{"id":2532138,"date":"2025-05-22T20:46:28","date_gmt":"2025-05-22T20:46:28","guid":{"rendered":"https:\/\/www.wacoca.com\/news\/2532138\/"},"modified":"2025-05-22T20:46:28","modified_gmt":"2025-05-22T20:46:28","slug":"%e3%82%b3%e3%83%a9%e3%83%a0%ef%bc%9a%e4%b8%ad%e5%9b%bd%e8%b2%a1%e6%94%bf%e3%81%ab%e6%96%b0%e8%a6%96%e7%82%b9%e3%80%81%e5%85%ac%e7%9a%84%e8%b3%87%e7%94%a3%e3%81%8c%e7%94%9f%e3%82%80%e8%bf%bd%e5%8a%a0","status":"publish","type":"post","link":"https:\/\/www.wacoca.com\/news\/2532138\/","title":{"rendered":"\u30b3\u30e9\u30e0\uff1a\u4e2d\u56fd\u8ca1\u653f\u306b\u65b0\u8996\u70b9\u3001\u516c\u7684\u8cc7\u7523\u304c\u751f\u3080\u8ffd\u52a0\u51fa\u52d5\u4f59\u529b | \u30ed\u30a4\u30bf\u30fc"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/05\/1747946781_135_RPEOZAXN55PD3IP3XEEJXDFCDM.jpg\"   width=\"5665\" height=\"3777\" alt=\"&#x30B3;&#x30E9;&#x30E0;&#xFF1A;&#x4E2D;&#x56FD;&#x8CA1;&#x653F;&#x306B;&#x65B0;&#x8996;&#x70B9;&#x3001;&#x516C;&#x7684;&#x8CC7;&#x7523;&#x304C;&#x751F;&#x3080;&#x8FFD;&#x52A0;&#x51FA;&#x52D5;&#x4F59;&#x529B;\"\/><\/p>\n<p>\u3000\uff15\u6708\uff12\uff12\u65e5\u3001\u4e2d\u56fd\u306e\u7fd2\u8fd1\u5e73\u4e3b\u5e2d\u304c\u9032\u3081\u308b\u5185\u9700\u523a\u6fc0\u306e\u53d6\u308a\u7d44\u307f\u306b\u304a\u3044\u3066\u3001\u7a4d\u307f\u91cd\u306a\u308b\u50b5\u52d9\u306f\u8db3\u304b\u305b\u306b\u306a\u3089\u306a\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u5317\u4eac\u3067\uff14\u65e5\u64ae\u5f71\uff08\uff12\uff10\uff12\uff15\u5e74\u3000\u30ed\u30a4\u30bf\u30fc\/Tingshu Wang\uff09<\/p>\n<p>\uff3b\u9999\u6e2f\u3000\uff12\uff12\u65e5\u3000\u30ed\u30a4\u30bf\u30fc\u3000Breakingviews\uff3d &#8211; 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decoding=\"async\" src=\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/05\/1747946782_596_chart.png\" alt=\"A chart showing China's official deficit-to-GDP ratio comparing with actual figures estimated by HSBC\"\/>A chart showing China&#8217;s official deficit-to-GDP ratio comparing with actual figures estimated by HSBC<\/p>\n<p>\u4e2d\u56fd\u653f\u5e9c\u306f\u4eca\u306e\u3068\u3053\u308d\u3001\u8ffd\u52a0\u652f\u51fa\u306e\u8cc7\u91d1\u8abf\u9054\u306b\u56f0\u3063\u3066\u3044\u306a\u3044\u3002\uff12\uff14\u5e74\u3068\uff12\uff15\u5e74\u306e\u7279\u5225\u56fd\u50b5\u767a\u884c\u3067\u78ba\u4fdd\u3067\u304d\u308b\u8cc7\u91d1\u306f\uff11\uff11\u5146\uff12\uff10\uff10\uff10\u5104\u5143\uff08\uff11\u5146\uff15\uff15\uff10\uff10\u5104\u30c9\u30eb\uff09\u3068\uff27\uff24\uff30\u306e\uff11\uff10\uff05\u5f31\u306b\u4e0a\u308b\u3002\u96c6\u3081\u305f\u8cc7\u91d1\u306f\u3001\u5bb6\u96fb\u3084\u81ea\u52d5\u8eca\u3001\u96fb\u5b50\u6a5f\u5668\u306e\u8cb7\u3044\u63db\u3048\u88dc\u52a9\u91d1\u306a\u3069\u306e\u7d4c\u6e08\u5bfe\u7b56\u4e88\u7b97\u306b\u5145\u5f53\u3055\u308c\u3066\u3044\u308b\u3002\u3053\u3046\u3057\u305f\uff27\uff24\uff30\u6bd4\u306f\u3001\uff10\uff18\u5e74\u306e\u4e16\u754c\u91d1\u878d\u5371\u6a5f\u306e\u9006\u98a8\u3092\u7de9\u548c\u3059\u308b\u305f\u3081\u306b\uff12\u5e74\u306b\u308f\u305f\u3063\u3066\u5b9f\u65bd\u3055\u308c\u305f\u653f\u7b56\u306e\u898f\u6a21\u306b\u5339\u6575\u3059\u308b\u3002<\/p>\n<p>\u56fd\u969b\u901a\u8ca8\u57fa\u91d1\uff08\uff29\uff2d\uff26\uff09\u306e\u898b\u7a4d\u3082\u308a\u3067\u306f\u3001\u4e2d\u56fd\u306e\u653f\u5e9c\u50b5\u52d9\u306e\uff27\uff24\uff30\u6bd4\u306f\u6700\u5927\uff11\uff12\uff14\uff05\u307e\u3067\u5897\u5927\u3057\u3066\u3044\u308b\u3002\u3057\u304b\u3057\u4e2d\u56fd\u653f\u5e9c\u306f\u8ffd\u52a0\u7684\u306a\u652f\u51fa\u306f\u307e\u3060\u53ef\u80fd\u3060\u3068\u4e3b\u5f35\u3002\u305d\u306e\u81ea\u4fe1\u306e\u6839\u62e0\u306e\u4e00\u3064\u306f\u3001\u516c\u7684\u50b5\u52d9\u3068\u540c\u3058\u3050\u3089\u3044\u516c\u7684\u8cc7\u7523\u3092\u91cd\u8996\u3059\u308b\u65b0\u305f\u306a\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u3042\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/05\/1747946784_293_chart.png\" alt=\"A chart showing Chinese governments' bond sale programmes in the past two years\"\/>A chart showing Chinese governments&#8217; bond sale programmes in the past two years<\/p>\n<p>\uff1c\u5de8\u984d\u8cc7\u7523\uff1e<\/p>\n<p>\u4e2d\u56fd\u653f\u5e9c\u306f\u50b5\u52d9\u554f\u984c\u306b\u52a0\u3048\u3001\u7a81\u7136\u516c\u7684\u8cc7\u7523\u306e\u4fa1\u5024\u306b\u8a00\u53ca\u3059\u308b\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u4f8b\u3048\u3070\u4e2d\u56fd\u9280\u884c(601988.SS), opens new tab\u3084\u4e2d\u56fd\u77f3\u6cb9\u5929\u7136\u30ac\u30b9\uff08\u30da\u30c8\u30ed\u30c1\u30e3\u30a4\u30ca\uff09(601857.SS), opens new tab\u3068\u3044\u3063\u305f\u5de8\u5927\u56fd\u6709\u4f01\u696d\u306e\u6301\u3061\u682a\u3082\u305d\u3046\u3057\u305f\u8cc7\u7523\u306e\u4e00\u90e8\u3060\u3002<\/p>\n<p>\u56fd\u52d9\u9662\u306f\u6628\u5e74\uff11\uff12\u6708\u3001\u5168\u56fd\u4eba\u6c11\u4ee3\u8868\u5927\u4f1a\uff08\u5168\u4eba\u4ee3\uff09\u306b\u63d0\u51fa\u3057\u305f\u5831\u544a\u66f8\u3067\u3001\uff12\uff13\u5e74\u672b\u307e\u3067\u306b\u516c\u7684\u90e8\u9580\u306e\u6b63\u5473\u8cc7\u7523\u306f\uff11\uff18\uff14\u5146\u5143\uff08\u7d04\uff12\uff15\u5146\u30c9\u30eb\uff09\u3068\uff27\uff24\uff30\u306e\uff11\uff13\uff16\uff05\u306b\u9054\u3057\u305f\u3068\u660e\u3089\u304b\u306b\u3057\u305f\u3002\u4e2d\u56fd\u4eba\u6c11\u9280\u884c\uff08\u4e2d\u592e\u9280\u884c\uff09\u3082\u7b2c\uff11\u30fb\u56db\u534a\u671f\u306e\u91d1\u878d\u653f\u7b56\u5831\u544a\u3067\u3001\u516c\u7684\u50b5\u52d9\u3060\u3051\u3067\u306a\u304f\u516c\u7684\u8cc7\u7523\u306e\u89b3\u70b9\u304b\u3089\u3082\u4e2d\u56fd\u3092\u7c73\u56fd\u3084\u65e5\u672c\u3068\u5bfe\u6bd4\u3055\u305b\u305f\u3002<\/p>\n<p>\u4eba\u6c11\u9280\u306f\u4e2d\u56fd\u793e\u4f1a\u79d1\u5b66\u9662\uff08\uff23\uff21\uff33\uff33\uff09\u306e\u5831\u544a\u66f8\u3092\u5f15\u7528\u3057\u3001\uff12\uff12\u5e74\u672b\u6642\u70b9\u3067\u4e2d\u56fd\u306e\u30b0\u30ed\u30b9\u30d9\u30fc\u30b9\u306e\u516c\u7684\u8cc7\u7523\u306f\uff27\uff24\uff30\u306e\uff11\uff16\uff16\uff05\u306b\u306a\u3063\u3066\u304a\u308a\u3001\u653f\u5e9c\u4fdd\u6709\u306e\u56fd\u6709\u4f01\u696d\u682a\u306e\u8a55\u4fa1\u984d\u306f\uff27\uff24\uff30\u306e\uff11\uff11\uff19\uff05\u3068\u56fd\u969b\u5e73\u5747\u306e\uff15\u500d\u3060\u3068\u306e\u898b\u65b9\u3092\u793a\u3057\u305f\u3002\u305d\u306e\u4e0a\u3067\u4e2d\u56fd\u306f\u4ed6\u306e\u7d4c\u6e08\u5927\u56fd\u306b\u6bd4\u3079\u3066\u516c\u7684\u50b5\u52d9\u306e\u62e1\u5927\u306f\u300c\u6301\u7d9a\u53ef\u80fd\u300d\u3060\u3068\u7d50\u8ad6\u4ed8\u3051\u3066\u3044\u308b\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/05\/1747946785_405_chart.png\" alt=\"A chart comparing the debt-to-GDP and asset-to-GDP ratios of China, US and Japan.\"\/>A chart comparing the debt-to-GDP and asset-to-GDP ratios of China, US and Japan.<\/p>\n<p>\u56fd\u5bb6\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u3088\u308a\u5e83\u7bc4\u56f2\u306e\u6307\u6a19\u3067\u628a\u63e1\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u4e2d\u56fd\u304c\u6700\u521d\u3067\u306f\u306a\u3044\u3060\u308d\u3046\u3002\u82f1\u56fd\u3067\u306f\u6628\u5e74\uff11\uff10\u6708\u3001\u30ea\u30fc\u30d6\u30b9\u8ca1\u52d9\u76f8\u304c\u653f\u5e9c\u50b5\u52d9\u306e\u76ee\u6a19\u3092\u4fee\u6b63\u3057\u3001\u7a4d\u6975\u7684\u306a\u6295\u8cc7\u3092\u7d04\u675f\u3002\u30ea\u30fc\u30d6\u30b9\u6c0f\u306f\u3001\u653f\u5e9c\u306f\u516c\u7684\u90e8\u9580\u306e\u6b63\u5473\u30d9\u30fc\u30b9\u306e\u50b5\u52d9\u3092\u91cd\u8996\u3059\u308b\u3068\u767a\u8a00\u3057\u305f\u3002<\/p>\n<p>\uff11\uff19\uff18\uff19\u5e74\u306b\u8ca1\u653f\u904b\u55b6\u306e\u6b6f\u6b62\u3081\u898f\u5b9a\u3092\u898b\u76f4\u3057\u305f\u30cb\u30e5\u30fc\u30b8\u30fc\u30e9\u30f3\u30c9\u306f\u3001\uff10\uff18\u5e74\u306e\u91d1\u878d\u5371\u6a5f\u5f8c\u306e\uff14\u5e74\u9593\u3068\uff11\uff11\u5e74\u306e\u5927\u5730\u9707\u3001\u305d\u3057\u3066\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u306e\u6642\u671f\u3092\u9664\u3051\u3070\u3001\u516c\u7684\u90e8\u9580\u306e\u6b63\u5473\u8cc7\u7523\u304c\u6bce\u5e74\u4e0a\u5411\u304d\u7d9a\u3051\u3066\u3044\u308b\u3002\u65b0\u305f\u306a\u4f1a\u8a08\u51e6\u7406\u306e\u624b\u6cd5\u3068\u7d4c\u6e08\u6210\u9577\u3092\u76f4\u63a5\u7d50\u3073\u3064\u3051\u308b\u306e\u306f\u96e3\u3057\u3044\u3068\u306f\u3044\u3048\u3001\u5f37\u56fa\u306a\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306f\u5927\u304d\u306a\u30b7\u30e7\u30c3\u30af\u306b\u30cb\u30e5\u30fc\u30b8\u30fc\u30e9\u30f3\u30c9\u653f\u5e9c\u304c\u52b9\u679c\u7684\u306b\u5bfe\u5fdc\u3067\u304d\u305f\u4e00\u56e0\u306b\u306a\u3063\u305f\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n<p>\u4e2d\u56fd\u6307\u5c0e\u90e8\u3082\u3001\u6628\u5e74\uff17\u6708\u306b\u958b\u3044\u305f\u5171\u7523\u515a\u4e2d\u592e\u59d4\u54e1\u4f1a\u306e\u7b2c\uff13\u56de\u5168\u4f53\u4f1a\u8b70\uff08\uff13\u4e2d\u5168\u4f1a\uff09\u3067\u65e2\u306b\u300c\u56fd\u5bb6\u30de\u30af\u30ed\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7ba1\u7406\u300d\u3068\u3044\u3046\u6982\u5ff5\u3092\u5c0e\u5165\u3059\u308b\u53ef\u80fd\u6027\u3092\u63d0\u5531\u3057\u3001\u540c\u69d8\u306e\u65b9\u91dd\u8ee2\u63db\u3092\u793a\u5506\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\uff1c\u5730\u65b9\u653f\u5e9c\u306b\u3082\u5149\u660e\uff1e<\/p>\n<p>\u4e2d\u56fd\u8ca1\u653f\u3092\u898b\u76f4\u3059\u65b0\u3057\u3044\u30e2\u30c7\u30eb\u306f\u6709\u76ca\u306a\u50cd\u304d\u3092\u3057\u3066\u304f\u308c\u308b\u3060\u308d\u3046\u3002\u5730\u65b9\u653f\u5e9c\u306e\u53ce\u5165\u306f\uff11\uff19\uff19\uff10\u5e74\u4ee3\u4ee5\u964d\u3001\u571f\u5730\u58f2\u5374\u306b\u983c\u308b\u90e8\u5206\u304c\u975e\u5e38\u306b\u5927\u304d\u304f\u3001\uff12\uff10\u5e74\u306b\u59cb\u307e\u3063\u305f\u4e0d\u52d5\u7523\u4e0d\u6cc1\u3067\u3072\u3069\u304f\u56f0\u7aae\u3057\u3066\u3057\u307e\u3063\u305f\u3002\u305d\u3053\u3067\u4e2d\u592e\u653f\u5e9c\u304c\u8ca1\u653f\u904b\u55b6\u3067\u516c\u7684\u8cc7\u7523\u3092\u652f\u3048\u3068\u3059\u308b\u3084\u308a\u65b9\u3092\u671b\u3080\u3068\u3059\u308c\u3070\u3001\u305d\u308c\u3089\u3092\u751f\u304b\u3059\u3055\u307e\u3056\u307e\u306a\u624b\u6bb5\u304c\u3042\u308b\u3002<\/p>\n<p>\u4e00\u3064\u306e\u9078\u629e\u80a2\u306f\u5730\u65b9\u653f\u5e9c\u304c\u8cc7\u91d1\u8abf\u9054\u306b\u304a\u3044\u3066\u4e0d\u52d5\u7523\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3067\u306f\u306a\u304f\u3001\u516c\u7684\u8cc7\u7523\u3092\u62c5\u4fdd\u3068\u3059\u308b\u3053\u3068\u3002\uff12\uff10\u5e74\uff11\uff12\u6708\u306b\u306f\u5357\u897f\u90e8\u306e\u8cb4\u5dde\u7701\u304c\u3001\u4fdd\u6709\u3059\u308b\u9152\u9020\u4f01\u696d\u682a\u3092\u50b5\u52d9\u8fd4\u6e08\u306b\u5229\u7528\u3057\u3001\u4ed6\u306e\u7701\u306b\u3082\u540c\u3058\u3088\u3046\u306a\u52d5\u304d\u304c\u5e83\u304c\u3063\u305f\u3002<\/p>\n<p>\u516c\u7684\u8cc7\u7523\u304b\u3089\u300c\u679c\u5b9f\u300d\u3092\u3082\u3063\u3068\u7d5e\u308a\u51fa\u3059\u65b9\u6cd5\u3082\u3042\u308b\u3002\u4e2d\u56fd\u8a3c\u5238\u76e3\u7763\u7ba1\u7406\u59d4\u54e1\u4f1a\uff08\u8a3c\u76e3\u4f1a\uff09\u306f\u3001\u4e0a\u5834\u4f01\u696d\u306b\u914d\u5f53\u91d1\u652f\u6255\u3044\u3092\u5897\u3084\u3059\u3088\u3046\u8981\u8acb\u3057\u3066\u3044\u308b\u3002\u5b9f\u969b\u4e2d\u56fd\u8a3c\u5238\u5831\u306b\u3088\u308b\u3068\u3001\u56fd\u6709\u4f01\u696d\u304b\u3089\u4e2d\u592e\u653f\u5e9c\u306b\u6255\u308f\u308c\u305f\u914d\u5f53\u91d1\u306f\uff11\u5146\uff12\uff10\uff10\uff10\u5104\u5143\u3068\u3001\u524d\u5e74\u6bd4\u3067\uff11\uff15\uff05\u4f59\u308a\u5897\u52a0\u3057\u305f\u3002\u56fd\u6709\u4f01\u696d\u5e79\u90e8\u306e\u52e4\u52d9\u67fb\u5b9a\u306b\u304a\u3044\u3066\u306f\u4eca\u3001\u80fd\u52d5\u7684\u306a\u300c\u5e02\u5834\u4fa1\u5024\u306e\u7ba1\u7406\u300d\u304c\u6700\u91cd\u8981\u9805\u76ee\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/05\/1747946786_472_chart.png\" alt=\"A chart showing the amount of assets under the Chinese government's control\"\/>A chart showing the amount of assets under the Chinese government&#8217;s control\u8cc7\u7523\u58f2\u5374\u3082\u6709\u52b9\u306b\u306a\u308b\u3002\u30ed\u30b8\u30a6\u30e0\u30fb\u30b0\u30eb\u30fc\u30d7\u306f\u3001\u56fd\u6709\u4f01\u696d\u8cc7\u7523\u306e\uff11\uff10\uff05\u304c\u58f2\u5374\u3055\u308c\u308c\u3070\u3001\uff27\uff24\uff30\u6bd4\u3067\uff11\uff11\uff0d\uff12\uff11\uff05\u76f8\u5f53\u306e\u53ce\u5165\u3092\u5f97\u3089\u308c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u8a66\u7b97\u3059\u308b\u3002\u4e2d\u56fd\u306f\uff11\uff19\uff19\uff10\u5e74\u4ee3\u306b\u3053\u306e\u9053\u7b4b\u3092\u305f\u3069\u308a\u3001\u7c73\u30c9\u30eb\u8abf\u9054\u306e\u305f\u3081\u306b\u4e2d\u56fd\u79fb\u52d5\u901a\u4fe1\uff08\u30c1\u30e3\u30a4\u30ca\u30e2\u30d0\u30a4\u30eb\uff09(600941.SS), opens new tab\u3084\u30da\u30c8\u30ed\u30c1\u30e3\u30a4\u30ca(601857.SS), opens new tab\u306e\u682a\u5f0f\u3092\u58f2\u5374\u3057\u305f\u3002<\/p>\n<p>\u300c\u516c\u7684\u7d14\u8cc7\u7523\u300d\u306e\u8457\u8005\u3067\u3042\u308b\u30c0\u30b0\u30fb\u30c7\u30c3\u30bf\u30fc\u6c0f\u3068\u30a4\u30a2\u30f3\u30fb\u30dc\u30fc\u30eb\u6c0f\u306f\u3001\u653f\u5e9c\u8cc7\u7523\u306e\u3088\u308a\u751f\u7523\u7684\u306a\u6d3b\u7528\u3092\u63d0\u5531\u3057\u3066\u3044\u308b\u304c\u3001\u305d\u306e\u524d\u63d0\u3068\u3057\u3066\u4fe1\u983c\u3067\u304d\u308b\u30c7\u30fc\u30bf\u306e\u5b58\u5728\u3092\u4e3b\u5f35\u3057\u3066\u3044\u308b\u3002\u4e2d\u56fd\u653f\u5e9c\u306f\u516c\u7684\u8cc7\u7523\u306e\u8a73\u3057\u3044\u5206\u6790\u306b\u95a2\u3059\u308bBreakingviews\u306e\u554f\u3044\u5408\u308f\u305b\u306b\u306f\u56de\u7b54\u3057\u306a\u304b\u3063\u305f\u3082\u306e\u306e\u3001\u3053\u308c\u307e\u3067\u306b\u653f\u5e9c\u4f1a\u8a08\u5831\u544a\u306e\u900f\u660e\u6027\u3092\u5411\u4e0a\u3055\u305b\u308b\u3068\u7d04\u675f\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\u4e2d\u56fd\u653f\u5e9c\u304c\u4f55\u5e74\u3082\u304b\u304b\u3063\u3066\u898b\u3064\u3051\u51fa\u3057\u305f\u3055\u307e\u3056\u307e\u306a\u501f\u308a\u5165\u308c\u624b\u6bb5\u3092\u653e\u68c4\u3059\u308b\u3064\u3082\u308a\u304c\u3042\u308b\u304b\u3069\u3046\u304b\u306f\u5206\u304b\u3089\u306a\u3044\u3002\u307e\u305f\u516c\u7684\u8cc7\u7523\u306e\u52b9\u7387\u7684\u7ba1\u7406\u306b\u306f\u3001\u653f\u5e9c\u304c\u904b\u7528\u65b9\u6cd5\u306b\u53e3\u3092\u631f\u3080\u6a5f\u4f1a\u3092\u6e1b\u3089\u3059\u5fc5\u8981\u3082\u3042\u308b\u3002\u6700\u8fd1\u306f\u7c73\u56fd\u306e\u6295\u8cc7\u5bb6\u304c\u4e2d\u56fd\u682a\u8cfc\u5165\u306b\u6c17\u4e57\u308a\u8584\u3067\u3001\u591a\u304f\u306e\u4f01\u696d\u306e\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\u304c\uff11\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b\u70b9\u304b\u3089\u3001\u653f\u5e9c\u306b\u3088\u308b\u8cc7\u7523\u58f2\u5374\u306f\u653f\u6cbb\u7684\u306a\u5371\u967a\u3092\u4f34\u3046\u3002\u3055\u3089\u306b\u8cc7\u7523\u58f2\u5374\u3067\u4e00\u6642\u7684\u306a\u8ca1\u6e90\u3092\u5f97\u3066\u3082\u3001\u7d99\u7d9a\u7684\u306a\u652f\u51fa\u306b\u5145\u5f53\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u306a\u3044\u3002<\/p>\n<p>\u6700\u7d42\u7684\u306b\u306f\u3001\u4e2d\u56fd\u653f\u5e9c\u304c\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u3082\u3063\u3068\u5e45\u5e83\u304f\u898b\u308b\u3053\u3068\u306e\u59a5\u5f53\u6027\u3092\u8aac\u5f97\u3067\u304d\u308c\u3070\u3001\u8ca1\u653f\u306e\u4fe1\u983c\u6027\u306b\u95a2\u3059\u308b\u5e02\u5834\u306e\u8a8d\u8b58\u304c\u6539\u5584\u3057\u3001\u3088\u308a\u5927\u898f\u6a21\u306a\u8ca1\u653f\u523a\u6fc0\u7b56\u3092\u6253\u3061\u51fa\u3059\u7d20\u5730\u304c\u6574\u3046\u3068\u671f\u5f85\u3067\u304d\u308b\u3002\u516c\u7684\u8cc7\u7523\u306e\u9069\u5207\u306a\u8a08\u6e2c\u306f\u305d\u308c\u306b\u5411\u3051\u305f\u826f\u3044\u6ed1\u308a\u51fa\u3057\u3067\u3001\u6b21\u306e\u8ab2\u984c\u306f\u8cc7\u7523\u3092\u3069\u3046\u7ba1\u7406\u904b\u55b6\u3059\u308b\u304b\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n<p>\uff08\u7b46\u8005\u306f\u300cReuters Breakingviews\u300d\u306e\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u3067\u3059\u3002\u672c\u30b3\u30e9\u30e0\u306f\u7b46\u8005\u306e\u500b\u4eba\u7684\u898b\u89e3\u306b\u57fa\u3065\u3044\u3066\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\uff09<\/p>\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__small_body__2vQyf article-body__element__2p5pI article-body__trust-badge__D_brm\">\u79c1\u305f\u3061\u306e\u884c\u52d5\u898f\u7bc4\uff1a\u30c8\u30e0\u30bd\u30f3\u30fb\u30ed\u30a4\u30bf\u30fc\u300c\u4fe1\u983c\u306e\u539f\u5247\u300d, opens new tab<\/p>\n<p>\u7b46\u8005\u306f\u300cReuters Breakingviews\u300d\u306e\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u3067\u3059\u3002\u672c\u30b3\u30e9\u30e0\u306f\u7b46\u8005\u306e\u500b\u4eba\u7684\u898b\u89e3\u306b\u57fa\u3065\u3044\u3066\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/05\/https:\/\/assets-us-main.prod.global.a201836.reutersmedia.net\/profile-pic-public\/MicrosoftTeams-image-.jpeg\"\/><\/p>\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__extra_small__1Mw6v body__base__22dCE body__extra_small_body__3QTYe author-bio__description__3uv33\">Chan Ka Sing is China Columnist for Reuters Breakingviews. 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