<div id="img-content" style="margin: 0px; padding: 0px; font-family: "Helvetica Neue", Helvetica, "Hiragino Sans GB", "Microsoft YaHei", Arial, sans-serif; font-size: 16px;"><div id="js_content" style="margin: 0px; padding: 0px; overflow: hidden; color: #3e3e3e; min-height: 350px; position: relative;"><h2><span style="font-size: 12pt; font-family: Arial;">核心问题是外汇</span></h2><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">拿赌场举例子：</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">我花了1万美元，买了6万个筹码在赌场里玩。最近我的手气不错，6万筹码变成了8万的筹码。这个时候，我想见好就收，想去把筹码换成美元。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><img data-copyright="0" data-ratio="0.6477611940298508" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/W2zcXLyqjmlviasOL6ryOxN5xngKYXvyFf2ONR3icrqJfsvtI6yyG1qX1nbkicwpXtfCcb8ZQ92tcd03YKHN1O6wQ/640?wx_fmt=jpeg" data-type="jpeg" data-w="335" src="https://mmbiz.qpic.cn/mmbiz_jpg/W2zcXLyqjmlviasOL6ryOxN5xngKYXvyFf2ONR3icrqJfsvtI6yyG1qX1nbkicwpXtfCcb8ZQ92tcd03YKHN1O6wQ/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;" alt="" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">这个时候赌场老板出来了说，现在每年只能换5000个筹码，而且想换筹码必须要申请，要把换筹码的原因说清楚，否则你不能换筹码。明里暗里给你设限。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">中国的外汇管制的情况也类似，现在的情况是无论是企业还是个人，都很难将外汇给汇出来。无论是明的还是暗的渠道都已经被封死了。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">而即便如此，勉强保住了外汇储备的下降趋势，维持在</span><span style="margin: 0px; padding: 0px; max-width: 100%; color: #ff2941; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 12pt; font-family: Arial;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">3.1万亿</strong></span><span style="font-size: 12pt; font-family: Arial;">美元左右。而2017年的外贸顺差 </span><span style="margin: 0px; padding: 0px; max-width: 100%; color: #ff2941; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 12pt; font-family: Arial;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">4225亿美元</strong></span></p><blockquote style="margin: 0px; padding: 0px 0px 0px 10px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; border-left: 3px solid #dbdbdb;"><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: #313132; font-family: Arial; font-size: 12pt; background-color: #ffffff; box-sizing: border-box !important; word-wrap: break-word !important;">海关数据显示，中国2017年全年以美元计价进出口总值同比增长11.4%，其中出口同比增长7.9%，进口增长15.9%，贸易顺差4,225.06亿美元。</span></p></blockquote><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">2017年初的外汇储备为</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: #ff2941; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 12pt; font-family: Arial;">30105.17</span></strong><span style="font-size: 12pt; font-family: Arial;">亿美元，简单一算就可以看得出：</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">2017年流失的资本在</span><span style="margin: 0px; padding: 0px; max-width: 100%; color: #ff2941; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 12pt; font-family: Arial;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">3000亿</strong></span><span style="font-size: 12pt; font-family: Arial;">美元左右！要知道这是在严格外汇管制的情况下，甚至有的外企连汇回利润都受限的情况下。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">在这个大前提下，在取消外汇管制之前，再看所有要办的大事，其实都是缓兵之计。</span></p><h2><span style="font-size: 12pt; font-family: Arial;">外汇不放开的苦衷</span></h2><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">短时间内有没有可能放开外汇管制？</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">我个人观点，不可能。原因很简单，如果放开外汇管制，中国三万亿外汇储备，一下子就会被抽干，国内的房市也立马扑街。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">众所周知，中国经济这几年脱实就虚的趋势非常明显。前几十年辛苦积攒的资本，大都投入到了各种不靠谱的虚拟经济中去了，比如一地鸡毛的P2P，共享XX，团购，区块链中去了。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">其中原因很复杂，但也是很简单，钱印的太多了，热钱太多了。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">别看某某公司融资几千万。不就是北上广深一套房子的事情嘛！A股上市公司有40%的公司，一年的利润无法买的起北上广深的一套房子。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><img data-ratio="0.5088161209068011" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/W2zcXLyqjmlviasOL6ryOxN5xngKYXvyFSK6SYlBurrOZWYjTa6JibbNXWSdyXDNeQ1ZGhHb5WgNOGlN7EFy0XibA/640?wx_fmt=png" data-type="png" data-w="1191" src="https://mmbiz.qpic.cn/mmbiz_png/W2zcXLyqjmlviasOL6ryOxN5xngKYXvyFSK6SYlBurrOZWYjTa6JibbNXWSdyXDNeQ1ZGhHb5WgNOGlN7EFy0XibA/640?wx_fmt=png&tp=webp&wxfrom=5&wx_lazy=1" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;" alt="" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">中国M2十年M2供应 </span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><img data-ratio="0.49835796387520526" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/W2zcXLyqjmlviasOL6ryOxN5xngKYXvyFXF0k5dsfscMEFc5dcMlVyxQQhx9FpSQ3uELHLjm9qqoh3taJdYnZxg/640?wx_fmt=png" data-type="png" data-w="1218" src="https://mmbiz.qpic.cn/mmbiz_png/W2zcXLyqjmlviasOL6ryOxN5xngKYXvyFXF0k5dsfscMEFc5dcMlVyxQQhx9FpSQ3uELHLjm9qqoh3taJdYnZxg/640?wx_fmt=png&tp=webp&wxfrom=5&wx_lazy=1" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;" alt="" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">美国M2十年供应</span><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">简单毛估估就能看出印钞机的能力了，美国十年从7M到14M，中国从4M到22.5M</span><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><img data-copyright="0" data-ratio="1.0462962962962963" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/W2zcXLyqjmlviasOL6ryOxN5xngKYXvyFuDJQnkWpicxEyZ23YONEib69Bm7nx5f00aSWgqUpRLJHtOocWiaAkGqGA/640?wx_fmt=png" data-type="png" data-w="432" src="https://mmbiz.qpic.cn/mmbiz_png/W2zcXLyqjmlviasOL6ryOxN5xngKYXvyFuDJQnkWpicxEyZ23YONEib69Bm7nx5f00aSWgqUpRLJHtOocWiaAkGqGA/640?wx_fmt=png&tp=webp&wxfrom=5&wx_lazy=1" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;" alt="" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">中美两国M2的比较</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">今天人民币1000万，现在在北上广深也就是一套房子的价格，而且地段一般的价格。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><img data-ratio="0.6832101372756072" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/W2zcXLyqjmlviasOL6ryOxN5xngKYXvyF0vm08aJTdEzWTQObDwmJRNqG1IKZlsWRu1ib2fKMXVcVEiaDp3Faib7icQ/640?wx_fmt=png" data-type="png" data-w="947" src="https://mmbiz.qpic.cn/mmbiz_png/W2zcXLyqjmlviasOL6ryOxN5xngKYXvyF0vm08aJTdEzWTQObDwmJRNqG1IKZlsWRu1ib2fKMXVcVEiaDp3Faib7icQ/640?wx_fmt=png&tp=webp&wxfrom=5&wx_lazy=1" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;" alt="" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">体会一下，上海新客站附近1000万的apartment， 1216 sqft(113平方米建筑面积，得房率75%，按照美国的算法是912sqft，真是千尺豪宅)。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><img data-ratio="0.5251141552511416" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/W2zcXLyqjmlviasOL6ryOxN5xngKYXvyF8V3WnuF9CYkGiaEXlT7X5JZta3KRvHvp9RJE70mpzhjK7KAAx4DJia8Q/640?wx_fmt=png" data-type="png" data-w="657" src="https://mmbiz.qpic.cn/mmbiz_png/W2zcXLyqjmlviasOL6ryOxN5xngKYXvyF8V3WnuF9CYkGiaEXlT7X5JZta3KRvHvp9RJE70mpzhjK7KAAx4DJia8Q/640?wx_fmt=png&tp=webp&wxfrom=5&wx_lazy=1" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;" alt="" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">这个价格已经完全媲美美国曼哈顿了，而曼哈顿才多大一块地方。而上海这种超千万的apartment有多少？？</span><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><img data-ratio="0.580046403712297" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/W2zcXLyqjmlviasOL6ryOxN5xngKYXvyFs2OnZVsBh3pkJDKkC0s3iak6JSAicXL1Y0ZXKheWurO1QT7VNxBpD5sg/640?wx_fmt=png" data-type="png" data-w="1293" src="https://mmbiz.qpic.cn/mmbiz_png/W2zcXLyqjmlviasOL6ryOxN5xngKYXvyFs2OnZVsBh3pkJDKkC0s3iak6JSAicXL1Y0ZXKheWurO1QT7VNxBpD5sg/640?wx_fmt=png&tp=webp&wxfrom=5&wx_lazy=1" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;" alt="" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">曼哈顿只是纽约的一小块，面积只是相当于上海的徐汇区。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">如果只要放开外汇管制，手里有几套的人，只要卖掉一套换成美元或者欧元，日元，你猜3万亿外汇能够撑多久？而且如果真的一窝蜂去抛房子，买外汇，那么房价也会被打回原形。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">一线城市今天这个地步也是托了某人涨价去库存的天才想法。短短的2015-2016一年之间，上海的房价几乎翻番。 在这个情况下，还在脚踏实地做实业的，都是笨蛋，但也都是民族脊梁。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">所以，在房价维持高位的情况下，拆掉房地产这个巨型炸弹之前，放开外汇兑换，几乎是自杀性行为。</span><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><h2><span style="font-size: 12pt; font-family: Arial;">缓兵之计的效果</span></h2><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">缓兵之计短期内肯定是有效果的。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">对特朗普政府而言，打打口水仗就已经取得了一些让步，这对内对外都有了个交代。至于这些规定的落实的检验，那是需要时间来验证的。一年半载肯定是需要的。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">对于国内而言，降低了身段，摆出了姿态，赢得了内部改革的时间，避免了硬对抗，也是值得的。至于是否真正全部落实这些措施，个人觉得全部落实的可能性不大，但是表面工作肯定会做到。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">对于长期而言，这种平衡不会持久：</span></p><ol style="margin: 0px; padding: 0px 0px 0px 2.2em; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><li style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">美国政府方面，整个内阁都已经是鹰派的不能再鹰派的内阁了。而且整个西方都承认以前的接触政策全面失败，改弦易辙为遏制政策的趋势不可避免。所以即便再韬光养晦，再放低身段，都无济于事。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">而且只要特朗普政府的贸易赤字不平衡，工作机会不回流，资金不回流，搞事情肯定是不可避免的。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p></li><li style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">中国政府方面，由于内生的问题，不可能做出实质性的让步。中美贸易纠纷升级只是时间问题。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">而最关键的问题在于，缓兵之计换来的时间该怎么办？怎么拆炸弹？怎么应对就业冲击，都将考验政府的智慧。</span></p></li></ol><h2><span style="font-size: 12pt; font-family: Arial;">小结</span></h2><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="font-size: 12pt; font-family: Arial;">中美贸易战，是一个比较长期的事情，打打谈谈，谈谈打打。但是指标性的问题就那么几个：资本的自由流动是其中最最关键的一个。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;" /></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 16px; background-color: #ffffff; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 12pt; font-family: Arial;">长按二维码关注我们。坚持篇篇原创。</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 16px; background-color: #ffffff; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 12pt; font-family: Arial;">转发就是最大的支持！</span></p><p style="padding: 0px; max-width: 100%; clear: both; min-height: 1em; font-size: 16px; background-color: #ffffff; box-sizing: border-box !important; word-wrap: break-word !important;"><img data-ratio="0.39209726443769" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_jpg/W2zcXLyqjmkTSE2WR2Csg3VCh5XMtTlBJMj4WYIictveZYJxv84qM0K8ElPxk6g7icaXiaM0Y9htTiae8Lo1ys2zMg/640?wx_fmt=jpeg" data-type="jpeg" data-w="658" width="auto" _width="auto" src="https://mmbiz.qpic.cn/mmbiz_jpg/W2zcXLyqjmkTSE2WR2Csg3VCh5XMtTlBJMj4WYIictveZYJxv84qM0K8ElPxk6g7icaXiaM0Y9htTiae8Lo1ys2zMg/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1" data-fail="0" style="margin: 0px; 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