英文摘要

《财经》杂志     

2020年25期 2020年12月07日出版  

本文3721字,约5分钟

Brilliance Auto Group’s Surprise Bankruptcy; Park City Concept is Becoming Popular, But It Needs More Exploration; Professor Ezra Feivel Vogel: People of China and US. Both Hope to Have A Healthier Sino-US Relationship; The Fight for the Third Place in China’s Liquor Market Will Last for A Long Time

Brilliance Auto Group’s Surprise Bankruptcy

On November 20, the state-owned Brilliance Auto Group, with assets worth more than 200 billion yuan, officially entered bankruptcy and began reorganization. Previously, a one-billion-yuan bond of this state-owned enterprise defaulted. As such, prices of other bonds issued by Brilliance fell drastically.

A creditor believes that Brilliance Auto Group would not have fallen to where it is today should it taken other courses of action. He told Caijing’s reporter that Brilliance, which holds a number of listed companies, only faced a liquidity shortage and it had various means of self-rescue. However, Brilliance went directly into bankruptcy and reorganization. Meanwhile, the China Securities Regulatory Commission decided to file an investigation into Brilliance Auto Group’s suspected violations of information disclosure, and other misconduct. Many people close to Brilliance told Caijing that Brilliance’s bankruptcy and reorganization were not entirely out of its corporate will.

 

Park City Concept is Becoming Popular, But It Needs More Exploration

Park City is not “building a park in the city”, but instead is “building a city in the park”. Indeed, Park City is also not simply “park plus city”, but a project that extends to the development of the overall urban system.

In the past two years, the concept of Park City has been flourishing all over China. Plans for the construction of park cities have been launched in many places across the country. Chengdu is the pioneer of China’s park city, and has garnished national and global attention. From industry perspectives, park city is a new revolution in urban construction. It has practical significance for opening up a new path for urban transformation and creating a new direction for urban construction and development. But as a brand-new development paradigm, Park City has no prior model in the country that can be followed as an example. At present, park city has not formed a mature theoretical system, and most of projects are still at the exploration stage. However, many places have successively issued bold plans for the construction of park cities with strong promise.

 

Professor Ezra Feivel Vogel: People of China and US. Both Hope to Have A Healthier Sino-US Relationship

During the past four years of the Trump administration, Sino-US relations have survived many challenges. Professor Ezra Feivel Vogel of Harvard University has repeatedly issued open letters with some former officials and scholars in the United States who are concerned with East Asian issues who oppose turning US policy against China. As the Biden administration prepares to take power, Mr. Vogel, who is 90-years old, once again stood up and called for a healthier Sino-US relationship.

Vogel pointed out that the United States is now encountering many problems, one of which is that inequality in the country has become more serious and people are losing their sense of security. In addition, the United States has a president who is very good at getting public attention, but who is not very responsible. This person is completely an unqualified president, and many people in the United States are not satisfied with him. This is why the United States is now encountering serious problems. Vogel believes that people of both countries hope to have a healthier Sino-US relationship.

 

The Fight for the Third Place in China’s Liquor Market Will Last for A Long Time

Both Luzhou Laojiao and Shanxi Fenjiu were once the most successful brands in the Chinese liquor industry. Now they are far behind Moutai and Wuliangye, and can only compete with Yanghe for the third place in the Chinese liquor market. The competition for third place has lasted for ten years. Yanghe was traditionally in the lead, but other competitors have recently gained ground.

Although there are various challengers, Yanghe is very likely to win this fight. It has many advantages such as clear equity of shares, successful executive incentive policies, harmonious relations with the government, and improved management capabilities. By contrast, the challengers’ have shown many flaws and weakness. Therefore, there are still more rounds to go before this battle for third place concludes. More rounds of competition will yield further productive outcomes.

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