Page 21 - CCFA Journal - Sixth Issue

加中金融 金融论坛 Forum2022

Panel Discussion Highlights: 圆桌讨论精彩重现

Bruce Mcguire: The theme for today's meeting is reset and Bruce (主持人)：今天会议的主题是重置和可持续性。我
sustainability. And I wanted our panelists to kind of think about 想请我们的专家小组成员思考一下，用自己的话告诉我
that for a moment. And I wanted you to tell us, in your own 们，这个话题对你们每个人来说意味着什么。
words, what that topic means to each of you.
Dan: 对于重置，有很多不同的宏观方面。我认为的重置
Dan: For reset, there are so many different ways on the macro 确实为中国领导人提供了一个机会，可以摆脱过去使用
side. I think it really provides an opportunity for the Chinese 的一些做法 —— 一些多年来行之有效却在近几年缺乏助
leadership to get away from some of the practices used in the 益的做法。随着经济增长开始加速，对于中央和地方的
past that just, I think were to probably helpful for many years,
but have become quite unhelpful in the last couple of years. I 官员来说过去的几年里已经形成的一定的预期，最终成
think for officials of the central and local level, they've 为一种人为增长。这虽是实际的增长但基本徒劳。举个
established a certain expectation. But in the last couple of 例子为了达到目标，你要建造第 10 座桥，在第 5 座桥建
years, it feels as though as especially as growth is beginning to 成后这已经不似最初的那座了，每座桥的边际回报会越
accelerate. It winds up leading to artificial growth. It's actual 来越低。
real growth that's taking place, but it's basically unproductive Dawn: 我想我主要是和可持续发展联系在一起的，因为这
investment. So, in order to hit your target, you're now building 是大学里的一个大主题。大学的可持续性现在是关于大
the 10th bridge across the river, it's no longer the first one and
after that fifth bridge was built, the marginal return on every 学如何应对新冠病毒，他们如何阅读新闻，以及他们如
other bridge was lower, and lower and lower. 何运营大学. 所有这些问题，需要找到一种方法反映在
我们的投资组合中。说到重置，我更多的是在这个时刻
Dawn: I think I'm mostly connected with sustainability because 考虑。有趣的是，去年 12 月，我觉得利率会上升。所有
it's just such a big theme in the university setting, it is about 告 诉 我 的 人 都 是 暂 时 的 。 我 让 摩 根 士 丹 利 (Morgan
how the university handle COVID, how they read the news and Stanley)来跟董事会讨论通胀问题，但人们仍然说这是
how they operate the university. We need to find ways to 暂时的。现在所有人都说，它会一直存在下去。对我来
reflect it into our portfolio holdings. In terms of reset, I’m more 说是可以的，如果市场最终意识到，通货膨胀将在一段
thinking of at this juncture. It's funny that last December when 时间内保持高位，那么投资组合的影响是什么呢?
I felt that interest rates will go up. And everybody that was
telling me is transitory. I got Morgan Stanley to come to talk to
our board about inflation, and people
still saying it's transitory. And now
everybody's saying that it's going
to stay. If the market finally has
recognized that inflation is going
to stay high for a period of time,
then what's the impact of
portfolio?

CCFA JOURNAL OF FINANCE February 2022
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