{"id":151514,"date":"2021-09-23T09:01:02","date_gmt":"2021-09-23T01:01:02","guid":{"rendered":"https:\/\/www.fbe.hku.hk\/?p=151514&#038;post_type=thought-leadership&#038;preview_id=151514"},"modified":"2021-09-23T12:47:56","modified_gmt":"2021-09-23T04:47:56","slug":"thoughts-on-hong-kongs-fiscal-reserves-2","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/opinions-and-speeches\/thoughts-on-hong-kongs-fiscal-reserves-2\/","title":{"rendered":"\u5173\u4e8e\u9999\u6e2f\u8d22\u653f\u50a8\u5907\u7684\u4e00\u4e9b\u601d\u8003"},"content":{"rendered":"<p>\u57282020\/21\u8d22\u653f\u5e74\u5ea6\uff0c\u9999\u6e2f\u7279\u533a\u653f\u5e9c\u5f55\u5f972500\u591a\u4ebf\u5143\u8d22\u653f\u8d64\u5b57\uff0c\u9884\u8ba1\u672c\u8d22\u653f\u5e74\u5ea6\u4ecd\u4f1a\u5f55\u5f97\u663e\u7740\u7684\u8d64\u5b57\u3002\u9999\u6e2f\u5411\u6765\u5949\u884c\u91cf\u5165\u4e3a\u51fa\u7684\u7406\u8d22\u539f\u5219\uff0c\u300a\u57fa\u672c\u6cd5\u300b\u4e5f\u6709\u6b64\u89c4\u5b9a\uff0c\u96be\u514d\u6709\u4eba\u4f1a\u5fe7\u8651\u8d22\u653f\u7684\u53ef\u6301\u7eed\u6027\u95ee\u9898\u3002\u7b14\u8005\u5e0c\u671b\u900f\u8fc7\u672c\u6587\u52fe\u5212\u516c\u5171\u8d22\u653f\u60c5\u51b5\u4e4b\u4f59\uff0c\u5e76\u5c31\u76f8\u5173\u8303\u7574\u63d0\u51fa\u7ba1\u89c1\u3002<\/p>\n<h5>\u8d22\u653f\u6536\u5165\u6709\u5f85\u5f00\u6e90<\/h5>\n<p>\u867d\u7136\u81ea2019\u5e74\u5f00\u59cb\u7684\u4e24\u4e2a\u8d22\u653f\u5e74\u5ea6\u8fde\u7eed\u51fa\u73b0\u8d22\u653f\u8d64\u5b57\uff0c\u4f46\u5e94\u8be5\u53ea\u662f\u77ed\u671f\u73b0\u8c61\uff0c\u4e0d\u662f\u5e38\u6001\u3002\u9999\u6e2f\u57282003\u5e74\u6c99\u58eb\u671f\u95f4\u7ecf\u5386\u4e86\u51e0\u5e74\u7684\u8d22\u653f\u8d64\u5b57\uff0c\u4e4b\u540e\u8fde\u7eed\u5341\u591a\u5e74\u5374\u5f55\u5f97\u8d22\u653f\u76c8\u4f59\u3010\u56fe1\u3011\uff1b\u8fd9\u4e9b\u7d2f\u79ef\u7684\u76c8\u4f59\u51cf\u53bb\u4e8f\u635f\uff0c\u6210\u4e3a\u653f\u5e9c\u7684\u8d22\u653f\u50a8\u5907\uff0c\u81f32018\u5e74\u66f4\u8fbe\u5230\u5386\u53f2\u9ad8\u4f4d\u3002\u867d\u7136\u65b0\u51a0\u80ba\u708e\u75ab\u60c5\u4f9d\u7136\u5728\u5404\u5730\u8086\u8650\uff0c\u4f46\u76f8\u4fe1\u6700\u7ec8\u5c06\u4f1a\u53d7\u63a7\uff0c\u5728\u516c\u5171\u536b\u751f\u5371\u673a\u7f13\u548c\u4e4b\u540e\uff0c\u672c\u6e2f\u7684\u8d22\u653f\u72b6\u51b5\u7406\u5e94\u505c\u6b62\u6076\u5316\uff0c\u5f53\u7136\u8fc7\u5f80\u7684\u8d22\u653f\u6536\u652f\u80fd\u5426\u56de\u590d\u65e7\u89c2\uff0c\u5219\u662f\u9700\u8981\u601d\u8003\u7684\u95ee\u9898\u3002<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-large wp-image-151501\" src=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide2-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide2-1024x576.png 1024w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide2-300x169.png 300w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide2-768x432.png 768w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide2.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;\">\u8d44\u6599\u6765\u6e90\uff1a<a href=\"https:\/\/tradingeconomics.com\/hong-kong\/government-budget\">Trading Economics<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>\u8fc7\u53bb5\u4e2a\u8d22\u653f\u5e74\u5ea6\u3010\u8868\u3011\uff0c\u6bcf\u5e74\u5ea6\u653f\u5e9c\u603b\u6536\u5165\u4e2d\uff0c\u5229\u5f97\u7a0e\u536022.44%\u81f331.16%\u3001\u85aa\u4ff8\u7a0e\u53608.42%\u81f312.86%\u3001\u5730\u4ef7\u6536\u5165\u536013.53%\u81f326.59%\u3002\u6574\u4f53\u6536\u5165\u4e2d\uff0c\u53e6\u4e00\u91cd\u8981\u5355\u9879\u5143\u7d20\u662f\u5370\u82b1\u7a0e\uff0c\u5360\u653f\u5e9c\u6536\u516510.8%\u81f315.35%\uff1b\u5176\u4f59\u5219\u4e3a\u6295\u8d44\u6536\u5165\u53ca\u5176\u4ed6\u6536\u5165\u3002\u4ece\u6570\u636e\u53ef\u89c1\uff0c\u5229\u5f97\u7a0e\u548c\u85aa\u4ff8\u7a0e\u5360\u6574\u4f53\u6536\u5165\u7684\u6bd4\u91cd\u8f83\u7a33\u5b9a\uff0c\u6bcf\u5e74\u53d8\u5316\u4e0d\u5927\uff1b\u571f\u5730\u6536\u5165\u5360\u6bd4\u5219\u53d8\u5316\u5f88\u5927\u3002\u6574\u4f53\u8d22\u653f\u6536\u5165\u6709\u5176\u56fa\u6709\u7684\u591a\u53d8\u6027\uff0c\u5bf9\u4e8e\u5982\u4f55\u589e\u52a0\u8d22\u653f\u6536\u5165\u3001\u600e\u6837\u8c03\u6574\u5404\u90e8\u5206\u6765\u6e90\u7684\u6bd4\u91cd\u3001\u589e\u52a0\u8d22\u653f\u6536\u5165\u7684\u7a33\u5b9a\u6027\u7b49\u7b49\u95ee\u9898\uff0c\u8fd1\u5e74\u574a\u95f4\u90fd\u6709\u4e0d\u5c11\u8ba8\u8bba\uff0c\u4f8b\u5982\u5f00\u5f81\u9500\u552e\u7a0e\u3001\u6269\u9614\u7a0e\u57fa\u3001\u589e\u52a0\u5dee\u9977\u6536\u5165\u7b49\u3002\u4ee5\u4e0b\u96c6\u4e2d\u63a2\u8ba8\u4e00\u4e2a\u8f83\u5c11\u8bba\u53ca\u7684\u8bae\u9898\uff0c\u5c31\u662f\u5982\u4f55\u63d0\u9ad8\u8d22\u653f\u50a8\u5907\u7684\u6295\u8d44\u6536\u5165\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-large wp-image-151504\" src=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide4-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide4-1024x576.png 1024w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide4-300x169.png 300w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide4-768x432.png 768w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide4.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;\">\u8d44\u6599\u6765\u6e90\uff1a<a href=\"https:\/\/www.censtatd.gov.hk\/hkstat\/sub\/sp110_tc.jsp?tableID=193&amp;ID=0&amp;productType=8\">\u9999\u6e2f\u7279\u533a\u653f\u5e9c\u7edf\u8ba1\u5904<\/a>\u53ca\u7b14\u8005\u8ba1\u7b97\u6240\u5f97<\/p>\n<p>&nbsp;<\/p>\n<h5>\u4ece\u5916\u6c47\u57fa\u91d1\u5165\u624b<\/h5>\n<p>\u7279\u533a\u653f\u5e9c\u7684\u8d22\u653f\u50a8\u5907\uff0c\u4ea4\u7531\u9999\u6e2f\u91d1\u878d\u7ba1\u7406\u5c40\u4f5c\u4e3a\u5916\u6c47\u57fa\u91d1\u7684\u4e00\u90e8\u5206\u52a0\u4ee5\u7ba1\u7406\uff0c\u5176\u9884\u671f\u6536\u76ca\u7387\u53d6\u51b3\u4e8e\u5916\u6c47\u57fa\u91d1\u6295\u8d44\u6536\u76ca\u3002<\/p>\n<p>\u4ece\u3010\u56fe2\u3011\u4e2d\u53ef\u7c97\u7565\u770b\u5230\uff0c\u4ee52008\u5e74\u4e3a\u5206\u754c\u7ebf\uff0c\u4e4b\u524d\u5404\u5e74\u7684\u6536\u76ca\u7387\u8f83\u9ad8\uff0c\u5f80\u540e10\u5e74\u7684\u6536\u76ca\u7387\u5219\u8f83\u4f4e\u3002\u8fd9\u5e94\u8be5\u4e0e\u91d1\u878d\u6d77\u5578\u540e\u5168\u7403\u63a8\u51fa\u91cf\u5316\u5bbd\u677e\u653f\u7b56\u6709\u5173\uff0c\u56e0\u4e3a\u653f\u5e9c\u503a\u5238\u6536\u76ca\u7387\u4e0b\u964d\uff0c\u800c\u5916\u6c47\u57fa\u91d1\u76f8\u5f53\u90e8\u5206\u7684\u8d44\u91d1\u6295\u653e\u5728\u503a\u5238\uff0c\u56e0\u6b642008\u5e74\u540e\u5e73\u5747\u6536\u76ca\u7387\u4ea6\u968f\u4e4b\u4e0b\u964d\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-151507\" src=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide6-1024x576.png\" alt=\"\" width=\"1024\" height=\"576\" srcset=\"https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide6-1024x576.png 1024w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide6-300x169.png 300w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide6-768x432.png 768w, https:\/\/www.hkubs.hku.hk\/wp-content\/uploads\/2021\/09\/Slide6.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p style=\"text-align: center;\">\u8d44\u6599\u6765\u6e90\uff1a<a href=\"https:\/\/www.hkma.gov.hk\/chi\/key-functions\/reserves-management\/investment-performance\/\">\u9999\u6e2f\u91d1\u878d\u7ba1\u7406\u5c40<\/a><\/p>\n<p>&nbsp;<\/p>\n<h5>\u68c0\u8ba8\u6295\u8d44\u7b56\u7565<\/h5>\n<p>\u82e5\u80fd\u628a\u6bcf\u5e74\u7684\u5e73\u5747\u540d\u4e49\u6536\u76ca\u7387\u4ece4.8%\u63d0\u5347\u52305.8%\uff0c\u867d\u7136\u589e\u5e45\u4e0d\u5927\uff0c\u957f\u8fdc\u800c\u8a00\u5374\u6709\u6df1\u8fdc\u7684\u5f71\u54cd\u3002\u4e3e\u4e2a\u4f8b\u5b50\uff0c\u4ee5\u8d44\u91d1\u4e00\u5143\u8ba1\u7b97\uff0c10\u5e74\u540e\u5c31\u4f1a\u4ece1.5981\u5143\u5347\u81f31.7573\u5143\uff0c\u5373\u540d\u4e49\u6536\u76ca\u589e\u52a0\uff080.7573-0.5981\uff09\u22150.5981&#215;100%=26.62%\uff0c\u5b9e\u8d28\u6536\u76ca\u66f4\u589e\u52a0\u4e8642.14%\u3002<a href=\"#\u6ce81\">\u3010\u6ce81\u3011<\/a><\/p>\n<p>\u7a0d\u7a0d\u63d0\u9ad8\u8fd9\u4e2a\u5e74\u5e73\u5747\u6536\u76ca\u7387\u5e76\u975e\u5962\u671b\u3002\u5373\u4f7f\u975e\u5e38\u4e0d\u5e78\u5730\u57282007\u5e7410\u670811\u65e5\u725b\u5e02\u7684\u9876\u5cf0\uff081565.15\u70b9\uff09\u4e70\u4e86\u7f8e\u56fd\u6807\u51c6\u666e\u5c14\u6307\u6570\uff0c\u800c\u6301\u6709\u76f4\u5230\u4eca\u5e749\u670817\u65e5\uff08\u6536\u5e02\u62a54432.99\u70b9\uff09\uff0c\u537314\u5e74\u95f4\u5347\u4e86183.23%\uff0c\u5e73\u5747\u6bcf\u5e74\u5347\u5e45\u4e3a7.7%\u3002<\/p>\n<p>\u91d1\u878d\u7ba1\u7406\u5c40\u7684\u6838\u5fc3\u4efb\u52a1\u662f\u8981\u7ef4\u6301\u8054\u7cfb\u6c47\u7387\u548c\u94f6\u884c\u4f53\u7cfb\u7684\u7a33\u5b9a\u6027\u3002\u4e3a\u7279\u533a\u653f\u5e9c\u7684\u5916\u6c47\u50a8\u5907\u4f5c\u6295\u8d44\uff0c\u5e76\u975e\u5176\u6838\u5fc3\u4efb\u52a1\uff0c\u4ea6\u4e0d\u5e94\u5982\u6b64\u3002\u628a\u5916\u6c47\u50a8\u5907\u653e\u5728\u5916\u6c47\u57fa\u91d1\u4e2d\u6295\u8d44\uff0c\u65e0\u7591\u628a\u76ee\u6807\u4e0d\u540c\u7684\u8d44\u91d1\u6df7\u6dc6\uff0c\u53cd\u800c\u53e6\u89c5\u57fa\u91d1\u7ecf\u7406\u52a0\u4ee5\u7ba1\u7406\uff0c\u5219\u8db3\u4ee5\u63d0\u9ad8\u900f\u660e\u5ea6\u548c\u4fc3\u8fdb\u7ade\u4e89\u3002<\/p>\n<p>2016\u5e74\uff0c\u653f\u5e9c\u5ba3\u5e03\u4ece\u8d22\u653f\u50a8\u5907\u4e2d\u62e8\u51fa200\u4ebf\u5143\u6210\u7acb\u300c\u672a\u6765\u57fa\u91d1\u300d\uff0c\u4ee5\u4f9b\u4e3a\u671f10\u5e74\u7684\u957f\u8fdc\u6295\u8d44\u4e4b\u7528\uff0c\u4ecd\u4ea4\u7531\u91d1\u7ba1\u5c40\u7ba1\u7406\u3002\u73b0\u57285\u5e74\u8fc7\u53bb\u4e86\uff0c\u671f\u95f4\u7684\u5229\u606f\u6536\u5165\u4f1a\u5728\u4eca\u4e2a\u8d22\u653f\u5e74\u5ea6\u786e\u8ba4\u3002\u6210\u7acb\u672a\u6765\u57fa\u91d1\u662f\u91cd\u8981\u7684\u4e00\u6b65\uff0c\u73b0\u5728\u5e94\u68c0\u8ba8\u548c\u8003\u8651\u52a0\u7801\u3002<\/p>\n<h5>\u5584\u7528\u7a33\u5065\u8d22\u653f<\/h5>\n<p>\u82e5\u8981\u589e\u52a0\u7279\u533a\u516c\u5171\u8d22\u653f\u6536\u5165\uff0c\u7b14\u8005\u8ba4\u4e3a\u4e0d\u80fd\u5355\u9760\u5728\u67d0\u4e00\u8303\u7574\u4f5c\u51fa\u6539\u53d8\uff0c\u800c\u5e94\u4ece\u5404\u65b9\u9762\u5165\u624b\uff0c\u5faa\u5e8f\u6e10\u8fdb\uff0c\u65b9\u80fd\u6536\u5230\u6bd4\u8f83\u663e\u7740\u7684\u529f\u6548\uff0c\u5982\u4f55\u63d0\u9ad8\u5916\u6c47\u50a8\u5907\u7684\u6295\u8d44\u6536\u5165\uff0c\u6b63\u662f\u5176\u4e2d\u4e00\u4e2a\u503c\u5f97\u8003\u8651\u7684\u65b9\u5411\u3002<\/p>\n<p>\u5373\u4f7f\u5728\u4e2a\u4eba\u5c42\u9762\uff0c\u7406\u8d22\u81ea\u7531\u5ea6\u8f83\u5927\uff0c\u987b\u5ba1\u614e\u7406\u8d22\uff0c\u8fd8\u987b\u61c2\u5f97\u6295\u8d44\uff0c\u6216\u4e70\u697c\u3001\u6295\u8d44\u80a1\u7968\u3001\u505a\u751f\u610f\u7b49\u7b49\u3002\u8981\u957f\u8fdc\u63d0\u9ad8\u8d22\u653f\u6536\u5165\uff0c\u7279\u533a\u653f\u5e9c\u4e5f\u5e94\u8be5\u638c\u63e1\u6295\u8d44\u4e4b\u9053\uff0c\u5728\u76ee\u524d\u5229\u606f\u957f\u671f\u8fd1\u96f6\u7684\u73af\u5883\u4e0b\uff0c\u53d1\u884c\u503a\u5238\uff0c\u62e8\u51fa\u8d44\u91d1\u8d2d\u4e70\u4f18\u8d28\u80a1\u7968\u90fd\u662f\u4e0d\u9519\u7684\u9009\u62e9\u3002\u5f53\u7136\uff0c\u66f4\u6b63\u786e\u7684\u662f\u628a\u8fd9\u4e9b\u8d44\u91d1\u7528\u5728\u793e\u4f1a\u7684\u5efa\u8bbe\u4e0a\uff0c\u5305\u62ec\u6536\u56de\u8352\u5e9f\u7684\u571f\u5730\u3001\u5174\u5efa\u5927\u578b\u516c\u5171\u8bbe\u65bd\u4ee5\u53ca\u589e\u52a0\u79d1\u5b66\u7814\u7a76\u7ecf\u8d39\u3002<\/p>\n<p>\u73af\u987e2020\u5e74\uff0c\u5168\u7403\u653f\u5e9c\u503a\u52a1\u5360\u672c\u5730\u751f\u4ea7\u603b\u503c\u7684\u5e73\u5747\u6bd4\u7387\uff0c107\u4e2a\u56fd\u5bb6\u53ca\u5730\u533a\u7684\u5e73\u5747\u5360\u6bd4\u4e3a73.4%\uff0c\u5176\u4e2d\u59d4\u5185\u745e\u62c9\u6700\u9ad8\uff0c\u8fbe304.13%\uff0c\u9999\u6e2f\u7279\u533a\u5219\u6700\u4f4e\uff0c\u4ec5\u4e3a0.28% <a href=\"#\u6ce82\">\u3010\u6ce82\u3011<\/a> \u3002\u6709\u9274\u4e8e\u6b64\uff0c\u7279\u533a\u653f\u5e9c\u82e5\u80fd\u9002\u91cf\u63d0\u9ad8\u8fd9\u4e2a\u6bd4\u4f8b\uff0c\u53ea\u8981\u8d44\u91d1\u7528\u5f97\u5176\u6240\uff0c\u4e0d\u4f46\u6709\u5229\u4e8e\u6574\u4f53\u7ecf\u6d4e\u548c\u8d22\u653f\u5065\u5168\uff0c\u4e5f\u4e0d\u5fc5\u987e\u8651\u4f1a\u8fdd\u53cd\u91cf\u5165\u4e3a\u51fa\u7684\u7406\u8d22\u539f\u5219\u3002\u56e0\u4e3a\u5728\u501f\u8d37\u589e\u52a0\u7684\u540c\u65f6\uff0c\u8d44\u4ea7\u4e5f\u76f8\u5e94\u589e\u503c\uff0c\u6309\u7406\u5bf9\u6574\u4f53\u8d22\u653f\u7a33\u5065\u6027\u5176\u5b9e\u4e1d\u6beb\u65e0\u635f\u3002\u65b0\u52a0\u5761\u7684\u653f\u5e9c\u503a\u52a1\u5f88\u9ad8\u4f46\u8d22\u653f\u7a33\u5065\uff0c\u5176\u653f\u5e9c\u90e8\u95e8\u8fd9\u6837\u8fa9\u89e3\uff1a\u300c\u6211\u4eec\u6ca1\u6709\u82b1\u6389\u501f\u8d37\uff0c\u6211\u4eec\u7528\u501f\u6765\u7684\u94b1\u53bb\u6295\u8d44\uff0c\u66f4\u91cd\u8981\u7684\u662f\uff0c\u6211\u4eec\u7684\u6295\u8d44\u56de\u62a5\uff0c\u9ad8\u4e8e\u501f\u8d37\u7684\u6210\u672c\u3002\u300d<a href=\"#\u6ce83\">\u3010\u6ce83\u3011<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><a id=\"\u6ce81\" name=\"\u6ce81\"><\/a>\u3010\u6ce81\u3011\uff1a \u4ee5\u56fa\u5b9a\u4ef7\u683c\u8ba1\u7b97\uff0c10\u5e74\u540e\u603b\u503c\u5206\u522b\u4e3a1.2190\u5143\u548c1.3439\u5143\uff0c\u5373\u5b9e\u8d28\u6536\u76ca\u7387\u589e\u5e45\u4e3a\uff1a\uff081.03810-1.02810)\/(1.02810-1\uff09x 100% = (0.4520 \u2013 0.3180)\/0.3180 X 100% = 42.14%<\/p>\n<p><a name=\"\u6ce82\"><\/a>\u3010\u6ce82\u3011\uff1a<a href=\"https:\/\/www.theglobaleconomy.com\/rankings\/Government_debt\/\">https:\/\/www.theglobaleconomy.com\/rankings\/Government_debt\/<\/a><\/p>\n<p><a name=\"\u6ce83\"><\/a>\u3010\u6ce83\u3011\uff1a<a href=\"https:\/\/www.mof.gov.sg\/docs\/default-source\/resource\/gst\/pdf\/10-is-the-singapore-government-heavily-in-debt.pdf\">https:\/\/www.mof.gov.sg\/docs\/default-source\/resource\/gst\/pdf\/10-is-the-singapore-government-heavily-in-debt.pdf<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u8d75\u8000\u534e\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u526f\u6559\u6388<\/strong><\/p>\n<p>\uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u8f7d\u4e00\u5e74\u4e5d\u6708\u4e8c\u5341\u4e8c\u4e8e\u300a\u4fe1\u62a5\u300b\u300c\u9f99\u864e\u5c71\u4e0b\u300d\u4e13\u680f\uff09<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[2191,2190],"class_list":["post-151514","thought-leadership","type-thought-leadership","status-publish","hentry","tag-2191","tag-2190","leadership-topic-categories-opinions-and-speeches-sc","opinion-speeches-categories-economics-sc"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/151514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership"}],"about":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/types\/thought-leadership"}],"version-history":[{"count":3,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/151514\/revisions"}],"predecessor-version":[{"id":151625,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/thought-leadership\/151514\/revisions\/151625"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/media?parent=151514"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hkubs.hku.hk\/sc\/wp-json\/wp\/v2\/tags?post=151514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}