthefirsttimeonTuesday,withmorethaasdifferentfromthreemonthsago,whenareportissuedbytheinternetconsultancyAnalysysshowedthatDouyinsarchrivalKuaishouheldasafeleaduptoFebruarywith108milliondailyactiveusers,evenmorethanthecombinedvolumeoftheotherthreevideoapps—Douyin,sofficialWeChataccount,theplatformhasincreasedby80milliondailyactiveusersinthespanofthreemonths,sdailyuserpoolwentthroughasignificantexpansionfromlessthan40milliontonearly70millionduringtheSpringFestivalholiday,,seniordirectorwithDouyin,sayingthatduringSpringFestivalthemobilityofexistingusers,mainlyspreadamongfirstorsecond-tiercities,,Douyinhassinceexpandeditsreachtovariousothercategories,suchasgourmetfood,exercise,travelandculture,,morethan40percentoftheusersonDouyinareaged24-30,compared,Douyinhasalsoattractedmorethan500governmentbodiesandmediaorganizationstoopenanaccountonitsplatform,includingtheState-ownedAssetsS,,withAllWeatherTMTquotingdatafromtheshort-videoapplicationownedbyBeijingByteDanceTechnology,,founderandCEOofBytedance,saidinMar,anoverseasiterationofDouyin,,avideosocialnetworkpurchasedbyToutiaoinNovember,haveprovidedservicesinmorethan150countriesandregions,enjoyingthefastestgrowthintheworldamongmobileapps.

  

  NBA防守规则之投篮时的犯规示例一

 
责编:

最大房贷公司股价腰斩 加拿大“被次贷危机”

2019-05-20 05:06
来源: 第一财经日报
编辑:东方财富网

东方财富APP

  • 方便,快捷
  • 手机查看财经快讯
  • 专业,丰富
  • 一手掌握市场脉搏

手机上阅读文章

  • 提示:
  • 微信扫一扫
  • 分享到您的
  • 朋友圈
摘要
[HCG只占加拿大住房抵押贷款市场的1%不到,且问题贷款仅占0.3%,这意味着没有实质性证据证明,加拿大整体房贷市场出现了问题。]
PresidentXiJinpingpresidesoveraplenarysessionofthe18thShanghaiCooperationOrganizationSummitinQingdao,Shandongprovince,"self-centered,shortsightedandcloseddoorpolicies".LIXUEREN/XINHUAChinatoestablish$,offerstotrain2,000lawenforcementofficersforallSCOcountriesPresidentXiJinpingcalledonSundayforjointeffortswithShanghaiCooperationOrganizationcountriestobuildanopenworldeconomyandreject"self-centered,shortsightedandclosed-doorpolicies".XimadetheremarkinaspeechhedeliveredattheplenarysessionoftheSCOSummitinQingdao,Shandongprovince."WeshouldupholdWTOrulesandsupportthemultilateraltradingsystemsoastobuildanopenworldeconomy,",tradeprotectionismandthebacklashagainstglobalizationaretakingonnewforms,,Xiannouncedanumberofmajormeasu($)equivalentspeciallendingfacilitywithintheframeworkoftheInterbankConsortiumoftheSCO,,000lawenforcementofficersforallSCOcoun,Chinawillprovide3,000trainingopportunitiesforthehumanresourcesdevelopmentofSCOmemberstates,engyun2weathersatellites,ibutiontopeaceanddevelopmentintheregion,ancesystem,andwork,thegrowingcallforamorejustandequitableinternationalordermustbeheeded,Xisaid,addingthatgreaterdemocracyininternationalrelationshasbecomeanunstoppabletrendofthetimes."TheShanghaiSpirit,transcendingoutdatedconceptssuchasclashofcivilizationsColdWarandzero-summentality,hasopenedanewchapterinthehistoryofinternationalrelations,andgainedincreasingendorsementoftheinternationalcommunity,",SCOcountrieshaveforgedaconstructivepartnershipfeaturingnon-alliance,non-confrontationandnottargetinganythirdparty,nd40percentofitspopulation.

  HCG只占加拿大住房抵押贷款市场的1%不到,且问题贷款仅占0.3%,这意味着没有实质性证据证明,加拿大整体房贷市场出现了问题。

  经历了雷曼兄弟的轰然倒塌、2007年美国次贷危机酿成的长达数年的全球金融灾难,似乎任何与房地产有关的负面消息都会被成倍放大。加拿大这次似乎就“被次贷危机”了。

  近期,有国内外媒体报道,“上周三(4月26日),加拿大最大的非银行房贷供应商HomeCapitalGroupInc.(HCG)遭遇流动性危机,股价暴跌60%”,部分国内媒体称,“这疑似引发了一场‘加拿大版的次贷危机’。”然而,第一财经记者采访多方人士并搜集相关资料后发现——这可能仅仅是一场局部性、个案性的冲击,尽管加拿大部分城市房价高企,但此事与酿成另一场“次贷危机”并无绝对关系。

  “之所以HCG股价上周一度暴跌,陷入危机,主要因为加拿大安大略省证券委员会(OSC)指控HCG没有充分披露相关贷款业务的重要信息,并且发布了误导信息,还在年报中作伪证。”环球房产分析师冼敬棠对第一财经记者表示。

  也正因此,部分储户此前已开始撤资挤兑,除了活定期存款之外,其高利储蓄账户(HISA)也成为民众提款的对象。“这一度对HCG造成了流动性危机,并可能会对其他公司有‘溢出效应’,但这只是独立事件,‘次贷危机’一说言过其实。”冼敬棠对记者表示。

  最大非银房贷公司遭遇危机

  4月26日当天,许多人在多伦多证券交易所内,亲眼目睹了HCG股价断崖式的下跌——当天该股下跌11.1加元收报5.99加元,跌幅达64.95%。

  HCG是加拿大最大的非银行类房贷供应商,也是加拿大第八大吸储机构。其2016年账面房贷约有180亿加元,其中84%的房贷来自于安大略省。

  据悉,HCG旗下拥有数家加拿大联邦政府监管的金融机构,包括HomeTrust,HomeBank和OakenFinancial.HCG在加拿大的六个省内同一些大银行、信贷联盟和其他相关公司竞争,它的目标群体是“加拿大主要金融机构并不十分关注的金融服务市场”,这也是HCG网站上的原话。

  HCG提供的服务包括信用卡、GIC(投资存款证)和储蓄账户,其主要盈利模式是向客户提供未担保住房抵押贷款,而这些人往往是无法获得大银行贷款的,主要因为他们的信用历史有瑕疵,或者为自由职业者。

  HCG的问题于上周正式爆发。OSC称几家公司管理层违反证券法律,并且误导股东,对两年前的贷款文件进行了伪造。据悉,HCG被指控伪造了潜在借款人在申请贷款时的收入能力。而HCG当时表示,没有借款人存在偿付能力的问题。

  多伦多大学客座经济学讲师陈蔚纯在接受第一财经采访时称,HCG的一些贷款经纪人放贷的时候,没有真正核实客户的收入证明,违规了。该公司自己做过一个为期6个月的调查,证实了这一情况。“但是,公司没有将调查结果向股东披露。所以OSC对它进行调查,最近对公司高层进行起诉,包括当时的CEO、CFO等,都要在听证会上进行解释。”

  据悉,从3月28日至4月24日,就有超过约8.1亿加元从该公司的高利储蓄账户中持续流出。为了应对挤兑潮,HCG向多伦多的退休基金——加拿大安大略医疗机构养老金计划(HOOPP)紧急申请了20亿加元的贷款支援,并在4月26日当天宣布此事。结果立刻引发了股价暴跌,同日又有36%的资金从公司出逃。

  本周一(5月1日),HCG称其高利储蓄账户的存款余额只剩下3.91亿加元,远不如上周五的5.21亿加元和一周前的14亿加元。有分析称,除了一些普通存款账户,HCG的128.6亿加元GIC存款也是支撑其房贷业务的根基,等到这些短期存款到期后,挤兑速度可能进一步加快。

  GIC是加拿大的投资品种之一,它具有在一定期限内获得收益保证的特点,利率通常比定期存款高。客户可以在注册养老金储蓄计划内投资GIC,也可以在非注册投资账户内投资GIC.GIC的品种繁多,总体来说有加元和美元两种,期限为1~5年不等。到期时,GIC可以续做。GIC的投资金额最低为1000加元。

  在经历4月26日的暴跌之后,次日HCG股价回升,收报8.02加元,5月3日收报6.84加元。

  尽管股价有所反弹,但HCG流动性问题仍然存在诸多不确定性。尤其是其获取的信贷支持利率颇高,头一笔10亿加元贷款的利息高达22%,堪称高利贷。“这可能更代表了HCG存在资金短缺问题的紧迫性。”LaurentianBank分析师MarcCharbin称。

  此外,该公司的麻烦远远没有完结。OSC将在5月4日举行听证会,就HCG涉嫌误导投资者一事进行调查。

  加拿大采取措施抑制局部高房价

  当这一风险事件与加拿大某些地区的高房价联系在一起时,“危机”二字似乎跃然纸上,坊间更是将HCG和当年轰然倒台的雷曼兄弟联系在了一起。

  根据国际货币基金组织(IMF)“全球房市观察”公布的最新数据,加拿大的房价收入比居全球第七高。多伦多房价在过去一年上涨了33%,泡沫论不断。

  有不少经济学家指出,多伦多等地房价之所以能够维持高位,是因为低利率、供地不足、加拿大经济向好以及是新移民首选城市等多种因素在起作用。

  但有久居加拿大的华人对第一财经记者表示:“多伦多和渥太华的房价的确很高,与北京和上海情形类似,华人都喜欢在这两处购置房产,近两年持续推高房价。不过其他地区的房价仍算合理。”

  冼敬棠也对记者提及,此前,温哥华地区外国买家执行额外缴税15%已超过8个月(温哥华房价从2016年年中起转而向下,截至2017年1月,房价同比下降了19%)。安大略省政府面对越来越烫手的多伦多房市,也在今年4月20日宣布通过立法,在大金马蹄(GGH)地区的房市实施15%的非居民投机税。

  上述立法规定,非加拿大公民或永久居民如果在该地区购买住宅物业,将要多付15%的税。有超过6个家庭的多单元出租物业,以及农业、商业和工业用地,不适用该税。新税从2019-05-20开始实施,在4月20日或之前签订了买卖协议的交易,可免于被征此税。

  一名居住在加拿大近15年的华人还对第一财经记者表示:“政府已经要求在部分地区购房的海外投资者不能将房产空置,如果自己不居住,就必须将其租出,以缓解部分黄金地区住房紧张问题,这在之前似乎已经造成了加拿大公民的住房问题。”

  从安大略省政府出台外国买家税,并允许市镇政府征收房屋空置税之后,多伦多当地的楼市开始出现观望情绪。有多个地产经纪人表示,他们代理销售的房产没有出现前几个月的哄抢情况,大家似乎都在观望和等待,看看这些新政策会起什么作用。

  加拿大统计局4月28日公布的数据显示,2月,在27个行业中有18个行业最高增长率为零。而在GDP增幅最大的前5个行业中,就有3个行业与房地产相关,分别是建筑业、地产和租赁,以及金融保险业。其中,房地产行业增长5.3%,为2015年以来最大月度涨幅,多伦多房价飙升是主要推动力。

  房地产及其相关行业目前支撑着加拿大经济不至于陷入技术性衰退。有人担心,一旦这个支撑点出现异常,加国经济可能就会遭遇麻烦。

  不是“次贷危机2.0”

  即使是加拿大房价高企,但将HCG引发的风险事件与次贷危机联系在一起,仍然有失偏颇。

  Mawer资产管理公司CEOJimHall认为,由于加拿大拥有世界上最稳定的金融系统,在各公司与银行之间筑起了多道防火墙,该公司的“流动性危机”发酵成为系统性危机的概率不大。

  当年雷曼兄弟之所以轰然倒台,主要还是栽在了住房抵押贷款支持证券(MBS)业务过度上,且美国次贷危机的爆发也不仅仅因为房价大跌,更是因为金融衍生产品的无度成倍放大了危机的破坏性,并传染至全球。

  当年,MBS被卖完,银行家发明了风险较大的担保债务凭证(CDO),然后又发明了CDO的CDO,风险不断升级。一层套一层,直到人们可以对不属于自己的资产下注,然后再也没有人能说清基础资产的风险到底有多大。

  CDO指投资银行通过特殊目的实体(SPV)收购了一批金融资产(大多为房屋抵押贷款),然后由SPV发行多种不同清偿顺序和利率的债券。风险承受度低的就购买清偿优先的债券,风险承受度高、要求回报高的就购买清偿顺序靠后、利率更高的债券。

  而信用违约掉期(CDS)当时则成了为CDO上的保险。如果债务违约,CDS卖方需要向买方支付赔偿金;反之,CDS卖方就能坐享买方支付的保费。当各界都认为房价会涨时,CDS就变成了一个稳赚保费而不会亏损的买卖。

  简单而言,B银行持有A银行的CDS,而C银行又向B银行买这个CDS,B银行得以换得流动性。此后,CDS在市场上不断被炒作、转手,最终持有者可能已经是G银行。据公开资料,危机前CDS的市场总值已经抬高到了逾60万亿美元。然而,最终房价大跌之时,市场便整体崩盘。

  相比之下,加拿大似乎还不存在这种疯狂的局面。此外,资料显示,HCG只占有加拿大总体住房抵押贷款市场的1%不到,且问题贷款仅占0.3%,这意味着没有实质性证据证明,加拿大整体房贷市场出现了问题。虽然持怀疑观点者将HCG的遭遇同雷曼兄弟联系在了一起,但HCG更像是一个独立事件。

  陈蔚纯也称,HCG的体量没有大到足以动摇整个加拿大楼市的地步。其房贷总额只占整个加拿大房贷市场的不足1%,而加拿大五大银行提供的房贷总量则占90%以上。

  陈蔚纯分析称,HCG提供的服务,能满足那些从大银行借不到钱的客户的需要。而这些人当中,有很多就是炒房的人。“这一风波会对该类别的房贷市场造成影响,逼着同类房贷公司都看紧自己的银根。现在就有好几家同类公司的股价开始大跌。”

  “炒房客借钱难度加大,资金链面临断裂,只好把手中的房子卖出。当越来越多的炒房客被逼抛售时,会起到压制房价的作用,对市场反而是一个良性调整。”陈蔚纯说。

  此外,陈蔚纯还称:“HCG也把一些房贷以打包的方式卖出去,据说有一些大银行买了,但我手头没有该数据,不知道成交量有多少。即便如此,加拿大的打包金融业务并不发达。无论是从打包的复杂程度,还是各金融机构间的牵连程度,都远远不及当年的美国。”

(责任编辑:DF327)

  • 名称
  • 最新价
  • 涨跌幅
  • 换手率
  • 资金流入
请下载东方财富产品,查看实时行情和更多数据
点击排行
郑重声明:东方财富网发布此信息目的在于传播更多信息,与本网站立场无关。东方财富网不保证该信息(包括但不限于文字、数据及图表)全部或者部分内容的准确性、真实性、完整性、有效性、及时性、原创性等。相关信息并未经过本网站证实,不对您构成任何投资建议,据此操作,风险自担。
东方财富

扫一扫下载APP
天天基金

扫一扫下载APP
信息网络传播视听节目许可证:0908328号 经营证券期货业务许可证编号:913101046312860336 违法和不良信息举报:021-54509984 举报邮箱:jubao@eastmoney.com
沪ICP证:沪B2-20070217 网站备案号:沪ICP备05006054号-11 沪公网安备 31010402000120号 版权所有:东方财富网 意见与建议:021-54509966/021-24099099
宝丽路 六榕街道 塘河村 长官镇 大庙
蓟门桥 瓯海县 桅子坡 中木拉 东窑