英文摘要

《财经》杂志     

2018年3期 2018年02月05日出版  

An Anti-Didi Alliance;Has the Chinese Economy Bottomed Out?;Housing Rental Market Has Great Potential;Shake-up of Bitcoin Mining;Doctor Shortage Amid Flu Crisis

An Anti-Didi Alliance

Didi Chuxing, a $56 billion company whose business seems simple and easily replicated, has enjoyed most of the profits in the car-hailing industry over the past year. Di now lives in an unprecedentedly complicated environment, with numerous challengers, sophisticated relationship with shareholders, subtle game with invested companies and coming battle with international giants and automakers. Countless people want to move in on Didi’s turf. They want not only market share in the cab-hailing industry, but also a say in the revolution of the automotive industry and in the Internet wave going forward.

Shou Qi Group, Mobike, Dida Chuxing, NIO, and Baidu, with their capital working together, are seen as an “Anti-Didi Alliance.” They are just the tip of the iceberg. Below the surface, a large number of companies, including Internet companies, state-owned enterprises, and car makers, are operating. Some of them have surfaced, others are still hesitating.

 

Has the Chinese Economy Bottomed Out?

The Chinese economy has experienced rapid growth for nearly four decades. However, since the first quarter of 2010, the economy has gradually been slowing down. Previously, catch-up economies like Japan, South Korea, Singapore, Taiwan and Hong Kong also declined after a period of rapid growth. Why? Existing theories of development economics and economic growth fail to provide a systematic and convincing explanation.

The author believes that the Chinese economy has bottomed out. To achieve high-quality growth on a medium-speed growth platform, a top priority is to reduce risks, deflate bubbles, boost energy, stabilize profits, and increase the stability and sustainability of growth.

 

Housing Rental Market Has Great Potential

China’s housing rental market, which is chaotic right now, has great potential. Property enterprises like Poly Real Estate and apartment rental service providers like Ziroom and Mofang Apartment are all trying to carve out market share. Creating a long-term rental market is not only an approach to improving residents’ housing quality and to providing shelter for all, but also a means to prompt people to change from buying to renting houses and to build a long-term mechanism that promotes steady development of the real estate market.

However, the development of China’s leasing market faces problems: returns on rentals are low; and financial instruments such as REITs are not enough. Whether the government and enterprises can overcome these problems will determine whether the housing rental market can achieve the expected scale of nearly two trillion yuan and match the market size of developed countries.

 

Shake-up of Bitcoin Mining

As Bitcoin began its strongest bullish run in mid-2017, more and more people have joined the ranks of ”miners.” However, as the price of Bitcoin went down all the way since the end of last year, and as regulatory bad news continue, an industry reshuffle has begun.

Suspected money laundering, separated from the real economy, and false financial innovation … strict regulation has driven Bitcoin to leave China. Unlike the halt to ICOs and exchange of legal tender at exchanges, the recent crackdown on Bitcoin mining undoubtedly shook the market to its core. Offshoring has become a common option for large and medium-sized domestic mine fields.

 

Doctor Shortage Amid Flu Crisis

A flu epidemic has almost run throughout the whole winter, with the department of pediatrics are overcrowded. The old problem of shortage of pediatricians again caught people’s attention. If we use the standards of the United States, China needs at least another 170,000 pediatricians. The main reason is that medical staff, especially pediatricians, are not paid enough in China.

The salary reform took another step forward January 10, 2018. One year after the first batch of pilot hospitals conducted reform, the scale of pilot public hospitals for salary reform was expanded. However, doctors’ remuneration has not changed much. If we cannot solve problems encountered in the reform, it may not help to expand the pilot project.

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