{"id":230844,"date":"2025-02-26T18:13:59","date_gmt":"2025-02-26T10:13:59","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/research\/thought-leadership\/will-trump-revalue-gold-reserves-to-launch-a-sovereign-wealth-fund\/"},"modified":"2025-02-26T18:36:49","modified_gmt":"2025-02-26T10:36:49","slug":"will-trump-revalue-gold-reserves-to-launch-a-sovereign-wealth-fund","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/will-trump-revalue-gold-reserves-to-launch-a-sovereign-wealth-fund\/","title":{"rendered":"\u7279\u6717\u666e\u4f1a\u91cd\u4f30\u9ec4\u91d1\u50a8\u5907\u6765\u542f\u52a8\u4e3b\u6743\u57fa\u91d1\u5417\uff1f"},"content":{"rendered":"<p>\u7279\u6717\u666e\u4e8c\u5ea6\u4e0a\u53f0\u540e\uff0c\u5404\u79cd\u653f\u7b56\u8fc5\u901f\u767b\u573a\uff0c\u6267\u884c\u65f6\u5927\u5200\u9614\u65a7\u3001\u96f7\u5389\u98ce\u884c\u3002\u624d\u4e00\u4e2a\u591a\u6708\uff0c\u6539\u53d8\u6bd4\u4efb\u4f55\u65b0\u4e0a\u4efb\u7684\u56fd\u5bb6\u5143\u9996\u6240\u505a\u7684\u4e3a\u591a\uff0c\u4ee4\u4eba\u76ee\u4e0d\u6687\u7ed9\u3002\u5728\u56fd\u5185\u4e8b\u52a1\u65b9\u9762\uff0c\u5927\u91cf\u9a71\u9010\u5883\u5185\u7684\u975e\u6cd5\u79fb\u6c11\u548c\u88c1\u51cf\u8054\u90a6\u653f\u5e9c\u90e8\u95e8\u548c\u96c7\u5458\uff0c 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fund)<\/span>\uff0c\u5e76\u8d23\u6210\u8d22\u653f\u90e8\u957f\u548c\u5546\u52a1\u90e8\u957f\u5728<span>90<\/span>\u5929\u5185\u63d0\u4ea4\u6709\u5173\u65b9\u6848\uff0c\u5305\u62ec\u8d44\u91d1\u7b79\u96c6\u673a\u5236\u3001\u6295\u8d44\u7b56\u7565\u548c\u7ba1\u6cbb\u6a21\u5f0f\u7b49\u3002\u8d22\u653f\u90e8\u957f\u8d1d\u68ee\u7279\u79ef\u6781\u56de\u5e94\uff0c\u8ba4\u4e3a\u53ef\u5728<span>12<\/span>\u4e2a\u6708\u5185\u505a\u597d\u51c6\u5907\u53ca\u5f00\u59cb\u8fd0\u4f5c\u3002<\/p>\n<p>\u7b80\u5355\u800c\u8a00\uff0c\u4e3b\u6743\u57fa\u91d1\u662f\u56fd\u5bb6\u6216\u653f\u5e9c\u62e5\u6709\u53ca\u7ba1\u7406\u3001\u6295\u8d44\u4e8e\u56fd\u5185\u53ca\u56fd\u5916\u7684\u8d44\u4ea7\u3002\u8d44\u91d1\u4e00\u822c\u6765\u81ea\u51fa\u552e\u77f3\u6cb9\u548c\u77ff\u4ea7\u7b49\u5929\u7136\u8d44\u6e90\uff0c \u5982\u632a\u5a01\u548c\u6c99\u7279\u963f\u62c9\u4f2f\u7684\u4e3b\u6743\u57fa\u91d1\uff0c\u4e5f\u6709\u6765\u81ea\u591a\u5e74\u7d2f\u79ef\u7684\u5916\u8d38\u76c8\u9980\uff0c\u5982\u4e2d\u56fd\u548c\u65b0\u52a0\u5761\u7b49\u3002<\/p>\n<p>\u81f3\u4e8e\u8bbe\u7acb\u4e3b\u6743\u57fa\u91d1\u7684\u76ee\u7684\uff0c\u4e3b\u8981\u662f\u5c06\u8d44\u91d1\u7528\u4e8e\u56fd\u5bb6\u53d1\u5c55\u76ee\u6807\u3001\u6216\u7528\u4ee5\u7a33\u5b9a\u653f\u5e9c\u8d22\u653f\u3001\u53c8\u6216\u63d0\u9ad8\u7ba1\u7406\u56fd\u5bb6\u8d44\u4ea7\u7684\u6548\u7387\u3002\u5982\u6c99\u7279\u963f\u62c9\u4f2f\u8981\u63d0\u9ad8\u5728\u56fd\u9645\u4f53\u80b2\u4e8b\u4e1a\u4e0a\u7684\u77e5\u540d\u5ea6\uff0c\u4fbf\u901a\u8fc7\u5176\u540d\u4e3a\u201c\u516c\u5171\u6295\u8d44\u57fa\u91d1\u201d<span>(Public Investment Fund)<\/span>\u7684\u4e3b\u6743\u57fa\u91d1\uff0c\u6536\u8d2d\u4e86\u4e00\u4e9b\u8db3\u7403\u7403\u4f1a\uff0c\u9ad8\u85aa\u7f51\u7f57\u4e86\u5982<span>C<\/span>\u6717\u62ff\u5ea6\u7b49\u77e5\u540d\u7403\u5458\uff0c \u5e76\u8d5e\u52a9\u6570\u6708\u524d\u56fd\u9645\u5973\u5b50\u7f51\u7403\u534f\u4f1a<span>(WTA)<\/span>\u5e74\u7ec8\u603b\u51b3\u8d5b\u7b49\u9879\u76ee\u3002\u8fd9\u662f\u6bd4\u8f83\u8f7b\u677e\u7684\u4f8b\u5b50\u3002\u4e00\u822c\u7684\u4e3b\u6743\u57fa\u91d1\uff0c\u591a\u7528\u4e8e\u8f83\u4e3a\u67af\u71e5\u7684\u57fa\u7840\u5efa\u8bbe\u3001\u4ea7\u4e1a\u653f\u7b56\u3001\u91d1\u878d\u6295\u8d44\u7b49\u3002<\/p>\n<p>\u7279\u6717\u666e\u7b7e\u7f72\u6210\u7acb\u4e3b\u6743\u57fa\u91d1\u7684\u884c\u653f\u547d\u4ee4\u4e0a\uff0c\u8bf4\u6210\u7acb\u57fa\u91d1\u662f\u8981\u63d0\u9ad8\u8d22\u653f\u6301\u7eed\u6027\u3001\u51cf\u8f7b\u7f8e\u56fd\u5bb6\u5ead\u548c\u5c0f\u578b\u4f01\u4e1a\u7684\u7a0e\u52a1\u8d1f\u62c5\u3001\u53ca\u63a8\u52a8\u7f8e\u56fd\u5728\u56fd\u9645\u4e0a\u7684\u7ecf\u6d4e\u548c\u6218\u7565\u9886\u5bfc\u5730\u4f4d\u3002\u8fd9\u90fd\u662f\u7b3c\u7edf\u7684\u8bf4\u6cd5\uff0c\u8be6\u7ec6\u5185\u5bb9\u5927\u6982\u8981\u7b49<span>90<\/span>\u5929\u5185\u51fa\u7b3c\u7684\u65b9\u6848\u624d\u6709\u4ea4\u4ee3\u3002\u7136\u800c\uff0c\u4e3b\u6743\u57fa\u91d1\u5982\u4f55\u63d0\u9ad8\u7f8e\u56fd\u653f\u5e9c\u7684\u8d22\u653f\u80fd\u529b\uff0c\u5e26\u6765\u8d22\u653f\u6301\u7eed\u6027\u548c\u51cf\u8f7b\u7a0e\u52a1\uff0c\u503c\u5f97\u53c2\u8be6\u3002\u8fd9\u91cc\u7b80\u5355\u5730\u5206\u4e24\u79cd\u53ef\u80fd\uff0c\u4e00\u662f\u5728\u57fa\u91d1\u6210\u7acb\u65f6\uff0c\u653f\u5e9c\u540c\u65f6\u6709\u65b0\u7684\u8d44\u91d1\u6ce8\u5165\u57fa\u91d1\uff0c\u6bcb\u9700\u6539\u53d8\u5df2\u6709\u7684\u8d22\u653f\u5b89\u6392\u3002\u8fd9\u5f53\u7136\u4f7f\u653f\u5e9c\u8d22\u653f\u66f4\u52a0\u5145\u5b9e\uff0c\u4f46\u8fd9\u4e9b\u65b0\u8d44\u91d1\u5e94\u5426\u7528\u6765\u6210\u7acb\u4e3b\u6743\u57fa\u91d1\uff0c\u8fd8\u662f\u6709\u66f4\u597d\u7528\u9014\uff0c\u5982\u51cf\u8f7b\u5f53\u524d\u653f\u5e9c\u7684\u503a\u52a1\u548c\u5c06\u6765\u7684\u5229\u606f\u5f00\u652f\u3002\u53e6\u4e00\u79cd\u53ef\u80fd\u662f\u653f\u5e9c\u6ca1\u6709\u65b0\u8d44\u91d1\u6ce8\u5165\u4e3b\u6743\u57fa\u91d1\uff0c\u9700\u8981\u901a\u8fc7\u7a0e\u6536\u6216\u501f\u8d37\u4ece\u5e02\u573a\u53d6\u5f97\u8d44\u91d1\u6765\u6295\u8d44\u3002\u5982\u679c\u653f\u5e9c\u6295\u8d44\u7684\u56de\u62a5\u7387\u548c\u5e02\u573a\u76f8\u7ea6\uff0c\u5012\u4e0d\u5982\u5c06\u8d44\u91d1\u7559\u5728\u5e02\u573a\uff0c\u65e0\u9700\u591a\u6b64\u4e00\u4e3e\uff0c\u907f\u514d\u6392\u6324\u6548\u5e94\u3002<\/p>\n<p>\u65e0\u8bba\u54ea\u79cd\u60c5\u51b5\uff0c\u4e3b\u6743\u57fa\u91d1\u53ef\u80fd\u8d77\u5230\u7684\u7ecf\u6d4e\u6548\u679c\uff0c\u4e00\u662f\u653f\u5e9c\u4eab\u6709\u7684\u8d44\u91d1\u6216\u8d44\u6e90\uff0c\u901a\u8fc7\u4e3b\u6743\u57fa\u91d1\u6765\u7ba1\u7406\uff0c\u4e0d\u60f3\u6216\u4e0d\u5408\u9002\u8f6c\u79fb\u81f3\u5e02\u573a\u3002\u4e8c\u662f\u901a\u8fc7\u57fa\u91d1\u5e9e\u5927\u7684\u89c4\u6a21\uff0c\u53ef\u8282\u7ea6\u6295\u8d44\u6210\u672c\u6216\u63d0\u9ad8\u56de\u62a5\u7387\u3002\u4e09\u662f\u6295\u8d44\u5728\u5e02\u573a\u4e0d\u4f1a\u8003\u8651\u4f46\u5bf9\u793e\u4f1a\u6709\u4ef7\u503c\u7684\u65b9\u9762\uff0c\u5373\u4e2a\u4eba\u56de\u62a5\u4f4e\u4e8e\u793e\u4f1a\u56de\u62a5\uff0c\u5c5e\u5e02\u573a\u5931\u7075\u3002\u5e02\u573a\u4e0d\u6295\u8d44\uff0c\u4f46\u4e3b\u6743\u57fa\u91d1\u53ef\u4ee5\u8003\u8651\u6295\u8d44\u3002\u8fd9\u662f\u4e00\u4e9b\u8bba\u8005\u8d5e\u6210\u7f8e\u56fd\u6210\u7acb\u4e3b\u6743\u57fa\u91d1\u7684\u539f\u56e0\uff0c\u4ed6\u4eec\u8ba4\u4e3a\u7f8e\u56fd\u6ca1\u6709\u6297\u8861\u4e2d\u56fd\u4e00\u5e26\u4e00\u8def\u5728\u5916\u56fd\u6295\u8d44\u57fa\u5efa\u7684\u673a\u5236\uff0c\u56e0\u800c\u964d\u4f4e\u4e86\u7f8e\u56fd\u7684\u56fd\u9645\u5f71\u54cd\u529b\u3002\u76ee\u524d\u7f8e\u56fd\u653f\u5e9c\u7684\u6709\u5173\u90e8\u95e8\u662f\u7f8e\u56fd\u56fd\u9645\u5f00\u53d1\u91d1\u878d\u516c\u53f8<span>(U.S. International Development Finance Corporation) <\/span>\uff0c\u4f46\u53d7\u5230\u73b0\u6709\u8d22\u653f\u89c4\u5219\u7684\u9650\u5236\uff0c\u8f83\u96be\u4ee5\u63d0\u9ad8\u7f8e\u56fd\u7684\u56fd\u9645\u5f71\u54cd\u529b\u4f5c\u4e3a\u6295\u8d44\u51b3\u7b56\u7684\u6807\u51c6\u3002\u65b0\u6210\u7acb\u7684\u4e3b\u6743\u57fa\u91d1\uff0c \u6216\u53ef\u6446\u8131\u6709\u5173\u7684\u7ea6\u675f\u3002<\/p>\n<p>\u9664\u4e86\u8f83\u5c11\u7ea6\u675f\u5730\u5728\u56fd\u9645\u5e02\u573a\u548c\u4e2d\u56fd\u6297\u8861\uff0c\u7279\u6717\u666e\u6210\u7acb\u4e3b\u6743\u57fa\u91d1\uff0c\u53ef\u4ee5\u8bf4\u662f\u53e6\u8d77\u7089\u7076\uff0c\u65b9\u4fbf\u4ed6\u5728\u8d22\u653f\u4e0a\u6446\u8131\u4e00\u4e9b\u5236\u8098\uff0c\u51cf\u5c11\u56fd\u4f1a\u7684\u5e72\u9884\uff0c\u540c\u65f6\u4e5f\u51cf\u5c11\u4e86\u589e\u52a0\u7f8e\u56fd\u8d22\u653f\u8d64\u5b57\u7684\u6307\u8d23\u3002\u6b64\u5916\uff0c\u4e5f\u907f\u514d\u4e86\u76ee\u524d\u5e38\u51fa\u73b0\u7684\uff0c\u5728\u63a5\u8fd1\u8054\u90a6\u653f\u5e9c\u503a\u52a1\u4e0a\u9650\u65f6\u8981\u9762\u5bf9\u5171\u548c\u6c11\u4e3b\u4e24\u515a\u4e89\u6301\u7684\u4e0d\u786e\u5b9a\u6027\u3002\u6709\u5173\u4e3b\u6743\u57fa\u91d1\u6700\u7ec8\u6210\u7acb\u65f6\u7684\u6cd5\u4f8b\uff0c\u56fd\u4f1a\u5927\u6982\u6ca1\u4ec0\u4e48\u8bf1\u56e0\u4e3b\u52a8\u514d\u53bb\u81ea\u8eab\u7684\u76d1\u7ba1\u6743\u529b\uff0c \u4f46\u5f53\u524d\u7279\u6717\u666e\u5f3a\u52bf\u9886\u5bfc\u53ca\u5171\u548c\u515a\u63a7\u5236\u4e24\u9662\uff0c\u7ed3\u679c\u4ecd\u4f1a\u6709\u5229\u4e8e\u7279\u6717\u666e\u672a\u6765\u6570\u5e74\u7684\u6267\u653f\u3002<\/p>\n<p>\u884c\u653f\u547d\u4ee4\u6ca1\u6709\u63d0\u53ca\u8ba1\u5212\u4e2d\u7684\u7f8e\u56fd\u4e3b\u6743\u57fa\u91d1\u89c4\u6a21\u591a\u5927\uff0c\u4f46\u597d\u4e9b\u8bc4\u8bba\u90fd\u63d0\u53ca\u5230\u4e8c\u4e07\u4ebf\u5143<span>(<\/span>\u7f8e\u5143\uff0c\u4e0b\u540c<span>)<\/span>\u7684\u6570\u5b57\u3002\u76ee\u524d\u5168\u7403\u6700\u5927\u7684\u4e09\u4e2a\u4e3b\u6743\u57fa\u91d1\uff0c\u5206\u522b\u662f\u632a\u5a01\u653f\u5e9c\u5168\u7403\u9000\u4f11\u57fa\u91d1<span>(1.74<\/span>\u4e07\u4ebf\u5143<span>)<\/span>\u3001\u4e2d\u56fd\u6295\u8d44\u516c\u53f8<span>(1.33<\/span>\u4e07\u4ebf\u5143<span>)<\/span>\u548c\u4e2d\u56fd\u7684\u56fd\u5bb6\u5916\u6c47\u7ba1\u7406\u5c40\u6295\u8d44\u516c\u53f8<span>(1.09<\/span>\u4e07\u4ebf\u5143<span>)<\/span>\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u4e8c\u4e07\u4ebf\u5143\u662f\u4e2a\u4e0d\u5c11\u7684\u6570\u76ee\uff0c\u8fd9\u5e9e\u5927\u7684\u8d44\u91d1\u4ece\u4f55\u800c\u6765\uff1f\u7279\u6717\u666e\u5728\u88ab\u8ffd\u95ee\u65f6\uff0c\u8bf4\u6765\u81ea\u5173\u7a0e\u6536\u5165\u53ca\u5176\u4ed6\u806a\u660e\u7684\u65b9\u6cd5<span>(from tariffs and other intelligent things)<\/span>\u3002\u4ec0\u4e48\u806a\u660e\u65b9\u6cd5\uff0c\u5927\u62b5\u8981\u65e5\u540e\u624d\u63ed\u6653\u3002 \u4f46\u4ee5\u5173\u7a0e\u6536\u5165\u4f5c\u4e3a\u4e3b\u6743\u57fa\u91d1\u7684\u4e3b\u8981\u8d44\u91d1\u6765\u6e90\uff0c\u5219\u65f7\u65e5\u6301\u4e45\u3002<span>2024<\/span>\u5e74\u7f8e\u56fd\u8054\u90a6\u653f\u5e9c\u7684\u8d22\u653f\u6536\u5165\u4e3a<span>4.92<\/span>\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u5173\u7a0e\u7ea6\u5360<span>800<\/span>\u4ebf\u5143\u3002 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are going to monetize the asset side of the US balance sheet)<\/span>\u3002\u767d\u5bab\u5728\u6709\u5173\u573a\u5408\u63d0\u4f9b\u7684\u8d44\u6599\u8bf4\u660e\u4e0a\uff0c\u6307\u51fa\u7f8e\u56fd\u653f\u5e9c\u76f4\u63a5\u6301\u6709<span>5.7<\/span>\u4e07\u4ebf\u5143\u8d44\u4ea7\u3002 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<\/span>22\u5143\u7684\u4ef7\u4f4d\u3002\u5982\u4eca\u9ec4\u91d1\u4ef7\u683c\u5df2\u903c\u8fd13000\u5143\uff0c\u82e5\u5c06\u7f8e\u56fd\u653f\u5e9c\u7684\u9ec4\u91d1\u50a8\u5907\u6309\u5e02\u503c\u8ba1\u7b97\uff0c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u968f\u5373\u589e\u52a0\u4e867737\u4ebf\u5143\u3002\u8fd9\u6216\u8bb8\u662f\u8d1d\u68ee\u7279\u6240\u6307\u7684\u5c06\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u8d27\u5e01\u5316\uff0c\u4f5c\u4e3a\u4e3b\u6743\u57fa\u91d1\u7684\u8d44\u91d1\u6765\u6e90\u3002<\/p>\n<p>\u7f8e\u56fd\u7684\u9ec4\u91d1\u50a8\u5907\u4ef7\u503c\u91cd\u4f30\uff0c\u662f\u7f8e\u56fd\u53ef\u4ee5\u52a8\u7528\u7684\u4e00\u7b14\u65e0\u6210\u672c\u8d44\u91d1\uff0c\u53ef\u4ee5\u6ce8\u5165\u4e3b\u6743\u57fa\u91d1\uff0c\u4e5f\u53ef\u4ee5\u4f5c\u5176\u4ed6\u7528\u9014\u3002\u5982\u88ab\u63d0\u540d\u5f53\u767d\u5bab\u7ecf\u6d4e\u987e\u95ee\u7684\u53f2\u63d0\u82ac\u7c73\u5170<span>(Stephen Miran)<\/span>\uff0c\u5c31\u66fe\u8bf4\u8fc7\u5c06\u9ec4\u91d1\u5356\u6389\u4e70\u5165\u5176\u4ed6\u8d27\u5e01\uff0c \u6765\u8fbe\u5230\u7f8e\u5143\u8d2c\u503c\u7684\u76ee\u7684\uff0c\u672a\u77e5\u8fd9\u662f\u6709\u591a\u4e25\u8083\u7684\u5efa\u8bae\u3002\u65e0\u8bba\u5982\u4f55\uff0c\u8fc7\u53bb\u6570\u5e74\u4e0d\u5c11\u592e\u884c\u90fd\u5927\u91cf\u4e70\u5165\u9ec4\u91d1\uff0c\u7f8e\u56fd\u653f\u5e9c\u5bf9\u5176\u9ec4\u91d1\u50a8\u5907\u7684\u64cd\u4f5c\uff0c\u90fd\u4f1a\u5bfc\u81f4\u9ec4\u91d1\u91cd\u5165\u8d27\u5e01\u5236\u5ea6 \u7684\u601d\u8003\u3002<\/p>\n<p><strong>\u9646\u708e\u8f89\u535a\u58eb<\/strong><br \/>\n<strong>\u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u8363\u8a89\u526f\u6559\u6388<\/strong><\/p>\n<p>\uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u4e8c\u6708\u4e8c\u5341\u516d\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u201c\u9f99\u864e\u5c71\u4e0b\u201d\u4e13\u680f\uff09<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[],"class_list":["post-230844","thought-leadership","type-thought-leadership","status-publish","hentry","leadership-topic-categories-hkej-column-sc","in-the-media-topic-categories-faculty-sc"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" 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\u81f3\u4e8e\u8bbe\u7acb\u4e3b\u6743\u57fa\u91d1\u7684\u76ee\u7684\uff0c\u4e3b\u8981\u662f\u5c06\u8d44\u91d1\u7528\u4e8e\u56fd\u5bb6\u53d1\u5c55\u76ee\u6807\u3001\u6216\u7528\u4ee5\u7a33\u5b9a\u653f\u5e9c\u8d22\u653f\u3001\u53c8\u6216\u63d0\u9ad8\u7ba1\u7406\u56fd\u5bb6\u8d44\u4ea7\u7684\u6548\u7387\u3002\u5982\u6c99\u7279\u963f\u62c9\u4f2f\u8981\u63d0\u9ad8\u5728\u56fd\u9645\u4f53\u80b2\u4e8b\u4e1a\u4e0a\u7684\u77e5\u540d\u5ea6\uff0c\u4fbf\u901a\u8fc7\u5176\u540d\u4e3a\u201c\u516c\u5171\u6295\u8d44\u57fa\u91d1\u201d(Public Investment Fund)\u7684\u4e3b\u6743\u57fa\u91d1\uff0c\u6536\u8d2d\u4e86\u4e00\u4e9b\u8db3\u7403\u7403\u4f1a\uff0c\u9ad8\u85aa\u7f51\u7f57\u4e86\u5982C\u6717\u62ff\u5ea6\u7b49\u77e5\u540d\u7403\u5458\uff0c 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\u7279\u6717\u666e\u7b7e\u7f72\u6210\u7acb\u4e3b\u6743\u57fa\u91d1\u7684\u884c\u653f\u547d\u4ee4\u4e0a\uff0c\u8bf4\u6210\u7acb\u57fa\u91d1\u662f\u8981\u63d0\u9ad8\u8d22\u653f\u6301\u7eed\u6027\u3001\u51cf\u8f7b\u7f8e\u56fd\u5bb6\u5ead\u548c\u5c0f\u578b\u4f01\u4e1a\u7684\u7a0e\u52a1\u8d1f\u62c5\u3001\u53ca\u63a8\u52a8\u7f8e\u56fd\u5728\u56fd\u9645\u4e0a\u7684\u7ecf\u6d4e\u548c\u6218\u7565\u9886\u5bfc\u5730\u4f4d\u3002\u8fd9\u90fd\u662f\u7b3c\u7edf\u7684\u8bf4\u6cd5\uff0c\u8be6\u7ec6\u5185\u5bb9\u5927\u6982\u8981\u7b4990\u5929\u5185\u51fa\u7b3c\u7684\u65b9\u6848\u624d\u6709\u4ea4\u4ee3\u3002\u7136\u800c\uff0c\u4e3b\u6743\u57fa\u91d1\u5982\u4f55\u63d0\u9ad8\u7f8e\u56fd\u653f\u5e9c\u7684\u8d22\u653f\u80fd\u529b\uff0c\u5e26\u6765\u8d22\u653f\u6301\u7eed\u6027\u548c\u51cf\u8f7b\u7a0e\u52a1\uff0c\u503c\u5f97\u53c2\u8be6\u3002\u8fd9\u91cc\u7b80\u5355\u5730\u5206\u4e24\u79cd\u53ef\u80fd\uff0c\u4e00\u662f\u5728\u57fa\u91d1\u6210\u7acb\u65f6\uff0c\u653f\u5e9c\u540c\u65f6\u6709\u65b0\u7684\u8d44\u91d1\u6ce8\u5165\u57fa\u91d1\uff0c\u6bcb\u9700\u6539\u53d8\u5df2\u6709\u7684\u8d22\u653f\u5b89\u6392\u3002\u8fd9\u5f53\u7136\u4f7f\u653f\u5e9c\u8d22\u653f\u66f4\u52a0\u5145\u5b9e\uff0c\u4f46\u8fd9\u4e9b\u65b0\u8d44\u91d1\u5e94\u5426\u7528\u6765\u6210\u7acb\u4e3b\u6743\u57fa\u91d1\uff0c\u8fd8\u662f\u6709\u66f4\u597d\u7528\u9014\uff0c\u5982\u51cf\u8f7b\u5f53\u524d\u653f\u5e9c\u7684\u503a\u52a1\u548c\u5c06\u6765\u7684\u5229\u606f\u5f00\u652f\u3002\u53e6\u4e00\u79cd\u53ef\u80fd\u662f\u653f\u5e9c\u6ca1\u6709\u65b0\u8d44\u91d1\u6ce8\u5165\u4e3b\u6743\u57fa\u91d1\uff0c\u9700\u8981\u901a\u8fc7\u7a0e\u6536\u6216\u501f\u8d37\u4ece\u5e02\u573a\u53d6\u5f97\u8d44\u91d1\u6765\u6295\u8d44\u3002\u5982\u679c\u653f\u5e9c\u6295\u8d44\u7684\u56de\u62a5\u7387\u548c\u5e02\u573a\u76f8\u7ea6\uff0c\u5012\u4e0d\u5982\u5c06\u8d44\u91d1\u7559\u5728\u5e02\u573a\uff0c\u65e0\u9700\u591a\u6b64\u4e00\u4e3e\uff0c\u907f\u514d\u6392\u6324\u6548\u5e94\u3002 \u65e0\u8bba\u54ea\u79cd\u60c5\u51b5\uff0c\u4e3b\u6743\u57fa\u91d1\u53ef\u80fd\u8d77\u5230\u7684\u7ecf\u6d4e\u6548\u679c\uff0c\u4e00\u662f\u653f\u5e9c\u4eab\u6709\u7684\u8d44\u91d1\u6216\u8d44\u6e90\uff0c\u901a\u8fc7\u4e3b\u6743\u57fa\u91d1\u6765\u7ba1\u7406\uff0c\u4e0d\u60f3\u6216\u4e0d\u5408\u9002\u8f6c\u79fb\u81f3\u5e02\u573a\u3002\u4e8c\u662f\u901a\u8fc7\u57fa\u91d1\u5e9e\u5927\u7684\u89c4\u6a21\uff0c\u53ef\u8282\u7ea6\u6295\u8d44\u6210\u672c\u6216\u63d0\u9ad8\u56de\u62a5\u7387\u3002\u4e09\u662f\u6295\u8d44\u5728\u5e02\u573a\u4e0d\u4f1a\u8003\u8651\u4f46\u5bf9\u793e\u4f1a\u6709\u4ef7\u503c\u7684\u65b9\u9762\uff0c\u5373\u4e2a\u4eba\u56de\u62a5\u4f4e\u4e8e\u793e\u4f1a\u56de\u62a5\uff0c\u5c5e\u5e02\u573a\u5931\u7075\u3002\u5e02\u573a\u4e0d\u6295\u8d44\uff0c\u4f46\u4e3b\u6743\u57fa\u91d1\u53ef\u4ee5\u8003\u8651\u6295\u8d44\u3002\u8fd9\u662f\u4e00\u4e9b\u8bba\u8005\u8d5e\u6210\u7f8e\u56fd\u6210\u7acb\u4e3b\u6743\u57fa\u91d1\u7684\u539f\u56e0\uff0c\u4ed6\u4eec\u8ba4\u4e3a\u7f8e\u56fd\u6ca1\u6709\u6297\u8861\u4e2d\u56fd\u4e00\u5e26\u4e00\u8def\u5728\u5916\u56fd\u6295\u8d44\u57fa\u5efa\u7684\u673a\u5236\uff0c\u56e0\u800c\u964d\u4f4e\u4e86\u7f8e\u56fd\u7684\u56fd\u9645\u5f71\u54cd\u529b\u3002\u76ee\u524d\u7f8e\u56fd\u653f\u5e9c\u7684\u6709\u5173\u90e8\u95e8\u662f\u7f8e\u56fd\u56fd\u9645\u5f00\u53d1\u91d1\u878d\u516c\u53f8(U.S. International Development Finance Corporation) \uff0c\u4f46\u53d7\u5230\u73b0\u6709\u8d22\u653f\u89c4\u5219\u7684\u9650\u5236\uff0c\u8f83\u96be\u4ee5\u63d0\u9ad8\u7f8e\u56fd\u7684\u56fd\u9645\u5f71\u54cd\u529b\u4f5c\u4e3a\u6295\u8d44\u51b3\u7b56\u7684\u6807\u51c6\u3002\u65b0\u6210\u7acb\u7684\u4e3b\u6743\u57fa\u91d1\uff0c \u6216\u53ef\u6446\u8131\u6709\u5173\u7684\u7ea6\u675f\u3002 \u9664\u4e86\u8f83\u5c11\u7ea6\u675f\u5730\u5728\u56fd\u9645\u5e02\u573a\u548c\u4e2d\u56fd\u6297\u8861\uff0c\u7279\u6717\u666e\u6210\u7acb\u4e3b\u6743\u57fa\u91d1\uff0c\u53ef\u4ee5\u8bf4\u662f\u53e6\u8d77\u7089\u7076\uff0c\u65b9\u4fbf\u4ed6\u5728\u8d22\u653f\u4e0a\u6446\u8131\u4e00\u4e9b\u5236\u8098\uff0c\u51cf\u5c11\u56fd\u4f1a\u7684\u5e72\u9884\uff0c\u540c\u65f6\u4e5f\u51cf\u5c11\u4e86\u589e\u52a0\u7f8e\u56fd\u8d22\u653f\u8d64\u5b57\u7684\u6307\u8d23\u3002\u6b64\u5916\uff0c\u4e5f\u907f\u514d\u4e86\u76ee\u524d\u5e38\u51fa\u73b0\u7684\uff0c\u5728\u63a5\u8fd1\u8054\u90a6\u653f\u5e9c\u503a\u52a1\u4e0a\u9650\u65f6\u8981\u9762\u5bf9\u5171\u548c\u6c11\u4e3b\u4e24\u515a\u4e89\u6301\u7684\u4e0d\u786e\u5b9a\u6027\u3002\u6709\u5173\u4e3b\u6743\u57fa\u91d1\u6700\u7ec8\u6210\u7acb\u65f6\u7684\u6cd5\u4f8b\uff0c\u56fd\u4f1a\u5927\u6982\u6ca1\u4ec0\u4e48\u8bf1\u56e0\u4e3b\u52a8\u514d\u53bb\u81ea\u8eab\u7684\u76d1\u7ba1\u6743\u529b\uff0c \u4f46\u5f53\u524d\u7279\u6717\u666e\u5f3a\u52bf\u9886\u5bfc\u53ca\u5171\u548c\u515a\u63a7\u5236\u4e24\u9662\uff0c\u7ed3\u679c\u4ecd\u4f1a\u6709\u5229\u4e8e\u7279\u6717\u666e\u672a\u6765\u6570\u5e74\u7684\u6267\u653f\u3002 \u884c\u653f\u547d\u4ee4\u6ca1\u6709\u63d0\u53ca\u8ba1\u5212\u4e2d\u7684\u7f8e\u56fd\u4e3b\u6743\u57fa\u91d1\u89c4\u6a21\u591a\u5927\uff0c\u4f46\u597d\u4e9b\u8bc4\u8bba\u90fd\u63d0\u53ca\u5230\u4e8c\u4e07\u4ebf\u5143(\u7f8e\u5143\uff0c\u4e0b\u540c)\u7684\u6570\u5b57\u3002\u76ee\u524d\u5168\u7403\u6700\u5927\u7684\u4e09\u4e2a\u4e3b\u6743\u57fa\u91d1\uff0c\u5206\u522b\u662f\u632a\u5a01\u653f\u5e9c\u5168\u7403\u9000\u4f11\u57fa\u91d1(1.74\u4e07\u4ebf\u5143)\u3001\u4e2d\u56fd\u6295\u8d44\u516c\u53f8(1.33\u4e07\u4ebf\u5143)\u548c\u4e2d\u56fd\u7684\u56fd\u5bb6\u5916\u6c47\u7ba1\u7406\u5c40\u6295\u8d44\u516c\u53f8(1.09\u4e07\u4ebf\u5143)\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u4e8c\u4e07\u4ebf\u5143\u662f\u4e2a\u4e0d\u5c11\u7684\u6570\u76ee\uff0c\u8fd9\u5e9e\u5927\u7684\u8d44\u91d1\u4ece\u4f55\u800c\u6765\uff1f\u7279\u6717\u666e\u5728\u88ab\u8ffd\u95ee\u65f6\uff0c\u8bf4\u6765\u81ea\u5173\u7a0e\u6536\u5165\u53ca\u5176\u4ed6\u806a\u660e\u7684\u65b9\u6cd5(from tariffs and other intelligent things)\u3002\u4ec0\u4e48\u806a\u660e\u65b9\u6cd5\uff0c\u5927\u62b5\u8981\u65e5\u540e\u624d\u63ed\u6653\u3002 \u4f46\u4ee5\u5173\u7a0e\u6536\u5165\u4f5c\u4e3a\u4e3b\u6743\u57fa\u91d1\u7684\u4e3b\u8981\u8d44\u91d1\u6765\u6e90\uff0c\u5219\u65f7\u65e5\u6301\u4e45\u30022024\u5e74\u7f8e\u56fd\u8054\u90a6\u653f\u5e9c\u7684\u8d22\u653f\u6536\u5165\u4e3a4.92\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u5173\u7a0e\u7ea6\u5360800\u4ebf\u5143\u3002 \u7279\u6717\u666e\u5728\u7ade\u9009\u65f6\u5938\u5938\u5176\u8c08\u5927\u52a0\u5173\u7a0e\uff0c\u4f46\u548c\u4ed6\u5176\u4ed6\u653f\u7b56\u76f8\u6bd4\uff0c\u5230\u76ee\u524d\u4ecd\u7136\u662f\u96f7\u58f0\u5927\u96e8\u70b9\u5c0f\u3002\u5373\u4f7f\u5173\u7a0e\u6536\u5165\u589e\u52a0\u81f3\u53bb\u5e74\u76845\u500d\u4e5f\u53ea\u7ea64000\u4ebf\u5143\uff0c\u4f46\u8fd9\u6216\u8bb8\u5df2\u5e26\u6765\u4e00\u5b9a\u7684\u901a\u80c0\u548c\u8870\u9000\u4e86\u3002\u82e5\u589e\u52a0\u5176\u4ed6\u7a0e\u7387\uff0c\u5219\u8fdd\u53cd\u4e86\u4ed6\u51cf\u7a0e\u7684\u7ade\u9009\u627f\u8bfa\u548c\u5171\u548c\u515a\u7684\u7ecf\u6d4e\u601d\u7ef4\u3002\u81f3\u4e8e\u53d1\u503a\uff0c\u4e5f\u4e0d\u662f\u7406\u60f3\u7684\u878d\u8d44\u65b9\u5f0f\uff0c\u4e00\u6765\u7f8e\u56fd\u653f\u5e9c\u5df2\u6b20\u4e0b36\u4e07\u4ebf\u5143\u503a\u52a1\uff0c\u5168\u7403\u91d1\u878d\u5e02\u573a\u5df2\u5bc6\u5207\u5173\u6ce8\uff0c\u4e8c\u6765\u53d1\u503a\u7684\u5229\u606f\u6210\u672c\u8d8a\u6765\u8d8a\u9ad8\uff0c\u6536\u7a84\u4e86\u7f8e\u56fd\u653f\u5e9c\u5c06\u6765\u7684\u8d22\u653f\u7a7a\u95f4\u3002 \u5012\u662f\u8d22\u653f\u90e8\u957f\u8d1d\u68ee\u7279\u8bf4\u5f97\u6bd4\u8f83\u6e05\u695a\uff0c\u6307\u51fa\u4f1a\u5c06\u7f8e\u56fd\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u8d27\u5e01\u5316(we are going to monetize the asset side of the US balance sheet)\u3002\u767d\u5bab\u5728\u6709\u5173\u573a\u5408\u63d0\u4f9b\u7684\u8d44\u6599\u8bf4\u660e\u4e0a\uff0c\u6307\u51fa\u7f8e\u56fd\u653f\u5e9c\u76f4\u63a5\u6301\u67095.7\u4e07\u4ebf\u5143\u8d44\u4ea7\u3002 \u4e0d\u8fc7\u4e5f\u6709\u8bba\u8005\u6307\u51fa\uff0c\u5176\u4e2d\u6709\u6d41\u52a8\u6027\u7684\uff0c\u53ea\u67091.2\u4e07\u4ebf\u5143\u7684\u73b0\u91d1\u548c\u9ec4\u91d1\u3002 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22\u5143\u7684\u4ef7\u4f4d\u3002\u5982\u4eca\u9ec4\u91d1\u4ef7\u683c\u5df2\u903c\u8fd13000\u5143\uff0c\u82e5\u5c06\u7f8e\u56fd\u653f\u5e9c\u7684\u9ec4\u91d1\u50a8\u5907\u6309\u5e02\u503c\u8ba1\u7b97\uff0c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u968f\u5373\u589e\u52a0\u4e867737\u4ebf\u5143\u3002\u8fd9\u6216\u8bb8\u662f\u8d1d\u68ee\u7279\u6240\u6307\u7684\u5c06\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u8d27\u5e01\u5316\uff0c\u4f5c\u4e3a\u4e3b\u6743\u57fa\u91d1\u7684\u8d44\u91d1\u6765\u6e90\u3002 \u7f8e\u56fd\u7684\u9ec4\u91d1\u50a8\u5907\u4ef7\u503c\u91cd\u4f30\uff0c\u662f\u7f8e\u56fd\u53ef\u4ee5\u52a8\u7528\u7684\u4e00\u7b14\u65e0\u6210\u672c\u8d44\u91d1\uff0c\u53ef\u4ee5\u6ce8\u5165\u4e3b\u6743\u57fa\u91d1\uff0c\u4e5f\u53ef\u4ee5\u4f5c\u5176\u4ed6\u7528\u9014\u3002\u5982\u88ab\u63d0\u540d\u5f53\u767d\u5bab\u7ecf\u6d4e\u987e\u95ee\u7684\u53f2\u63d0\u82ac\u7c73\u5170(Stephen 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fund)\uff0c\u5e76\u8d23\u6210\u8d22\u653f\u90e8\u957f\u548c\u5546\u52a1\u90e8\u957f\u572890\u5929\u5185\u63d0\u4ea4\u6709\u5173\u65b9\u6848\uff0c\u5305\u62ec\u8d44\u91d1\u7b79\u96c6\u673a\u5236\u3001\u6295\u8d44\u7b56\u7565\u548c\u7ba1\u6cbb\u6a21\u5f0f\u7b49\u3002\u8d22\u653f\u90e8\u957f\u8d1d\u68ee\u7279\u79ef\u6781\u56de\u5e94\uff0c\u8ba4\u4e3a\u53ef\u572812\u4e2a\u6708\u5185\u505a\u597d\u51c6\u5907\u53ca\u5f00\u59cb\u8fd0\u4f5c\u3002 \u7b80\u5355\u800c\u8a00\uff0c\u4e3b\u6743\u57fa\u91d1\u662f\u56fd\u5bb6\u6216\u653f\u5e9c\u62e5\u6709\u53ca\u7ba1\u7406\u3001\u6295\u8d44\u4e8e\u56fd\u5185\u53ca\u56fd\u5916\u7684\u8d44\u4ea7\u3002\u8d44\u91d1\u4e00\u822c\u6765\u81ea\u51fa\u552e\u77f3\u6cb9\u548c\u77ff\u4ea7\u7b49\u5929\u7136\u8d44\u6e90\uff0c \u5982\u632a\u5a01\u548c\u6c99\u7279\u963f\u62c9\u4f2f\u7684\u4e3b\u6743\u57fa\u91d1\uff0c\u4e5f\u6709\u6765\u81ea\u591a\u5e74\u7d2f\u79ef\u7684\u5916\u8d38\u76c8\u9980\uff0c\u5982\u4e2d\u56fd\u548c\u65b0\u52a0\u5761\u7b49\u3002 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International Development Finance Corporation) \uff0c\u4f46\u53d7\u5230\u73b0\u6709\u8d22\u653f\u89c4\u5219\u7684\u9650\u5236\uff0c\u8f83\u96be\u4ee5\u63d0\u9ad8\u7f8e\u56fd\u7684\u56fd\u9645\u5f71\u54cd\u529b\u4f5c\u4e3a\u6295\u8d44\u51b3\u7b56\u7684\u6807\u51c6\u3002\u65b0\u6210\u7acb\u7684\u4e3b\u6743\u57fa\u91d1\uff0c \u6216\u53ef\u6446\u8131\u6709\u5173\u7684\u7ea6\u675f\u3002 \u9664\u4e86\u8f83\u5c11\u7ea6\u675f\u5730\u5728\u56fd\u9645\u5e02\u573a\u548c\u4e2d\u56fd\u6297\u8861\uff0c\u7279\u6717\u666e\u6210\u7acb\u4e3b\u6743\u57fa\u91d1\uff0c\u53ef\u4ee5\u8bf4\u662f\u53e6\u8d77\u7089\u7076\uff0c\u65b9\u4fbf\u4ed6\u5728\u8d22\u653f\u4e0a\u6446\u8131\u4e00\u4e9b\u5236\u8098\uff0c\u51cf\u5c11\u56fd\u4f1a\u7684\u5e72\u9884\uff0c\u540c\u65f6\u4e5f\u51cf\u5c11\u4e86\u589e\u52a0\u7f8e\u56fd\u8d22\u653f\u8d64\u5b57\u7684\u6307\u8d23\u3002\u6b64\u5916\uff0c\u4e5f\u907f\u514d\u4e86\u76ee\u524d\u5e38\u51fa\u73b0\u7684\uff0c\u5728\u63a5\u8fd1\u8054\u90a6\u653f\u5e9c\u503a\u52a1\u4e0a\u9650\u65f6\u8981\u9762\u5bf9\u5171\u548c\u6c11\u4e3b\u4e24\u515a\u4e89\u6301\u7684\u4e0d\u786e\u5b9a\u6027\u3002\u6709\u5173\u4e3b\u6743\u57fa\u91d1\u6700\u7ec8\u6210\u7acb\u65f6\u7684\u6cd5\u4f8b\uff0c\u56fd\u4f1a\u5927\u6982\u6ca1\u4ec0\u4e48\u8bf1\u56e0\u4e3b\u52a8\u514d\u53bb\u81ea\u8eab\u7684\u76d1\u7ba1\u6743\u529b\uff0c \u4f46\u5f53\u524d\u7279\u6717\u666e\u5f3a\u52bf\u9886\u5bfc\u53ca\u5171\u548c\u515a\u63a7\u5236\u4e24\u9662\uff0c\u7ed3\u679c\u4ecd\u4f1a\u6709\u5229\u4e8e\u7279\u6717\u666e\u672a\u6765\u6570\u5e74\u7684\u6267\u653f\u3002 \u884c\u653f\u547d\u4ee4\u6ca1\u6709\u63d0\u53ca\u8ba1\u5212\u4e2d\u7684\u7f8e\u56fd\u4e3b\u6743\u57fa\u91d1\u89c4\u6a21\u591a\u5927\uff0c\u4f46\u597d\u4e9b\u8bc4\u8bba\u90fd\u63d0\u53ca\u5230\u4e8c\u4e07\u4ebf\u5143(\u7f8e\u5143\uff0c\u4e0b\u540c)\u7684\u6570\u5b57\u3002\u76ee\u524d\u5168\u7403\u6700\u5927\u7684\u4e09\u4e2a\u4e3b\u6743\u57fa\u91d1\uff0c\u5206\u522b\u662f\u632a\u5a01\u653f\u5e9c\u5168\u7403\u9000\u4f11\u57fa\u91d1(1.74\u4e07\u4ebf\u5143)\u3001\u4e2d\u56fd\u6295\u8d44\u516c\u53f8(1.33\u4e07\u4ebf\u5143)\u548c\u4e2d\u56fd\u7684\u56fd\u5bb6\u5916\u6c47\u7ba1\u7406\u5c40\u6295\u8d44\u516c\u53f8(1.09\u4e07\u4ebf\u5143)\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u4e8c\u4e07\u4ebf\u5143\u662f\u4e2a\u4e0d\u5c11\u7684\u6570\u76ee\uff0c\u8fd9\u5e9e\u5927\u7684\u8d44\u91d1\u4ece\u4f55\u800c\u6765\uff1f\u7279\u6717\u666e\u5728\u88ab\u8ffd\u95ee\u65f6\uff0c\u8bf4\u6765\u81ea\u5173\u7a0e\u6536\u5165\u53ca\u5176\u4ed6\u806a\u660e\u7684\u65b9\u6cd5(from tariffs and other intelligent things)\u3002\u4ec0\u4e48\u806a\u660e\u65b9\u6cd5\uff0c\u5927\u62b5\u8981\u65e5\u540e\u624d\u63ed\u6653\u3002 \u4f46\u4ee5\u5173\u7a0e\u6536\u5165\u4f5c\u4e3a\u4e3b\u6743\u57fa\u91d1\u7684\u4e3b\u8981\u8d44\u91d1\u6765\u6e90\uff0c\u5219\u65f7\u65e5\u6301\u4e45\u30022024\u5e74\u7f8e\u56fd\u8054\u90a6\u653f\u5e9c\u7684\u8d22\u653f\u6536\u5165\u4e3a4.92\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u5173\u7a0e\u7ea6\u5360800\u4ebf\u5143\u3002 \u7279\u6717\u666e\u5728\u7ade\u9009\u65f6\u5938\u5938\u5176\u8c08\u5927\u52a0\u5173\u7a0e\uff0c\u4f46\u548c\u4ed6\u5176\u4ed6\u653f\u7b56\u76f8\u6bd4\uff0c\u5230\u76ee\u524d\u4ecd\u7136\u662f\u96f7\u58f0\u5927\u96e8\u70b9\u5c0f\u3002\u5373\u4f7f\u5173\u7a0e\u6536\u5165\u589e\u52a0\u81f3\u53bb\u5e74\u76845\u500d\u4e5f\u53ea\u7ea64000\u4ebf\u5143\uff0c\u4f46\u8fd9\u6216\u8bb8\u5df2\u5e26\u6765\u4e00\u5b9a\u7684\u901a\u80c0\u548c\u8870\u9000\u4e86\u3002\u82e5\u589e\u52a0\u5176\u4ed6\u7a0e\u7387\uff0c\u5219\u8fdd\u53cd\u4e86\u4ed6\u51cf\u7a0e\u7684\u7ade\u9009\u627f\u8bfa\u548c\u5171\u548c\u515a\u7684\u7ecf\u6d4e\u601d\u7ef4\u3002\u81f3\u4e8e\u53d1\u503a\uff0c\u4e5f\u4e0d\u662f\u7406\u60f3\u7684\u878d\u8d44\u65b9\u5f0f\uff0c\u4e00\u6765\u7f8e\u56fd\u653f\u5e9c\u5df2\u6b20\u4e0b36\u4e07\u4ebf\u5143\u503a\u52a1\uff0c\u5168\u7403\u91d1\u878d\u5e02\u573a\u5df2\u5bc6\u5207\u5173\u6ce8\uff0c\u4e8c\u6765\u53d1\u503a\u7684\u5229\u606f\u6210\u672c\u8d8a\u6765\u8d8a\u9ad8\uff0c\u6536\u7a84\u4e86\u7f8e\u56fd\u653f\u5e9c\u5c06\u6765\u7684\u8d22\u653f\u7a7a\u95f4\u3002 \u5012\u662f\u8d22\u653f\u90e8\u957f\u8d1d\u68ee\u7279\u8bf4\u5f97\u6bd4\u8f83\u6e05\u695a\uff0c\u6307\u51fa\u4f1a\u5c06\u7f8e\u56fd\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u8d27\u5e01\u5316(we are going to monetize the asset side of the US balance sheet)\u3002\u767d\u5bab\u5728\u6709\u5173\u573a\u5408\u63d0\u4f9b\u7684\u8d44\u6599\u8bf4\u660e\u4e0a\uff0c\u6307\u51fa\u7f8e\u56fd\u653f\u5e9c\u76f4\u63a5\u6301\u67095.7\u4e07\u4ebf\u5143\u8d44\u4ea7\u3002 \u4e0d\u8fc7\u4e5f\u6709\u8bba\u8005\u6307\u51fa\uff0c\u5176\u4e2d\u6709\u6d41\u52a8\u6027\u7684\uff0c\u53ea\u67091.2\u4e07\u4ebf\u5143\u7684\u73b0\u91d1\u548c\u9ec4\u91d1\u3002 \u7f8e\u56fd\u653f\u5e9c\u6301\u67092.616\u4ebf\u91d1\u8861\u76ce\u53f8\u91cd\u91cf\u7684\u9ec4\u91d1\uff0c\u4f46\u5728\u8d22\u653f\u90e8\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u4ecd\u7136\u662f\u630970\u5e74\u4ee3\u6bcf\u91d1\u8861\u76ce\u53f842.22\u5143\u7684\u4ef7\u683c\u5b9a\u4ef7\u3002\u5728\u5e03\u96f7\u987f\u68ee\u6797\u5236\u5ea6\u4e0b\uff0c\u9ec4\u91d1\u7684\u4ef7\u683c\u539f\u672c\u662f35\u5143\u30021971\u5e748\u6708\u7f8e\u56fd\u5355\u65b9\u9762\u5c06\u7f8e\u5143\u548c\u9ec4\u91d1\u8131\u94a9\u540e\uff0c\u56fd\u9645\u95f4\u4ecd\u6709\u5c06\u7f8e\u5143\u5151\u9ec4\u91d1\u8d2c\u503c\u4ee5\u633d\u6551\u5e03\u96f7\u987f\u68ee\u6797\u5236\u5ea6\u7684\u52aa\u529b\uff0c\u4f46\u968f\u540e\u52aa\u529b\u5931\u8d25\uff0c\u7f8e\u56fd\u7684\u5b98\u65b9\u9ec4\u91d1\u4ef7\u683c\u5c31\u4e00\u76f4\u505c\u7559\u572842. 22\u5143\u7684\u4ef7\u4f4d\u3002\u5982\u4eca\u9ec4\u91d1\u4ef7\u683c\u5df2\u903c\u8fd13000\u5143\uff0c\u82e5\u5c06\u7f8e\u56fd\u653f\u5e9c\u7684\u9ec4\u91d1\u50a8\u5907\u6309\u5e02\u503c\u8ba1\u7b97\uff0c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u968f\u5373\u589e\u52a0\u4e867737\u4ebf\u5143\u3002\u8fd9\u6216\u8bb8\u662f\u8d1d\u68ee\u7279\u6240\u6307\u7684\u5c06\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u8d27\u5e01\u5316\uff0c\u4f5c\u4e3a\u4e3b\u6743\u57fa\u91d1\u7684\u8d44\u91d1\u6765\u6e90\u3002 \u7f8e\u56fd\u7684\u9ec4\u91d1\u50a8\u5907\u4ef7\u503c\u91cd\u4f30\uff0c\u662f\u7f8e\u56fd\u53ef\u4ee5\u52a8\u7528\u7684\u4e00\u7b14\u65e0\u6210\u672c\u8d44\u91d1\uff0c\u53ef\u4ee5\u6ce8\u5165\u4e3b\u6743\u57fa\u91d1\uff0c\u4e5f\u53ef\u4ee5\u4f5c\u5176\u4ed6\u7528\u9014\u3002\u5982\u88ab\u63d0\u540d\u5f53\u767d\u5bab\u7ecf\u6d4e\u987e\u95ee\u7684\u53f2\u63d0\u82ac\u7c73\u5170(Stephen Miran)\uff0c\u5c31\u66fe\u8bf4\u8fc7\u5c06\u9ec4\u91d1\u5356\u6389\u4e70\u5165\u5176\u4ed6\u8d27\u5e01\uff0c \u6765\u8fbe\u5230\u7f8e\u5143\u8d2c\u503c\u7684\u76ee\u7684\uff0c\u672a\u77e5\u8fd9\u662f\u6709\u591a\u4e25\u8083\u7684\u5efa\u8bae\u3002\u65e0\u8bba\u5982\u4f55\uff0c\u8fc7\u53bb\u6570\u5e74\u4e0d\u5c11\u592e\u884c\u90fd\u5927\u91cf\u4e70\u5165\u9ec4\u91d1\uff0c\u7f8e\u56fd\u653f\u5e9c\u5bf9\u5176\u9ec4\u91d1\u50a8\u5907\u7684\u64cd\u4f5c\uff0c\u90fd\u4f1a\u5bfc\u81f4\u9ec4\u91d1\u91cd\u5165\u8d27\u5e01\u5236\u5ea6 \u7684\u601d\u8003\u3002 \u9646\u708e\u8f89\u535a\u58eb \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u8363\u8a89\u526f\u6559\u6388 \uff08\u672c\u6587\u540c\u65f6\u4e8e\u4e8c\u96f6\u4e8c\u4e94\u5e74\u4e8c\u6708\u4e8c\u5341\u516d\u65e5\u8f7d\u4e8e\u300a\u4fe1\u62a5\u300b\u201c\u9f99\u864e\u5c71\u4e0b\u201d\u4e13\u680f\uff09\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/sc\/research\/thought-leadership\/hkej-column\/will-trump-revalue-gold-reserves-to-launch-a-sovereign-wealth-fund\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2025-02-26T10:13:59+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-02-26T10:36:49+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u7279\u6717\u666e\u4f1a\u91cd\u4f30\u9ec4\u91d1\u50a8\u5907\u6765\u542f\u52a8\u4e3b\u6743\u57fa\u91d1\u5417\uff1f - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u7279\u6717\u666e\u4e8c\u5ea6\u4e0a\u53f0\u540e\uff0c\u5404\u79cd\u653f\u7b56\u8fc5\u901f\u767b\u573a\uff0c\u6267\u884c\u65f6\u5927\u5200\u9614\u65a7\u3001\u96f7\u5389\u98ce\u884c\u3002\u624d\u4e00\u4e2a\u591a\u6708\uff0c\u6539\u53d8\u6bd4\u4efb\u4f55\u65b0\u4e0a\u4efb\u7684\u56fd\u5bb6\u5143\u9996\u6240\u505a\u7684\u4e3a\u591a\uff0c\u4ee4\u4eba\u76ee\u4e0d\u6687\u7ed9\u3002\u5728\u56fd\u5185\u4e8b\u52a1\u65b9\u9762\uff0c\u5927\u91cf\u9a71\u9010\u5883\u5185\u7684\u975e\u6cd5\u79fb\u6c11\u548c\u88c1\u51cf\u8054\u90a6\u653f\u5e9c\u90e8\u95e8\u548c\u96c7\u5458\uff0c \u5305\u62ec\u4e00\u591c\u95f4\u5173\u95ed\u4e86\u7f8e\u56fd\u56fd\u9645\u5f00\u53d1\u7f72(USAID)\u3002\u5728\u56fd\u9645\u4e8b\u52a1\u65b9\u9762\u66f4\u4e3a\u201c\u9769\u547d\u6027\u201d\uff0c\u548c\u4fc4\u7f57\u65af\u51b0\u91ca\u524d\u5acc\u7684\u540c\u65f6\uff0c\u5bf9\u4f5c\u4e3a\u591a\u5e74\u76df\u53cb\u7684\u6b27\u6d32\u6765\u4e2a\u53d8\u8138\uff0c\u5f7b\u5e95\u5730\u98a0\u8986\u4e8680\u5e74\u6765\u7684\u56fd\u9645\u79e9\u5e8f\u3002 \u5728\u4f17\u591a\u653f\u7b56\u53d8\u5316\u4e4b\u4e2d\uff0c\u4e00\u9879\u8f83\u5c11\u53d7\u5230\u6ce8\u610f\u7684\uff0c\u662f\u7279\u6717\u666e\u57282\u67083\u65e5\u6240\u7b7e\u7684\u4e00\u9879\u884c\u653f\u547d\u4ee4\uff0c\u6210\u7acb\u7f8e\u56fd\u4e3b\u6743\u57fa\u91d1(sovereign wealth 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International Development Finance Corporation) \\uff0c\\u4f46\\u53d7\\u5230\\u73b0\\u6709\\u8d22\\u653f\\u89c4\\u5219\\u7684\\u9650\\u5236\\uff0c\\u8f83\\u96be\\u4ee5\\u63d0\\u9ad8\\u7f8e\\u56fd\\u7684\\u56fd\\u9645\\u5f71\\u54cd\\u529b\\u4f5c\\u4e3a\\u6295\\u8d44\\u51b3\\u7b56\\u7684\\u6807\\u51c6\\u3002\\u65b0\\u6210\\u7acb\\u7684\\u4e3b\\u6743\\u57fa\\u91d1\\uff0c \\u6216\\u53ef\\u6446\\u8131\\u6709\\u5173\\u7684\\u7ea6\\u675f\\u3002 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things)\u3002\u4ec0\u4e48\u806a\u660e\u65b9\u6cd5\uff0c\u5927\u62b5\u8981\u65e5\u540e\u624d\u63ed\u6653\u3002 \u4f46\u4ee5\u5173\u7a0e\u6536\u5165\u4f5c\u4e3a\u4e3b\u6743\u57fa\u91d1\u7684\u4e3b\u8981\u8d44\u91d1\u6765\u6e90\uff0c\u5219\u65f7\u65e5\u6301\u4e45\u30022024\u5e74\u7f8e\u56fd\u8054\u90a6\u653f\u5e9c\u7684\u8d22\u653f\u6536\u5165\u4e3a4.92\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u5173\u7a0e\u7ea6\u5360800\u4ebf\u5143\u3002 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22\u5143\u7684\u4ef7\u4f4d\u3002\u5982\u4eca\u9ec4\u91d1\u4ef7\u683c\u5df2\u903c\u8fd13000\u5143\uff0c\u82e5\u5c06\u7f8e\u56fd\u653f\u5e9c\u7684\u9ec4\u91d1\u50a8\u5907\u6309\u5e02\u503c\u8ba1\u7b97\uff0c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u968f\u5373\u589e\u52a0\u4e867737\u4ebf\u5143\u3002\u8fd9\u6216\u8bb8\u662f\u8d1d\u68ee\u7279\u6240\u6307\u7684\u5c06\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u8d27\u5e01\u5316\uff0c\u4f5c\u4e3a\u4e3b\u6743\u57fa\u91d1\u7684\u8d44\u91d1\u6765\u6e90\u3002 \u7f8e\u56fd\u7684\u9ec4\u91d1\u50a8\u5907\u4ef7\u503c\u91cd\u4f30\uff0c\u662f\u7f8e\u56fd\u53ef\u4ee5\u52a8\u7528\u7684\u4e00\u7b14\u65e0\u6210\u672c\u8d44\u91d1\uff0c\u53ef\u4ee5\u6ce8\u5165\u4e3b\u6743\u57fa\u91d1\uff0c\u4e5f\u53ef\u4ee5\u4f5c\u5176\u4ed6\u7528\u9014\u3002\u5982\u88ab\u63d0\u540d\u5f53\u767d\u5bab\u7ecf\u6d4e\u987e\u95ee\u7684\u53f2\u63d0\u82ac\u7c73\u5170(Stephen Miran)\uff0c\u5c31\u66fe\u8bf4\u8fc7\u5c06\u9ec4\u91d1\u5356\u6389\u4e70\u5165\u5176\u4ed6\u8d27\u5e01\uff0c \u6765\u8fbe\u5230\u7f8e\u5143\u8d2c\u503c\u7684\u76ee\u7684\uff0c\u672a\u77e5\u8fd9\u662f\u6709\u591a\u4e25\u8083\u7684\u5efa\u8bae\u3002\u65e0\u8bba\u5982\u4f55\uff0c\u8fc7\u53bb\u6570\u5e74\u4e0d\u5c11\u592e\u884c\u90fd\u5927\u91cf\u4e70\u5165\u9ec4\u91d1\uff0c\u7f8e\u56fd\u653f\u5e9c\u5bf9\u5176\u9ec4\u91d1\u50a8\u5907\u7684\u64cd\u4f5c\uff0c\u90fd\u4f1a\u5bfc\u81f4\u9ec4\u91d1\u91cd\u5165\u8d27\u5e01\u5236\u5ea6 \u7684\u601d\u8003\u3002 \u9646\u708e\u8f89\u535a\u58eb \u6e2f\u5927\u7ecf\u7ba1\u5b66\u9662\u8363\u8a89\u526f\u6559\u6388 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School","og:description":"\u7279\u6717\u666e\u4e8c\u5ea6\u4e0a\u53f0\u540e\uff0c\u5404\u79cd\u653f\u7b56\u8fc5\u901f\u767b\u573a\uff0c\u6267\u884c\u65f6\u5927\u5200\u9614\u65a7\u3001\u96f7\u5389\u98ce\u884c\u3002\u624d\u4e00\u4e2a\u591a\u6708\uff0c\u6539\u53d8\u6bd4\u4efb\u4f55\u65b0\u4e0a\u4efb\u7684\u56fd\u5bb6\u5143\u9996\u6240\u505a\u7684\u4e3a\u591a\uff0c\u4ee4\u4eba\u76ee\u4e0d\u6687\u7ed9\u3002\u5728\u56fd\u5185\u4e8b\u52a1\u65b9\u9762\uff0c\u5927\u91cf\u9a71\u9010\u5883\u5185\u7684\u975e\u6cd5\u79fb\u6c11\u548c\u88c1\u51cf\u8054\u90a6\u653f\u5e9c\u90e8\u95e8\u548c\u96c7\u5458\uff0c 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\u81f3\u4e8e\u8bbe\u7acb\u4e3b\u6743\u57fa\u91d1\u7684\u76ee\u7684\uff0c\u4e3b\u8981\u662f\u5c06\u8d44\u91d1\u7528\u4e8e\u56fd\u5bb6\u53d1\u5c55\u76ee\u6807\u3001\u6216\u7528\u4ee5\u7a33\u5b9a\u653f\u5e9c\u8d22\u653f\u3001\u53c8\u6216\u63d0\u9ad8\u7ba1\u7406\u56fd\u5bb6\u8d44\u4ea7\u7684\u6548\u7387\u3002\u5982\u6c99\u7279\u963f\u62c9\u4f2f\u8981\u63d0\u9ad8\u5728\u56fd\u9645\u4f53\u80b2\u4e8b\u4e1a\u4e0a\u7684\u77e5\u540d\u5ea6\uff0c\u4fbf\u901a\u8fc7\u5176\u540d\u4e3a\u201c\u516c\u5171\u6295\u8d44\u57fa\u91d1\u201d(Public Investment Fund)\u7684\u4e3b\u6743\u57fa\u91d1\uff0c\u6536\u8d2d\u4e86\u4e00\u4e9b\u8db3\u7403\u7403\u4f1a\uff0c\u9ad8\u85aa\u7f51\u7f57\u4e86\u5982C\u6717\u62ff\u5ea6\u7b49\u77e5\u540d\u7403\u5458\uff0c \u5e76\u8d5e\u52a9\u6570\u6708\u524d\u56fd\u9645\u5973\u5b50\u7f51\u7403\u534f\u4f1a(WTA)\u5e74\u7ec8\u603b\u51b3\u8d5b\u7b49\u9879\u76ee\u3002\u8fd9\u662f\u6bd4\u8f83\u8f7b\u677e\u7684\u4f8b\u5b50\u3002\u4e00\u822c\u7684\u4e3b\u6743\u57fa\u91d1\uff0c\u591a\u7528\u4e8e\u8f83\u4e3a\u67af\u71e5\u7684\u57fa\u7840\u5efa\u8bbe\u3001\u4ea7\u4e1a\u653f\u7b56\u3001\u91d1\u878d\u6295\u8d44\u7b49\u3002 \u7279\u6717\u666e\u7b7e\u7f72\u6210\u7acb\u4e3b\u6743\u57fa\u91d1\u7684\u884c\u653f\u547d\u4ee4\u4e0a\uff0c\u8bf4\u6210\u7acb\u57fa\u91d1\u662f\u8981\u63d0\u9ad8\u8d22\u653f\u6301\u7eed\u6027\u3001\u51cf\u8f7b\u7f8e\u56fd\u5bb6\u5ead\u548c\u5c0f\u578b\u4f01\u4e1a\u7684\u7a0e\u52a1\u8d1f\u62c5\u3001\u53ca\u63a8\u52a8\u7f8e\u56fd\u5728\u56fd\u9645\u4e0a\u7684\u7ecf\u6d4e\u548c\u6218\u7565\u9886\u5bfc\u5730\u4f4d\u3002\u8fd9\u90fd\u662f\u7b3c\u7edf\u7684\u8bf4\u6cd5\uff0c\u8be6\u7ec6\u5185\u5bb9\u5927\u6982\u8981\u7b4990\u5929\u5185\u51fa\u7b3c\u7684\u65b9\u6848\u624d\u6709\u4ea4\u4ee3\u3002\u7136\u800c\uff0c\u4e3b\u6743\u57fa\u91d1\u5982\u4f55\u63d0\u9ad8\u7f8e\u56fd\u653f\u5e9c\u7684\u8d22\u653f\u80fd\u529b\uff0c\u5e26\u6765\u8d22\u653f\u6301\u7eed\u6027\u548c\u51cf\u8f7b\u7a0e\u52a1\uff0c\u503c\u5f97\u53c2\u8be6\u3002\u8fd9\u91cc\u7b80\u5355\u5730\u5206\u4e24\u79cd\u53ef\u80fd\uff0c\u4e00\u662f\u5728\u57fa\u91d1\u6210\u7acb\u65f6\uff0c\u653f\u5e9c\u540c\u65f6\u6709\u65b0\u7684\u8d44\u91d1\u6ce8\u5165\u57fa\u91d1\uff0c\u6bcb\u9700\u6539\u53d8\u5df2\u6709\u7684\u8d22\u653f\u5b89\u6392\u3002\u8fd9\u5f53\u7136\u4f7f\u653f\u5e9c\u8d22\u653f\u66f4\u52a0\u5145\u5b9e\uff0c\u4f46\u8fd9\u4e9b\u65b0\u8d44\u91d1\u5e94\u5426\u7528\u6765\u6210\u7acb\u4e3b\u6743\u57fa\u91d1\uff0c\u8fd8\u662f\u6709\u66f4\u597d\u7528\u9014\uff0c\u5982\u51cf\u8f7b\u5f53\u524d\u653f\u5e9c\u7684\u503a\u52a1\u548c\u5c06\u6765\u7684\u5229\u606f\u5f00\u652f\u3002\u53e6\u4e00\u79cd\u53ef\u80fd\u662f\u653f\u5e9c\u6ca1\u6709\u65b0\u8d44\u91d1\u6ce8\u5165\u4e3b\u6743\u57fa\u91d1\uff0c\u9700\u8981\u901a\u8fc7\u7a0e\u6536\u6216\u501f\u8d37\u4ece\u5e02\u573a\u53d6\u5f97\u8d44\u91d1\u6765\u6295\u8d44\u3002\u5982\u679c\u653f\u5e9c\u6295\u8d44\u7684\u56de\u62a5\u7387\u548c\u5e02\u573a\u76f8\u7ea6\uff0c\u5012\u4e0d\u5982\u5c06\u8d44\u91d1\u7559\u5728\u5e02\u573a\uff0c\u65e0\u9700\u591a\u6b64\u4e00\u4e3e\uff0c\u907f\u514d\u6392\u6324\u6548\u5e94\u3002 \u65e0\u8bba\u54ea\u79cd\u60c5\u51b5\uff0c\u4e3b\u6743\u57fa\u91d1\u53ef\u80fd\u8d77\u5230\u7684\u7ecf\u6d4e\u6548\u679c\uff0c\u4e00\u662f\u653f\u5e9c\u4eab\u6709\u7684\u8d44\u91d1\u6216\u8d44\u6e90\uff0c\u901a\u8fc7\u4e3b\u6743\u57fa\u91d1\u6765\u7ba1\u7406\uff0c\u4e0d\u60f3\u6216\u4e0d\u5408\u9002\u8f6c\u79fb\u81f3\u5e02\u573a\u3002\u4e8c\u662f\u901a\u8fc7\u57fa\u91d1\u5e9e\u5927\u7684\u89c4\u6a21\uff0c\u53ef\u8282\u7ea6\u6295\u8d44\u6210\u672c\u6216\u63d0\u9ad8\u56de\u62a5\u7387\u3002\u4e09\u662f\u6295\u8d44\u5728\u5e02\u573a\u4e0d\u4f1a\u8003\u8651\u4f46\u5bf9\u793e\u4f1a\u6709\u4ef7\u503c\u7684\u65b9\u9762\uff0c\u5373\u4e2a\u4eba\u56de\u62a5\u4f4e\u4e8e\u793e\u4f1a\u56de\u62a5\uff0c\u5c5e\u5e02\u573a\u5931\u7075\u3002\u5e02\u573a\u4e0d\u6295\u8d44\uff0c\u4f46\u4e3b\u6743\u57fa\u91d1\u53ef\u4ee5\u8003\u8651\u6295\u8d44\u3002\u8fd9\u662f\u4e00\u4e9b\u8bba\u8005\u8d5e\u6210\u7f8e\u56fd\u6210\u7acb\u4e3b\u6743\u57fa\u91d1\u7684\u539f\u56e0\uff0c\u4ed6\u4eec\u8ba4\u4e3a\u7f8e\u56fd\u6ca1\u6709\u6297\u8861\u4e2d\u56fd\u4e00\u5e26\u4e00\u8def\u5728\u5916\u56fd\u6295\u8d44\u57fa\u5efa\u7684\u673a\u5236\uff0c\u56e0\u800c\u964d\u4f4e\u4e86\u7f8e\u56fd\u7684\u56fd\u9645\u5f71\u54cd\u529b\u3002\u76ee\u524d\u7f8e\u56fd\u653f\u5e9c\u7684\u6709\u5173\u90e8\u95e8\u662f\u7f8e\u56fd\u56fd\u9645\u5f00\u53d1\u91d1\u878d\u516c\u53f8(U.S. International Development Finance Corporation) \uff0c\u4f46\u53d7\u5230\u73b0\u6709\u8d22\u653f\u89c4\u5219\u7684\u9650\u5236\uff0c\u8f83\u96be\u4ee5\u63d0\u9ad8\u7f8e\u56fd\u7684\u56fd\u9645\u5f71\u54cd\u529b\u4f5c\u4e3a\u6295\u8d44\u51b3\u7b56\u7684\u6807\u51c6\u3002\u65b0\u6210\u7acb\u7684\u4e3b\u6743\u57fa\u91d1\uff0c \u6216\u53ef\u6446\u8131\u6709\u5173\u7684\u7ea6\u675f\u3002 \u9664\u4e86\u8f83\u5c11\u7ea6\u675f\u5730\u5728\u56fd\u9645\u5e02\u573a\u548c\u4e2d\u56fd\u6297\u8861\uff0c\u7279\u6717\u666e\u6210\u7acb\u4e3b\u6743\u57fa\u91d1\uff0c\u53ef\u4ee5\u8bf4\u662f\u53e6\u8d77\u7089\u7076\uff0c\u65b9\u4fbf\u4ed6\u5728\u8d22\u653f\u4e0a\u6446\u8131\u4e00\u4e9b\u5236\u8098\uff0c\u51cf\u5c11\u56fd\u4f1a\u7684\u5e72\u9884\uff0c\u540c\u65f6\u4e5f\u51cf\u5c11\u4e86\u589e\u52a0\u7f8e\u56fd\u8d22\u653f\u8d64\u5b57\u7684\u6307\u8d23\u3002\u6b64\u5916\uff0c\u4e5f\u907f\u514d\u4e86\u76ee\u524d\u5e38\u51fa\u73b0\u7684\uff0c\u5728\u63a5\u8fd1\u8054\u90a6\u653f\u5e9c\u503a\u52a1\u4e0a\u9650\u65f6\u8981\u9762\u5bf9\u5171\u548c\u6c11\u4e3b\u4e24\u515a\u4e89\u6301\u7684\u4e0d\u786e\u5b9a\u6027\u3002\u6709\u5173\u4e3b\u6743\u57fa\u91d1\u6700\u7ec8\u6210\u7acb\u65f6\u7684\u6cd5\u4f8b\uff0c\u56fd\u4f1a\u5927\u6982\u6ca1\u4ec0\u4e48\u8bf1\u56e0\u4e3b\u52a8\u514d\u53bb\u81ea\u8eab\u7684\u76d1\u7ba1\u6743\u529b\uff0c \u4f46\u5f53\u524d\u7279\u6717\u666e\u5f3a\u52bf\u9886\u5bfc\u53ca\u5171\u548c\u515a\u63a7\u5236\u4e24\u9662\uff0c\u7ed3\u679c\u4ecd\u4f1a\u6709\u5229\u4e8e\u7279\u6717\u666e\u672a\u6765\u6570\u5e74\u7684\u6267\u653f\u3002 \u884c\u653f\u547d\u4ee4\u6ca1\u6709\u63d0\u53ca\u8ba1\u5212\u4e2d\u7684\u7f8e\u56fd\u4e3b\u6743\u57fa\u91d1\u89c4\u6a21\u591a\u5927\uff0c\u4f46\u597d\u4e9b\u8bc4\u8bba\u90fd\u63d0\u53ca\u5230\u4e8c\u4e07\u4ebf\u5143(\u7f8e\u5143\uff0c\u4e0b\u540c)\u7684\u6570\u5b57\u3002\u76ee\u524d\u5168\u7403\u6700\u5927\u7684\u4e09\u4e2a\u4e3b\u6743\u57fa\u91d1\uff0c\u5206\u522b\u662f\u632a\u5a01\u653f\u5e9c\u5168\u7403\u9000\u4f11\u57fa\u91d1(1.74\u4e07\u4ebf\u5143)\u3001\u4e2d\u56fd\u6295\u8d44\u516c\u53f8(1.33\u4e07\u4ebf\u5143)\u548c\u4e2d\u56fd\u7684\u56fd\u5bb6\u5916\u6c47\u7ba1\u7406\u5c40\u6295\u8d44\u516c\u53f8(1.09\u4e07\u4ebf\u5143)\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u4e8c\u4e07\u4ebf\u5143\u662f\u4e2a\u4e0d\u5c11\u7684\u6570\u76ee\uff0c\u8fd9\u5e9e\u5927\u7684\u8d44\u91d1\u4ece\u4f55\u800c\u6765\uff1f\u7279\u6717\u666e\u5728\u88ab\u8ffd\u95ee\u65f6\uff0c\u8bf4\u6765\u81ea\u5173\u7a0e\u6536\u5165\u53ca\u5176\u4ed6\u806a\u660e\u7684\u65b9\u6cd5(from tariffs and other intelligent things)\u3002\u4ec0\u4e48\u806a\u660e\u65b9\u6cd5\uff0c\u5927\u62b5\u8981\u65e5\u540e\u624d\u63ed\u6653\u3002 \u4f46\u4ee5\u5173\u7a0e\u6536\u5165\u4f5c\u4e3a\u4e3b\u6743\u57fa\u91d1\u7684\u4e3b\u8981\u8d44\u91d1\u6765\u6e90\uff0c\u5219\u65f7\u65e5\u6301\u4e45\u30022024\u5e74\u7f8e\u56fd\u8054\u90a6\u653f\u5e9c\u7684\u8d22\u653f\u6536\u5165\u4e3a4.92\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u5173\u7a0e\u7ea6\u5360800\u4ebf\u5143\u3002 \u7279\u6717\u666e\u5728\u7ade\u9009\u65f6\u5938\u5938\u5176\u8c08\u5927\u52a0\u5173\u7a0e\uff0c\u4f46\u548c\u4ed6\u5176\u4ed6\u653f\u7b56\u76f8\u6bd4\uff0c\u5230\u76ee\u524d\u4ecd\u7136\u662f\u96f7\u58f0\u5927\u96e8\u70b9\u5c0f\u3002\u5373\u4f7f\u5173\u7a0e\u6536\u5165\u589e\u52a0\u81f3\u53bb\u5e74\u76845\u500d\u4e5f\u53ea\u7ea64000\u4ebf\u5143\uff0c\u4f46\u8fd9\u6216\u8bb8\u5df2\u5e26\u6765\u4e00\u5b9a\u7684\u901a\u80c0\u548c\u8870\u9000\u4e86\u3002\u82e5\u589e\u52a0\u5176\u4ed6\u7a0e\u7387\uff0c\u5219\u8fdd\u53cd\u4e86\u4ed6\u51cf\u7a0e\u7684\u7ade\u9009\u627f\u8bfa\u548c\u5171\u548c\u515a\u7684\u7ecf\u6d4e\u601d\u7ef4\u3002\u81f3\u4e8e\u53d1\u503a\uff0c\u4e5f\u4e0d\u662f\u7406\u60f3\u7684\u878d\u8d44\u65b9\u5f0f\uff0c\u4e00\u6765\u7f8e\u56fd\u653f\u5e9c\u5df2\u6b20\u4e0b36\u4e07\u4ebf\u5143\u503a\u52a1\uff0c\u5168\u7403\u91d1\u878d\u5e02\u573a\u5df2\u5bc6\u5207\u5173\u6ce8\uff0c\u4e8c\u6765\u53d1\u503a\u7684\u5229\u606f\u6210\u672c\u8d8a\u6765\u8d8a\u9ad8\uff0c\u6536\u7a84\u4e86\u7f8e\u56fd\u653f\u5e9c\u5c06\u6765\u7684\u8d22\u653f\u7a7a\u95f4\u3002 \u5012\u662f\u8d22\u653f\u90e8\u957f\u8d1d\u68ee\u7279\u8bf4\u5f97\u6bd4\u8f83\u6e05\u695a\uff0c\u6307\u51fa\u4f1a\u5c06\u7f8e\u56fd\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u8d27\u5e01\u5316(we are going to monetize the asset side of the US balance sheet)\u3002\u767d\u5bab\u5728\u6709\u5173\u573a\u5408\u63d0\u4f9b\u7684\u8d44\u6599\u8bf4\u660e\u4e0a\uff0c\u6307\u51fa\u7f8e\u56fd\u653f\u5e9c\u76f4\u63a5\u6301\u67095.7\u4e07\u4ebf\u5143\u8d44\u4ea7\u3002 \u4e0d\u8fc7\u4e5f\u6709\u8bba\u8005\u6307\u51fa\uff0c\u5176\u4e2d\u6709\u6d41\u52a8\u6027\u7684\uff0c\u53ea\u67091.2\u4e07\u4ebf\u5143\u7684\u73b0\u91d1\u548c\u9ec4\u91d1\u3002 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22\u5143\u7684\u4ef7\u4f4d\u3002\u5982\u4eca\u9ec4\u91d1\u4ef7\u683c\u5df2\u903c\u8fd13000\u5143\uff0c\u82e5\u5c06\u7f8e\u56fd\u653f\u5e9c\u7684\u9ec4\u91d1\u50a8\u5907\u6309\u5e02\u503c\u8ba1\u7b97\uff0c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u968f\u5373\u589e\u52a0\u4e867737\u4ebf\u5143\u3002\u8fd9\u6216\u8bb8\u662f\u8d1d\u68ee\u7279\u6240\u6307\u7684\u5c06\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u8d27\u5e01\u5316\uff0c\u4f5c\u4e3a\u4e3b\u6743\u57fa\u91d1\u7684\u8d44\u91d1\u6765\u6e90\u3002 \u7f8e\u56fd\u7684\u9ec4\u91d1\u50a8\u5907\u4ef7\u503c\u91cd\u4f30\uff0c\u662f\u7f8e\u56fd\u53ef\u4ee5\u52a8\u7528\u7684\u4e00\u7b14\u65e0\u6210\u672c\u8d44\u91d1\uff0c\u53ef\u4ee5\u6ce8\u5165\u4e3b\u6743\u57fa\u91d1\uff0c\u4e5f\u53ef\u4ee5\u4f5c\u5176\u4ed6\u7528\u9014\u3002\u5982\u88ab\u63d0\u540d\u5f53\u767d\u5bab\u7ecf\u6d4e\u987e\u95ee\u7684\u53f2\u63d0\u82ac\u7c73\u5170(Stephen 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things)\u3002\u4ec0\u4e48\u806a\u660e\u65b9\u6cd5\uff0c\u5927\u62b5\u8981\u65e5\u540e\u624d\u63ed\u6653\u3002 \u4f46\u4ee5\u5173\u7a0e\u6536\u5165\u4f5c\u4e3a\u4e3b\u6743\u57fa\u91d1\u7684\u4e3b\u8981\u8d44\u91d1\u6765\u6e90\uff0c\u5219\u65f7\u65e5\u6301\u4e45\u30022024\u5e74\u7f8e\u56fd\u8054\u90a6\u653f\u5e9c\u7684\u8d22\u653f\u6536\u5165\u4e3a4.92\u4e07\u4ebf\u5143\uff0c\u5176\u4e2d\u5173\u7a0e\u7ea6\u5360800\u4ebf\u5143\u3002 \u7279\u6717\u666e\u5728\u7ade\u9009\u65f6\u5938\u5938\u5176\u8c08\u5927\u52a0\u5173\u7a0e\uff0c\u4f46\u548c\u4ed6\u5176\u4ed6\u653f\u7b56\u76f8\u6bd4\uff0c\u5230\u76ee\u524d\u4ecd\u7136\u662f\u96f7\u58f0\u5927\u96e8\u70b9\u5c0f\u3002\u5373\u4f7f\u5173\u7a0e\u6536\u5165\u589e\u52a0\u81f3\u53bb\u5e74\u76845\u500d\u4e5f\u53ea\u7ea64000\u4ebf\u5143\uff0c\u4f46\u8fd9\u6216\u8bb8\u5df2\u5e26\u6765\u4e00\u5b9a\u7684\u901a\u80c0\u548c\u8870\u9000\u4e86\u3002\u82e5\u589e\u52a0\u5176\u4ed6\u7a0e\u7387\uff0c\u5219\u8fdd\u53cd\u4e86\u4ed6\u51cf\u7a0e\u7684\u7ade\u9009\u627f\u8bfa\u548c\u5171\u548c\u515a\u7684\u7ecf\u6d4e\u601d\u7ef4\u3002\u81f3\u4e8e\u53d1\u503a\uff0c\u4e5f\u4e0d\u662f\u7406\u60f3\u7684\u878d\u8d44\u65b9\u5f0f\uff0c\u4e00\u6765\u7f8e\u56fd\u653f\u5e9c\u5df2\u6b20\u4e0b36\u4e07\u4ebf\u5143\u503a\u52a1\uff0c\u5168\u7403\u91d1\u878d\u5e02\u573a\u5df2\u5bc6\u5207\u5173\u6ce8\uff0c\u4e8c\u6765\u53d1\u503a\u7684\u5229\u606f\u6210\u672c\u8d8a\u6765\u8d8a\u9ad8\uff0c\u6536\u7a84\u4e86\u7f8e\u56fd\u653f\u5e9c\u5c06\u6765\u7684\u8d22\u653f\u7a7a\u95f4\u3002 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22\u5143\u7684\u4ef7\u4f4d\u3002\u5982\u4eca\u9ec4\u91d1\u4ef7\u683c\u5df2\u903c\u8fd13000\u5143\uff0c\u82e5\u5c06\u7f8e\u56fd\u653f\u5e9c\u7684\u9ec4\u91d1\u50a8\u5907\u6309\u5e02\u503c\u8ba1\u7b97\uff0c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u968f\u5373\u589e\u52a0\u4e867737\u4ebf\u5143\u3002\u8fd9\u6216\u8bb8\u662f\u8d1d\u68ee\u7279\u6240\u6307\u7684\u5c06\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d44\u4ea7\u8d27\u5e01\u5316\uff0c\u4f5c\u4e3a\u4e3b\u6743\u57fa\u91d1\u7684\u8d44\u91d1\u6765\u6e90\u3002 \u7f8e\u56fd\u7684\u9ec4\u91d1\u50a8\u5907\u4ef7\u503c\u91cd\u4f30\uff0c\u662f\u7f8e\u56fd\u53ef\u4ee5\u52a8\u7528\u7684\u4e00\u7b14\u65e0\u6210\u672c\u8d44\u91d1\uff0c\u53ef\u4ee5\u6ce8\u5165\u4e3b\u6743\u57fa\u91d1\uff0c\u4e5f\u53ef\u4ee5\u4f5c\u5176\u4ed6\u7528\u9014\u3002\u5982\u88ab\u63d0\u540d\u5f53\u767d\u5bab\u7ecf\u6d4e\u987e\u95ee\u7684\u53f2\u63d0\u82ac\u7c73\u5170(Stephen 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