T\u00e1c gi\u1ea3: Joe Leahy, Edward White, v\u00e0 Cheng Leng<\/p>\n\n\n\n
Sau khi ph\u1ea3n \u0111\u1ed1i l\u1eddi k\u00eau g\u1ecdi can thi\u1ec7p, B\u1eafc Kinh \u0111\u00e3 \u0111\u1ed9t ng\u1ed9t thay \u0111\u1ed5i quy\u1ebft \u0111\u1ecbnh. Nh\u01b0ng li\u1ec7u g\u00f3i k\u00edch th\u00edch n\u00e0y c\u00f3 \u0111\u1ee7 \u0111\u1ec3 \u0111\u01b0a n\u1ec1n kinh t\u1ebf tr\u1edf l\u1ea1i \u0111\u00fang h\u01b0\u1edbng hay kh\u00f4ng?<\/em><\/p>\n\n\n\n Trong khi h\u1ea7u h\u1ebft m\u1ecdi ng\u01b0\u1eddi \u1edf Trung Qu\u1ed1c d\u00e0nh c\u1ea3 tu\u1ea7n ngh\u1ec9 l\u1ec5 qu\u1ed1c kh\u00e1nh trong th\u00e1ng 10 \u0111\u1ec3 t\u1eadn h\u01b0\u1edfng th\u1eddi ti\u1ebft m\u00e1t m\u1ebb c\u1ee7a m\u00f9a thu, th\u00ec c\u00e1c nh\u00e0 m\u00f4i gi\u1edbi \u1edf Th\u01b0\u1ee3ng H\u1ea3i l\u1ea1i ph\u1ea3i b\u1eadn r\u1ed9n trong v\u0103n ph\u00f2ng \u0111\u1ec3 ti\u1ebfn h\u00e0nh m\u1ed9t cu\u1ed9c ki\u1ec3m tra s\u1ee9c ch\u1ecbu \u0111\u1ef1ng tr\u00ean to\u00e0n ng\u00e0nh \u0111\u1ed1i v\u1edbi h\u1ec7 th\u1ed1ng giao d\u1ecbch c\u1ee7a h\u1ecd.<\/p>\n\n\n\n S\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n Th\u01b0\u1ee3ng H\u1ea3i \u0111ang mu\u1ed1n tr\u00e1nh l\u1eb7p l\u1ea1i s\u1ef1 ki\u1ec7n x\u1ea3y ra h\u1ed3i cu\u1ed1i th\u00e1ng 9, khi th\u00f4ng b\u00e1o \u0111\u1ed9t ng\u1ed9t c\u1ee7a B\u1eafc Kinh v\u1ec1 g\u00f3i k\u00edch th\u00edch ti\u1ec1n t\u1ec7 l\u1edbn nh\u1ea5t k\u1ec3 t\u1eeb \u0111\u1ea1i d\u1ecbch \u0111\u00e3 khi\u1ebfn 220 tri\u1ec7u nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb \u1edf Trung Qu\u1ed1c \u0111\u1ed5 x\u00f4 quay tr\u1edf l\u1ea1i th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, l\u00e0m h\u1ec7 th\u1ed1ng giao d\u1ecbch c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ecb s\u1eadp.<\/p>\n\n\n\n \u201c\u0110\u00e2y l\u00e0 l\u1ea7n \u0111\u1ea7u ti\u00ean trong h\u01a1n m\u01b0\u1eddi n\u0103m l\u00e0m ngh\u1ec1, t\u00f4i \u0111\u01b0\u1ee3c ch\u1ee9ng ki\u1ebfn m\u1ed9t cu\u1ed9c ki\u1ec3m tra tr\u00ean to\u00e0n ng\u00e0nh,\u201d m\u1ed9t nh\u00e2n vi\u00ean t\u1ea1i m\u1ed9t c\u00f4ng ty m\u00f4i gi\u1edbi c\u1ee1 trung \u1edf Th\u01b0\u1ee3ng H\u1ea3i cho bi\u1ebft, ng\u01b0\u1eddi n\u00e0y y\u00eau c\u1ea7u gi\u1ea5u t\u00ean v\u00ec \u00f4ng kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00e9p n\u00f3i chuy\u1ec7n v\u1edbi gi\u1edbi truy\u1ec1n th\u00f4ng. \u00d4ng n\u00f3i r\u1eb1ng s\u1ef1 c\u1ed1 h\u1ec7 th\u1ed1ng l\u00e0 do \u201cqu\u00e1 t\u1ea3i l\u1ec7nh\u201d gi\u1ed1ng nh\u01b0 trong m\u1ed9t cu\u1ed9c t\u1ea5n c\u00f4ng c\u1ee7a tin t\u1eb7c.<\/p>\n\n\n\n V\u1eadn m\u1ec7nh thay \u0111\u1ed5i \u0111\u1ed9t ng\u1ed9t c\u1ee7a th\u1ecb tr\u01b0\u1eddng Trung Qu\u1ed1c, v\u1ed1n \u0111\u00e3 suy gi\u1ea3m n\u0103m th\u1ee9 ba li\u00ean ti\u1ebfp v\u00e0o n\u0103m 2023, di\u1ec5n ra sau quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7y b\u1ea5t ng\u1edd c\u1ee7a ch\u1ee7 t\u1ecbch Trung Qu\u1ed1c T\u1eadp C\u1eadn B\u00ecnh v\u00e0 c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch c\u1ee7a \u00f4ng v\u1ec1 vi\u1ec7c cung c\u1ea5p bi\u1ec7n ph\u00e1p k\u00edch th\u00edch cho n\u1ec1n kinh t\u1ebf l\u1edbn th\u1ee9 hai th\u1ebf gi\u1edbi.<\/p>\n\n\n\n Su\u1ed1t nhi\u1ec1u n\u0103m, T\u1eadp h\u1ea7u nh\u01b0 lu\u00f4n ph\u1ea3n \u0111\u1ed1i c\u00e1c l\u1eddi k\u00eau g\u1ecdi v\u1ec1 m\u1ed9t k\u1ebf ho\u1ea1ch t\u00e0i kh\u00f3a l\u1edbn \u0111\u1ec3 th\u00fac \u0111\u1ea9y m\u1ed9t s\u1ed1 b\u1ed9 ph\u1eadn c\u1ee7a n\u1ec1n kinh t\u1ebf \u0111ang suy y\u1ebfu, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c h\u1ed9 gia \u0111\u00ecnh v\u00e0 ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng m\u1eafc n\u1ee3, nh\u1eefng ng\u01b0\u1eddi \u0111\u00e3 b\u1ecb gi\u1ea3m t\u00e0i s\u1ea3n do s\u1ef1 suy tho\u00e1i k\u00e9o d\u00e0i ba n\u0103m c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n. Theo m\u1ed9t s\u1ed1 \u01b0\u1edbc t\u00ednh, l\u0129nh v\u1ef1c n\u00e0y chi\u1ebfm kho\u1ea3ng 30% n\u1ec1n kinh t\u1ebf.<\/p>\n\n\n\n \u0110\u1ee9ng tr\u01b0\u1edbc t\u00ecnh tr\u1ea1ng gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n kh\u00f4ng \u1ed5n \u0111\u1ecbnh v\u00e0 nhi\u1ec1u ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng kh\u00f4ng th\u1ec3 thanh to\u00e1n h\u00f3a \u0111\u01a1n c\u1ee7a m\u00ecnh, B\u1eafc Kinh \u0111ang c\u00f3 nguy c\u01a1 kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau t\u0103ng tr\u01b0\u1edfng GDP ch\u00ednh th\u1ee9c trong n\u0103m nay l\u00e0 5%. H\u00f4m th\u1ee9 s\u00e1u 18\/10, B\u1eafc Kinh \u0111\u00e3 b\u00e1o c\u00e1o m\u1ee9c t\u0103ng tr\u01b0\u1edfng GDP l\u00e0 4,6% trong qu\u00fd ba \u2013 m\u1ee9c t\u0103ng tr\u01b0\u1edfng th\u1ea5p nh\u1ea5t trong 18 th\u00e1ng.<\/p>\n\n\n\n Ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u00e0 c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh c\u1ee7a Trung Qu\u1ed1c \u0111\u00e3 kh\u1edfi \u0111\u1ed9ng \u0111\u1ee3t k\u00edch th\u00edch kinh t\u1ebf b\u1eb1ng c\u00e1ch c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t v\u00e0 cung c\u1ea5p c\u00e1c h\u1ed7 tr\u1ee3 ch\u01b0a t\u1eebng c\u00f3 ti\u1ec1n l\u1ec7 cho th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, c\u0169ng nh\u01b0 h\u1ed7 tr\u1ee3 cho ch\u1ee7 nh\u00e0. Hai tu\u1ea7n sau, B\u1ed9 T\u00e0i ch\u00ednh c\u00f4ng b\u1ed1 k\u1ebf ho\u1ea1ch gi\u1ea3i c\u1ee9u ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng c\u1ee7a Trung Qu\u1ed1c, t\u00e1i c\u1ea5p v\u1ed1n cho c\u00e1c ng\u00e2n h\u00e0ng l\u1edbn v\u00e0 h\u1ed7 tr\u1ee3 mua h\u00e0ng tri\u1ec7u c\u0103n h\u1ed9 ch\u01b0a b\u00e1n \u0111\u01b0\u1ee3c.<\/p>\n\n\n\n B\u1eafc Kinh v\u1eabn ch\u01b0a c\u00f4ng b\u1ed1 quy m\u00f4 c\u1ee7a g\u00f3i k\u00edch th\u00edch t\u00e0i kh\u00f3a, nh\u01b0ng \u0111\u00e3 h\u1ee9a r\u1eb1ng m\u1ed9t ph\u1ea7n c\u1ee7a g\u00f3i n\u00e0y s\u1ebd l\u00e0 kho\u1ea3n chi l\u1edbn nh\u1ea5t trong \u201cnh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y.\u201d C\u00e2u h\u1ecfi \u0111ang \u0111\u1eb7t ra cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 l\u00e0 li\u1ec7u nh\u1eefng bi\u1ec7n ph\u00e1p n\u00e0y, m\u00e0 B\u1eafc Kinh g\u1ecdi l\u00e0 \u201cc\u00fa \u0111\u1ea5m k\u1ebft h\u1ee3p,\u201d c\u00f3 \u0111\u1ee7 m\u1ea1nh hay kh\u00f4ng.<\/p>\n\n\n\n X\u00e9t \u0111\u1ebfn quy m\u00f4 c\u1ee7a nh\u1eefng th\u00e1ch th\u1ee9c c\u01a1 c\u1ea5u c\u01a1 b\u1ea3n c\u1ee7a Trung Qu\u1ed1c \u2013 t\u1eeb n\u1ee3 ch\u00ednh ph\u1ee7 cao, suy gi\u1ea3m d\u00e2n s\u1ed1, v\u00e0 th\u1ea5t nghi\u1ec7p \u1edf thanh ni\u00ean, cho \u0111\u1ebfn c\u0103ng th\u1eb3ng gia t\u0103ng v\u1edbi c\u00e1c \u0111\u1ed1i t\u00e1c th\u01b0\u01a1ng m\u1ea1i \u2013 c\u00e1c nh\u00e0 kinh t\u1ebf cho r\u1eb1ng B\u1eafc Kinh ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi m\u1ed9t th\u00e1ch th\u1ee9c l\u1edbn.<\/p>\n\n\n\n R\u1ee7i ro \u0111\u1ed1i v\u1edbi T\u1eadp v\u00e0 Trung Qu\u1ed1c c\u00f3 l\u1ebd \u0111ang \u1edf m\u1ee9c cao nh\u1ea5t. Th\u1ea5t b\u1ea1i c\u00f3 th\u1ec3 \u0111\u1ea9y n\u01b0\u1edbc n\u00e0y v\u00e0o v\u00f2ng xo\u00e1y gi\u1ea3m ph\u00e1t t\u01b0\u01a1ng t\u1ef1 nh\u01b0 Nh\u1eadt B\u1ea3n sau khi bong b\u00f3ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u1ee1 v\u00e0o nh\u1eefng n\u0103m 1990, v\u1ed1n c\u1ea7n \u0111\u1ebfn h\u00e0ng th\u1eadp k\u1ef7 m\u1edbi c\u00f3 th\u1ec3 ph\u1ee5c h\u1ed3i \u0111\u01b0\u1ee3c.<\/p>\n\n\n\n \u0110i\u1ec1u n\u00e0y kh\u00f4ng ch\u1ec9 g\u00e2y nguy hi\u1ec3m cho m\u1ee5c ti\u00eau chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a T\u1eadp l\u00e0 t\u0103ng g\u1ea5p \u0111\u00f4i GDP b\u00ecnh qu\u00e2n \u0111\u1ea7u ng\u01b0\u1eddi v\u00e0o n\u0103m 2035 v\u00e0, theo ngh\u0129a r\u1ed9ng h\u01a1n, l\u00e0 v\u01b0\u1ee3t qua \u0111\u1ed1i th\u1ee7 \u0111\u1ecba ch\u00ednh tr\u1ecb M\u1ef9 \u0111\u1ec3 tr\u1edf th\u00e0nh n\u1ec1n kinh t\u1ebf l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi. N\u00f3 c\u0169ng c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn s\u1ef1 b\u1ea5t m\u00e3n trong m\u1ed9t b\u1ed9 ph\u1eadn d\u00e2n ch\u00fang, nh\u1eefng ng\u01b0\u1eddi \u0111\u00e3 quen v\u1edbi m\u1ee9c s\u1ed1ng \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n li\u00ean t\u1ee5c trong nh\u1eefng th\u1eadp k\u1ef7 g\u1ea7n \u0111\u00e2y.<\/p>\n\n\n\n Nhi\u1ec1u ng\u01b0\u1eddi tin r\u1eb1ng T\u1eadp s\u1ebd c\u1ed1 g\u1eafng \u0111i theo con \u0111\u01b0\u1eddng trung dung. \u00d4ng kh\u00f4ng mu\u1ed1n quay l\u1ea1i v\u1edbi chi\u1ebfn l\u01b0\u1ee3c c\u0169 c\u1ee7a Trung Qu\u1ed1c l\u00e0 \u0111\u1ea7u t\u01b0 d\u1ef1a v\u00e0o n\u1ee3 v\u00e0o c\u00e1c l\u0129nh v\u1ef1c c\u00f4ng ngh\u1ec7 th\u1ea5p \u0111\u1ec3 th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng t\u1ed5ng th\u1ec3. Thay v\u00e0o \u0111\u00f3, c\u00e1c nh\u00e0 ph\u00e2n t\u00edch tin r\u1eb1ng \u00f4ng mu\u1ed1n Trung Qu\u1ed1c t\u1eadp trung v\u00e0o nh\u1eefng l\u0129nh v\u1ef1c m\u00e0 \u00f4ng g\u1ecdi l\u00e0 \u201cl\u1ef1c l\u01b0\u1ee3ng s\u1ea3n xu\u1ea5t m\u1edbi\u201d nh\u01b0 n\u0103ng l\u01b0\u1ee3ng xanh v\u00e0 ch\u1ea5t b\u00e1n d\u1eabn ti\u00ean ti\u1ebfn.<\/p>\n\n\n\n Andy Rothman, chi\u1ebfn l\u01b0\u1ee3c gia \u0111\u1ea7u t\u01b0 t\u1ea1i Qu\u1ef9 Matthews Asia, cho bi\u1ebft: \u201cCh\u00fang ta \u0111ang ch\u1ee9ng ki\u1ebfn nh\u1eefng thay \u0111\u1ed5i c\u01a1 b\u1ea3n trong c\u00e1ch T\u1eadp nh\u00ecn nh\u1eadn t\u00ecnh h\u00ecnh kinh t\u1ebf c\u0169ng nh\u01b0 c\u00e1ch ti\u1ebfp c\u1eadn c\u1ee7a \u00f4ng trong vi\u1ec7c gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1.\u201d<\/p>\n\n\n\n \u201cGi\u1edd \u0111\u00e2y, T\u1eadp \u0111\u00e3 nh\u1eadn ra r\u1eb1ng n\u1ec1n kinh t\u1ebf Trung Qu\u1ed1c \u0111ang \u0111i sai h\u01b0\u1edbng v\u00e0 c\u1ea7n ph\u1ea3i c\u00f3 m\u1ed9t s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh th\u1ef1c d\u1ee5ng c\u1ea5p b\u00e1ch.\u201d<\/p>\n\n\n\n L\u00fd do t\u1ea1i sao T\u1eadp \u0111\u1ed9t nhi\u00ean thay \u0111\u1ed5i quy\u1ebft \u0111\u1ecbnh v\u1ec1 vi\u1ec7c tri\u1ec3n khai m\u1ed9t g\u00f3i k\u00edch th\u00edch kinh t\u1ebf l\u1edbn v\u1eabn l\u00e0 \u0111i\u1ec1u b\u00ed \u1ea9n \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n D\u00f9 Trung Qu\u1ed1c \u0111\u00e3 th\u1ef1c hi\u1ec7n c\u00e1c b\u01b0\u1edbc \u0111\u1ec3 th\u00fac \u0111\u1ea9y n\u1ec1n kinh t\u1ebf k\u1ec3 t\u1eeb n\u0103m ngo\u00e1i, nh\u01b0ng v\u1ec1 m\u1eb7t c\u00f4ng khai, T\u1eadp v\u1eabn kh\u00f4ng t\u1ecf ra qu\u00e1 lo ng\u1ea1i v\u1ec1 t\u0103ng tr\u01b0\u1edfng ngay c\u1ea3 trong nh\u1eefng tu\u1ea7n tr\u01b0\u1edbc khi c\u00f3 th\u00f4ng b\u00e1o quan tr\u1ecdng c\u1ee7a \u0111\u1ed9i ng\u0169 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch kinh t\u1ebf c\u1ee7a \u00f4ng.<\/p>\n\n\n\n V\u00e0o th\u00e1ng 9, ph\u01b0\u01a1ng ti\u1ec7n truy\u1ec1n th\u00f4ng nh\u00e0 n\u01b0\u1edbc cho \u0111\u0103ng t\u1ea3i h\u00ecnh \u1ea3nh T\u1eadp tr\u00f4ng r\u1ea5t vui v\u1ebb trong chuy\u1ebfn \u0111i \u0111\u1ebfn t\u1ec9nh Cam T\u00fac l\u1ecbch s\u1eed \u1edf ph\u00eda t\u00e2y, n\u01a1i \u00f4ng b\u00e0y t\u1ecf l\u00f2ng t\u00f4n k\u00ednh v\u1edbi v\u1ecb ho\u00e0ng \u0111\u1ebf \u0111\u1ea7u ti\u00ean trong truy\u1ec1n thuy\u1ebft c\u1ee7a Trung Qu\u1ed1c t\u1ea1i \u0110\u1ec1n Ph\u1ee5c Hy v\u00e0 g\u1eb7p g\u1ee1 n\u00f4ng d\u00e2n tr\u1ed3ng t\u00e1o v\u00e0 qu\u00e2n nh\u00e2n.<\/p>\n\n\n\n T\u1eadp th\u1eadm ch\u00ed c\u00f2n tho\u1ea3i m\u00e1i nh\u1eafc \u0111\u1ebfn c\u00e1c m\u1ee5c ti\u00eau t\u0103ng tr\u01b0\u1edfng c\u1ee7a ch\u00ednh ph\u1ee7, b\u1ea5t ch\u1ea5p vi\u1ec7c m\u1ed9t lo\u1ea1t c\u00e1c d\u1eef li\u1ec7u c\u00f4ng b\u1ed1 v\u00e0o th\u00e1ng 8 cho th\u1ea5y s\u1ef1 suy tho\u00e1i s\u00e2u r\u1ed9ng h\u01a1n trong qu\u00fd ba. T\u1ea1i m\u1ed9t h\u1ed9i th\u1ea3o \u1edf Cam T\u00fac, \u00f4ng ph\u00e1t bi\u1ec3u r\u1eb1ng c\u00e1c c\u00e1n b\u1ed9, ho\u1eb7c c\u00e1c quan ch\u1ee9c, ch\u1ec9 c\u1ea7n \u201cl\u00e0m t\u1ed1t c\u00f4ng t\u00e1c kinh t\u1ebf v\u00e0o cu\u1ed1i qu\u00fd ba v\u00e0 qu\u00fd t\u01b0\u201d \u2013 m\u1ed9t gi\u1ecdng \u0111i\u1ec7u nh\u1eb9 nh\u00e0ng h\u01a1n so v\u1edbi c\u00e1c tuy\u00ean b\u1ed1 tr\u01b0\u1edbc \u0111\u00f3.<\/p>\n\n\n\n Tuy nhi\u00ean, c\u00e1c nh\u00e0 ph\u00e2n t\u00edch tin r\u1eb1ng \u0111\u1eb1ng sau nh\u1eefng c\u00e1nh c\u1eeda \u0111\u00f3ng k\u00edn, c\u00e1c quan ch\u1ee9c \u0111ang ng\u00e0y c\u00e0ng lo ng\u1ea1i v\u1ec1 n\u1ec1n kinh t\u1ebf ch\u00ed \u00edt l\u00e0 k\u1ec3 t\u1eeb th\u00e1ng 7, khi \u0111\u1ea3ng t\u1ed5 ch\u1ee9c h\u1ed9i ngh\u1ecb trung \u01b0\u01a1ng ba, k\u1ef3 h\u1ecdp v\u1ea1ch ra l\u1ed9 tr\u00ecnh kinh t\u1ebf c\u1ee7a B\u1eafc Kinh.<\/p>\n\n\n\n V\u1ec1 m\u1eb7t c\u00f4ng khai, cu\u1ed9c h\u1ecdp \u0111\u01b0\u1ee3c xem l\u00e0 s\u1ef1 c\u1ee7ng c\u1ed1 chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a T\u1eadp v\u1ec1 t\u1ef1 l\u1ef1c c\u00e1nh sinh v\u00e0 \u0111\u1ea7u t\u01b0 nhi\u1ec1u h\u01a1n v\u00e0o khoa h\u1ecdc c\u0169ng nh\u01b0 c\u00e1c l\u0129nh v\u1ef1c kh\u00e1c trong cu\u1ed9c chi\u1ebfn gi\u00e0nh v\u1ecb th\u1ebf th\u1ed1ng tr\u1ecb v\u1ec1 c\u00f4ng ngh\u1ec7 v\u1edbi M\u1ef9.<\/p>\n\n\n\n H\u1ed9i ngh\u1ecb trung \u01b0\u01a1ng ba \u0111\u00e3 li\u1ec7t k\u00ea c\u00e1c c\u1ea3i c\u00e1ch x\u00e3 h\u1ed9i quan tr\u1ecdng, ch\u1eb3ng h\u1ea1n nh\u01b0 n\u00e2ng tu\u1ed5i ngh\u1ec9 h\u01b0u v\u00e0 n\u1edbi l\u1ecfng ch\u1ebf \u0111\u1ed9 h\u1ed9 kh\u1ea9u c\u1ee7a Trung Qu\u1ed1c, h\u1ea1n ch\u1ebf quy\u1ec1n ti\u1ebfp c\u1eadn c\u00e1c d\u1ecbch v\u1ee5 cho ng\u01b0\u1eddi lao \u0111\u1ed9ng nh\u1eadp c\u01b0. Nh\u01b0ng n\u00f3 ph\u1ea7n l\u1edbn \u0111\u00e3 b\u1ecf qua nh\u1eefng g\u00ec c\u00e1c nh\u00e0 kinh t\u1ebf xem l\u00e0 s\u1ef1 c\u1ea7n thi\u1ebft ph\u1ea3i k\u00edch c\u1ea7u trong n\u01b0\u1edbc, \u0111\u1eb7c bi\u1ec7t l\u00e0 ti\u00eau d\u00f9ng h\u1ed9 gia \u0111\u00ecnh, v\u00e0 th\u00fac \u0111\u1ea9y n\u1ec1n kinh t\u1ebf.<\/p>\n\n\n\n Theo s\u1ed1 li\u1ec7u ch\u00ednh th\u1ee9c, Trung Qu\u1ed1c v\u1eabn ti\u1ebfp t\u1ee5c t\u0103ng \u0111\u1ea7u t\u01b0 v\u00e0o s\u1ea3n xu\u1ea5t, d\u00f9 t\u1ec9 tr\u1ecdng c\u1ee7a n\u01b0\u1edbc n\u00e0y trong t\u1ed5ng s\u1ea3n l\u01b0\u1ee3ng th\u1ebf gi\u1edbi \u0111\u00e3 l\u00e0 h\u01a1n 30% \u2013 cao h\u01a1n ch\u00edn qu\u1ed1c gia \u0111\u1ee9ng \u0111\u1ea7u ti\u1ebfp theo c\u1ed9ng l\u1ea1i. Trong khi \u0111\u00f3, chi ti\u00eau ti\u00eau d\u00f9ng c\u1ee7a n\u01b0\u1edbc n\u00e0y so v\u1edbi GDP v\u1eabn th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi m\u1ee9c trung b\u00ecnh to\u00e0n c\u1ea7u. C\u00e1c nh\u00e0 kinh t\u1ebf ch\u1ec9 ra r\u1eb1ng \u0111i\u1ec1u n\u00e0y khi\u1ebfn Trung Qu\u1ed1c ph\u1ee5 thu\u1ed9c qu\u00e1 m\u1ee9c v\u00e0o th\u1ecb tr\u01b0\u1eddng n\u01b0\u1edbc ngo\u00e0i \u0111\u1ec3 h\u1ea5p th\u1ee5 s\u1ea3n l\u01b0\u1ee3ng h\u00e0ng h\u00f3a \u0111ang t\u0103ng c\u1ee7a m\u00ecnh, t\u1eeb \u0111\u00f3 g\u00e2y ra c\u0103ng th\u1eb3ng th\u01b0\u01a1ng m\u1ea1i.<\/p>\n\n\n\n Scott Kennedy, ch\u1ee7 t\u1ecbch h\u1ed9i \u0111\u1ed3ng nghi\u00ean c\u1ee9u v\u1ec1 kinh doanh v\u00e0 kinh t\u1ebf Trung Qu\u1ed1c t\u1ea1i Trung t\u00e2m Nghi\u00ean c\u1ee9u Chi\u1ebfn l\u01b0\u1ee3c v\u00e0 Qu\u1ed1c t\u1ebf, vi\u1ebft trong m\u1ed9t ghi ch\u00fa \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 sau cu\u1ed9c h\u1ecdp r\u1eb1ng: h\u1ed9i ngh\u1ecb trung \u01b0\u01a1ng ba \u01b0u ti\u00ean \u201c\u0111\u1ea7u t\u01b0 v\u00e0 s\u1ea3n xu\u1ea5t nh\u01b0 l\u00e0 \u0111\u1ed9ng l\u1ef1c th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng v\u00e0 \u00edt quan t\u00e2m h\u01a1n \u0111\u1ebfn ti\u00eau d\u00f9ng v\u00e0 h\u1ed9 gia \u0111\u00ecnh.\u201d<\/p>\n\n\n\n C\u00e1c nh\u00e0 ph\u00e2n t\u00edch cho bi\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 kh\u00f4ng m\u1ea5y \u1ea5n t\u01b0\u1ee3ng v\u1edbi thay \u0111\u1ed5i n\u00e0y. Sau khi t\u0103ng nh\u1eb9 tr\u01b0\u1edbc h\u1ed9i ngh\u1ecb trung \u01b0\u01a1ng ba, ch\u1ec9 s\u1ed1 CSI 300 c\u1ee7a Trung Qu\u1ed1c ti\u1ebfp t\u1ee5c xu h\u01b0\u1edbng gi\u1ea3m, m\u1ea5t h\u01a1n 10% gi\u00e1 tr\u1ecb tr\u01b0\u1edbc \u0111\u1ee3t t\u0103ng gi\u00e1 hi\u1ec7n t\u1ea1i.<\/p>\n\n\n\n \u201cVi\u1ec7c h\u1ed9i ngh\u1ecb trung \u01b0\u01a1ng ba t\u1eadp trung v\u00e0o c\u00e1c thay \u0111\u1ed5i c\u01a1 c\u1ea5u d\u00e0i h\u1ea1n\u2026 \u0111\u01b0\u1ee3c hi\u1ec3u l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u cho th\u1ea5y B\u1eafc Kinh v\u1eabn th\u1edd \u01a1 v\u1edbi t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf ng\u1eafn h\u1ea1n,\u201d theo m\u1ed9t b\u00e0i b\u00e1o c\u1ee7a c\u00e1c nh\u00e0 ph\u00e2n t\u00edch \u0111\u1ed9c l\u1eadp thu\u1ed9c Vi\u1ec7n nghi\u00ean c\u1ee9u H\u1ed3 \u0110\u1ed3ng.<\/p>\n\n\n\n Nh\u01b0ng c\u00e1c nh\u00e0 ph\u00e2n t\u00edch tin r\u1eb1ng T\u1eadp v\u00e0 c\u00e1c nh\u00e0 l\u00e3nh \u0111\u1ea1o \u0111\u1ea3ng th\u1ef1c s\u1ef1 lo l\u1eafng v\u1ec1 vi\u1ec7c kh\u00f4ng th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c c\u00e1c m\u1ee5c ti\u00eau t\u0103ng tr\u01b0\u1edfng c\u1ee7a h\u1ecd. \u0110i\u1ec1u n\u00e0y l\u00ean \u0111\u1ebfn \u0111\u1ec9nh \u0111i\u1ec3m v\u00e0o th\u00e1ng 9 khi T\u1eadp xu\u1ea5t hi\u1ec7n \u1edf Cam T\u00fac, n\u01a1i \u00f4ng ch\u1ee9ng ki\u1ebfn t\u1ef7 l\u1ec7 th\u1ea5t nghi\u1ec7p cao v\u00e0 c\u00e1c c\u0103ng th\u1eb3ng x\u00e3 h\u1ed9i kh\u00e1c b\u1eaft ngu\u1ed3n t\u1eeb s\u1ef1 s\u1ee5t gi\u1ea3m t\u0103ng tr\u01b0\u1edfng v\u00e0 n\u1ee3 ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng gia t\u0103ng, m\u1ed9t ng\u01b0\u1eddi quen thu\u1ed9c v\u1edbi gi\u1edbi l\u00e3nh \u0111\u1ea1o c\u1ea5p cao cho bi\u1ebft.<\/p>\n\n\n\n D\u1eef li\u1ec7u kinh t\u1ebf c\u0169ng tr\u1edf n\u00ean \u0111\u00e1ng b\u00e1o \u0111\u1ed9ng h\u01a1n. T\u1ef7 l\u1ec7 th\u1ea5t nghi\u1ec7p c\u1ee7a thanh ni\u00ean \u0111\u00e3 nhanh ch\u00f3ng t\u0103ng v\u1ecdt t\u1eeb 13,2% v\u00e0o th\u00e1ng 6 l\u00ean 18,8% v\u00e0o th\u00e1ng 8. S\u1ef1 s\u1ee5p \u0111\u1ed5 c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u00e3 khi\u1ebfn ng\u01b0\u1eddi ti\u00eau d\u00f9ng kh\u00f4ng c\u00f2n mu\u1ed1n chi cho nh\u1eefng m\u1eb7t h\u00e0ng \u0111\u1eaft ti\u1ec1n, v\u00e0 nhi\u1ec1u ng\u01b0\u1eddi trong s\u1ed1 h\u1ecd \u0111\u00e3 tr\u1ea3 h\u1ebft n\u1ee3 th\u1ebf ch\u1ea5p v\u00e0 chuy\u1ec3n sang t\u00edch l\u0169y ti\u1ec1n ti\u1ebft ki\u1ec7m.<\/p>\n\n\n\n L\u1ea1i c\u00f3 th\u00eam tin x\u1ea5u v\u00e0o th\u00e1ng 9, khi c\u00e1c nh\u00e0 s\u1ea3n xu\u1ea5t Trung Qu\u1ed1c \u0111\u1ed1i m\u1eb7t v\u1edbi gi\u1ea3m ph\u00e1t trong n\u0103m th\u1ee9 hai li\u00ean ti\u1ebfp, m\u1ed9t xu h\u01b0\u1edbng g\u00e2y \u00e1p l\u1ef1c l\u1edbn l\u00ean doanh thu c\u1ee7a c\u00f4ng ty. Ngay c\u1ea3 xu\u1ea5t kh\u1ea9u \u2013 \u0111\u1ed9ng l\u1ef1c c\u1ee7a n\u1ec1n kinh t\u1ebf Trung Qu\u1ed1c \u2013 c\u0169ng b\u1ea5t ng\u1edd ch\u1eadm l\u1ea1i theo gi\u00e1 \u0111\u00f4 la trong c\u00f9ng th\u00e1ng.<\/p>\n\n\n\n Nh\u1eefng d\u1ea5u hi\u1ec7u c\u1ee7a c\u0103ng th\u1eb3ng x\u00e3 h\u1ed9i \u00e2m \u1ec9 c\u0169ng \u0111ang g\u00e2y th\u00eam \u00e1p l\u1ef1c l\u00ean T\u1eadp. Theo c\u00e1c b\u00e1o c\u00e1o tr\u00ean ph\u01b0\u01a1ng ti\u1ec7n truy\u1ec1n th\u00f4ng nh\u00e0 n\u01b0\u1edbc, m\u1ed9t c\u00e1n b\u1ed9 s\u1edf t\u00e0i ch\u00ednh t\u1ec9nh H\u1ed3 Nam \u0111\u00e3 b\u1ecb s\u00e1t h\u1ea1i t\u1ea1i nh\u00e0 ri\u00eang<\/a>. C\u0169ng c\u00f3 nh\u1eefng b\u00e1o c\u00e1o kh\u00e1c v\u1ec1 t\u00ecnh tr\u1ea1ng b\u1ea1o l\u1ef1c nh\u1eafm v\u00e0o c\u00e1c c\u00e1n b\u1ed9, bao g\u1ed3m v\u1ee5 m\u1ed9t ng\u01b0\u1eddi \u0111\u01b0\u1ee3c cho l\u00e0 \u0111\u00e3 b\u1ecb \u0111\u00e2m b\u1edfi t\u00e0i x\u1ebf m\u00e0 \u00f4ng v\u1eeba sa th\u1ea3i.<\/p>\n\n\n\n Ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng n\u00f3i ri\u00eang \u0111ang ng\u00e0y c\u00e0ng ch\u1eadt v\u1eadt trong vi\u1ec7c thanh to\u00e1n h\u00f3a \u0111\u01a1n gi\u1eefa b\u1ed1i c\u1ea3nh kh\u1ee7ng ho\u1ea3ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n, khi\u1ebfn h\u1ecd kh\u00f4ng th\u1ec3 b\u00e1n c\u00e1c m\u1ea3nh \u0111\u1ea5t h\u1ecd mu\u1ed1n. \u0110\u1ec3 b\u00f9 \u0111\u1eafp cho ngu\u1ed3n thu l\u1edbn nh\u1ea5t \u0111\u00e3 m\u1ea5t, h\u1ecd \u0111\u00e3 b\u1eaft \u0111\u1ea7u ph\u1ea1t ti\u1ec1n v\u00e0 \u0111\u00e1nh thu\u1ebf c\u00e1c doanh nh\u00e2n.<\/p>\n\n\n\n Ryan Manuel, gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh c\u1ee7a Bilby, m\u1ed9t c\u00f4ng ty t\u01b0 v\u1ea5n s\u1eed d\u1ee5ng AI \u0111\u1ec3 ph\u00e2n t\u00edch c\u00e1c t\u00e0i li\u1ec7u c\u1ee7a ch\u00ednh ph\u1ee7 Trung Qu\u1ed1c, cho bi\u1ebft B\u1eafc Kinh hi\u1ec7n \u0111ang c\u00f3 nh\u1eefng \u201cthay \u0111\u1ed5i phi th\u01b0\u1eddng.\u201d<\/p>\n\n\n\n \u00d4ng ch\u1ec9 ra nh\u1eefng c\u1ea3i c\u00e1ch trong h\u1ec7 th\u1ed1ng h\u1ed9 kh\u1ea9u v\u00e0 t\u0103ng c\u01b0\u1eddng gi\u00e1m s\u00e1t c\u00e1c doanh nghi\u1ec7p nh\u00e0 n\u01b0\u1edbc trung \u01b0\u01a1ng. \u201c\u0110\u00e2y s\u1ebd l\u00e0 m\u1ed9t s\u1ef1 thay \u0111\u1ed5i k\u00e9o d\u00e0i hai \u0111\u1ebfn ba n\u0103m, trong \u0111\u00f3 m\u1ecdi ph\u00f2ng ban c\u1ea7n ph\u1ea3i c\u00f3 ph\u1ea3n \u1ee9ng v\u1edbi k\u1ebf ho\u1ea1ch\u2026 Kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t thay \u0111\u1ed5i m\u1ea1nh m\u1ebd \u0111\u1ed9t ng\u1ed9t, m\u00e0 thi\u00ean v\u1ec1 chuy\u1ec3n \u0111\u1ed5i d\u1ea7n d\u1ea7n, \u1ed5n \u0111\u1ecbnh h\u01a1n.\u201d<\/p>\n\n\n\n M\u1ed1i quan t\u00e2m hi\u1ec7n nay c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 l\u00e0 B\u1eafc Kinh s\u1ebd chi bao nhi\u00eau cho g\u00f3i k\u00edch th\u00edch kinh t\u1ebf.<\/p>\n\n\n\n Trong m\u1ed9t cu\u1ed9c h\u1ecdp b\u00e1o sau k\u1ef3 ngh\u1ec9 l\u1ec5 qu\u1ed1c kh\u00e1nh, B\u1ed9 tr\u01b0\u1edfng T\u00e0i ch\u00ednh Lam Ph\u1eadt An \u0111\u00e3 t\u1eeb ch\u1ed1i ti\u1ebft l\u1ed9 con s\u1ed1. Th\u1ecb tr\u01b0\u1eddng hy v\u1ecdng r\u1eb1ng c\u00e1c s\u1ed1 li\u1ec7u chi ti\u1ebft s\u1ebd \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 t\u1ea1i cu\u1ed9c h\u1ecdp l\u00e3nh \u0111\u1ea1o c\u1ee7a \u0110\u1ea1i h\u1ed9i \u0110\u1ea1i bi\u1ec3u Nh\u00e2n d\u00e2n To\u00e0n qu\u1ed1c, t\u1ee9c Qu\u1ed1c h\u1ed9i Trung Qu\u1ed1c, d\u1ef1 ki\u1ebfn di\u1ec5n ra trong v\u00e0i tu\u1ea7n t\u1edbi.<\/p>\n\n\n\n Nh\u01b0ng \u00f4ng Lam \u0111\u00e3 tr\u00ecnh b\u00e0y s\u01a1 l\u01b0\u1ee3c v\u1ec1 c\u00e1c bi\u1ec7n ph\u00e1p k\u00edch th\u00edch t\u00e0i kh\u00f3a \u0111\u01b0\u1ee3c l\u00ean k\u1ebf ho\u1ea1ch, h\u1ee9a r\u1eb1ng ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c nhi\u1ec1u h\u1ed7 tr\u1ee3 h\u01a1n. Ngo\u00e0i ra, c\u00e1c ng\u00e2n h\u00e0ng nh\u00e0 n\u01b0\u1edbc s\u1ebd \u0111\u01b0\u1ee3c t\u00e1i c\u1ea5p v\u1ed1n, \u00f4ng n\u00f3i. Lam c\u0169ng h\u1ee9a r\u1eb1ng ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c \u201cbi\u1ec7n ph\u00e1p gi\u1ea3m n\u1ee3 m\u1ea1nh nh\u1ea5t \u0111\u01b0\u1ee3c \u0111\u01b0a ra trong nh\u1eefng n\u0103m g\u1ea7n \u0111\u00e2y.\u201d V\u00e0 \u00f4ng \u0111\u1ec3 ng\u1ecf c\u00e1nh c\u1eeda cho c\u00e1c bi\u1ec7n ph\u00e1p k\u00edch th\u00edch chung h\u01a1n, cam k\u1ebft r\u1eb1ng \u201cch\u00fang ta c\u00f3 nhi\u1ec1u kh\u00f4ng gian\u201d \u0111\u1ec3 t\u0103ng th\u00e2m h\u1ee5t ng\u00e2n s\u00e1ch v\u00e0 n\u1ee3 c\u1ee7a ch\u00ednh quy\u1ec1n trung \u01b0\u01a1ng.<\/p>\n\n\n\n C\u00e1c nh\u00e0 kinh t\u1ebf cho bi\u1ebft ph\u1ea7n l\u1edbn k\u1ebf ho\u1ea1ch t\u00e0i kh\u00f3a xoay quanh vi\u1ec7c gi\u00fap c\u00e1c ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng t\u00e1i c\u1ea5p v\u1ed1n cho c\u00e1c kho\u1ea3n vay \u201cc\u00f3 v\u1ea5n \u0111\u1ec1\u201d trong s\u1ed1 kho\u1ea3ng 60 ngh\u00ecn t\u1ef7 nh\u00e2n d\u00e2n t\u1ec7 (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 8,4 ngh\u00ecn t\u1ef7 \u0111\u00f4 la) n\u1ee3 m\u00e0 c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n t\u00e0i ch\u00ednh c\u1ee7a h\u1ecd \u0111ang g\u00e1nh ch\u1ecbu \u2013 t\u1ee9c c\u00e1c c\u00f4ng ty ngo\u00e0i ng\u00e2n s\u00e1ch \u0111\u1ea7u t\u01b0 thay m\u1eb7t cho h\u1ecd. Goldman Sachs \u01b0\u1edbc t\u00ednh r\u1eb1ng kho\u1ea3ng 12 ngh\u00ecn t\u1ef7 nh\u00e2n d\u00e2n t\u1ec7 trong s\u1ed1 t\u00edn d\u1ee5ng n\u00e0y l\u00e0 \u0111\u00e1ng quan ng\u1ea1i.<\/p>\n\n\n\n Ch\u00ednh ph\u1ee7 \u0111\u00e3 ph\u00ea duy\u1ec7t h\u1ea1n ng\u1ea1ch g\u1ea7n 4 ngh\u00ecn t\u1ef7 nh\u00e2n d\u00e2n t\u1ec7 cho c\u00e1c giao d\u1ecbch ho\u00e1n \u0111\u1ed5i n\u1ee3 c\u1ee7a ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng trong n\u0103m nay v\u00e0 n\u0103m ngo\u00e1i. Goldman c\u0169ng d\u1ef1 ki\u1ebfn Qu\u1ed1c h\u1ed9i s\u1ebd ph\u00ea duy\u1ec7t h\u01a1n 5 ngh\u00ecn t\u1ef7 nh\u00e2n d\u00e2n t\u1ec7 cho m\u1ee5c \u0111\u00edch n\u00e0y trong \u201cnhi\u1ec1u n\u0103m.\u201d Tr\u00ean h\u1ebft, ch\u00ednh ph\u1ee7 c\u00f3 th\u1ec3 c\u00f4ng b\u1ed1 kho\u1ea3ng 1 \u0111\u1ebfn 2 ngh\u00ecn t\u1ef7 nh\u00e2n d\u00e2n t\u1ec7 tr\u00e1i phi\u1ebfu ch\u00ednh quy\u1ec1n trung \u01b0\u01a1ng si\u00eau d\u00e0i h\u1ea1n, \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho c\u00e1c bi\u1ec7n ph\u00e1p k\u00edch th\u00edch s\u00e2u r\u1ed9ng h\u01a1n v\u00e0 \u0111\u1eb7t m\u1ee5c ti\u00eau th\u00e2m h\u1ee5t ng\u00e2n s\u00e1ch ch\u00ednh th\u1ee9c cao h\u01a1n.<\/p>\n\n\n\n V\u01b0\u01a1ng \u0110\u00e0o, nh\u00e0 kinh t\u1ebf tr\u01b0\u1edfng v\u1ec1 Trung Qu\u1ed1c t\u1ea1i ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 UBS, cho bi\u1ebft h\u01b0\u1edbng d\u1eabn c\u1ee7a B\u1ed9 t\u00e0i ch\u00ednh Trung Qu\u1ed1c v\u1ec1 vi\u1ec7c t\u00e1i c\u1ea5p v\u1ed1n cho n\u1ee3 c\u1ee7a ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng v\u00e0 vi\u1ec7c s\u1eed d\u1ee5ng ngu\u1ed3n t\u00e0i tr\u1ee3 c\u1ee7a ch\u00ednh ph\u1ee7 \u0111\u1ec3 thu mua b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u1ed3n \u0111\u1ecdng \u201cl\u00e0 \u0111\u1ed9ng l\u1ef1c r\u1ea5t quan tr\u1ecdng th\u00fac \u0111\u1ea9y ni\u1ec1m tin cho th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00f3 th\u1ec3 gi\u00fap \u1ed5n \u0111\u1ecbnh n\u1ec1n kinh t\u1ebf.\u201d<\/p>\n\n\n\n \u201cTh\u1eadt kh\u00f4ng may, n\u1ebfu b\u1ea1n mu\u1ed1n gi\u1ea3m b\u1edbt v\u1ea5n \u0111\u1ec1 n\u1ee3 n\u1ea7n, b\u1ea1n ph\u1ea3i n\u00e9m th\u00eam n\u1ee3 v\u00e0o \u0111\u00f3. Ch\u00fang t\u00f4i \u0111\u00e3 h\u1ecdc \u0111\u01b0\u1ee3c b\u00e0i h\u1ecdc \u0111\u1eaft gi\u00e1 t\u1eeb hai kinh nghi\u1ec7m tr\u00e1i ng\u01b0\u1ee3c nhau \u1edf M\u1ef9 v\u00e0 Ch\u00e2u \u00c2u,\u201d V\u01b0\u01a1ng n\u00f3i, vi\u1ec7n d\u1eabn vi\u1ec7c M\u1ef9 huy \u0111\u1ed9ng ngu\u1ed3n l\u1ef1c kh\u1ed5ng l\u1ed3 sau kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u n\u0103m 2008 \u0111\u1ec3 gi\u1ea3i quy\u1ebft cu\u1ed9c kh\u1ee7ng ho\u1ea3ng cho vay d\u01b0\u1edbi chu\u1ea9n, nh\u1edd \u0111\u00f3 gi\u00fap n\u01b0\u1edbc n\u00e0y gi\u1ea3i quy\u1ebft c\u00e1c v\u1ea5n \u0111\u1ec1 n\u1ee3 nhanh h\u01a1n \u1edf Ch\u00e2u \u00c2u.<\/p>\n\n\n\n \u201cV\u00ec v\u1eady, t\u00f4i ngh\u0129 Trung Qu\u1ed1c\u2026c\u0169ng c\u1ea7n m\u1ed9t c\u00fa h\u00edch th\u1ef1c s\u1ef1 l\u1edbn v\u1ec1 m\u1eb7t t\u00e0i kh\u00f3a v\u00e0 t\u00edn d\u1ee5ng \u0111\u1ec3 t\u00e1i kh\u1edfi \u0111\u1ed9ng n\u1ec1n kinh t\u1ebf,\u201d V\u01b0\u01a1ng n\u00f3i th\u00eam. \u201cN\u1ebfu kh\u00f4ng, ch\u00fang t\u00f4i s\u1ebd c\u00f3 nguy c\u01a1 r\u01a1i v\u00e0o v\u00f2ng xo\u00e1y gi\u1ea3m ph\u00e1t.\u201d<\/p>\n\n\n\n Ph\u1ea7n c\u00f2n l\u1ea1i c\u1ee7a g\u00f3i k\u00edch th\u00edch n\u00e0y l\u00e0 h\u1ed7 tr\u1ee3 cho th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, v\u1edbi vi\u1ec7c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho c\u00e1c c\u00f4ng ty b\u1ea3o hi\u1ec3m, qu\u1ef9, v\u00e0 c\u00f4ng ty ch\u1ee9ng kho\u00e1n vay ti\u1ec1n \u0111\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ecb tr\u01b0\u1eddng v\u00e0 h\u1ed7 tr\u1ee3 c\u00e1c doanh nghi\u1ec7p ni\u00eam y\u1ebft th\u1ef1c hi\u1ec7n mua l\u1ea1i c\u1ed5 phi\u1ebfu.<\/p>\n\n\n\n C\u00e1c nh\u00e0 ph\u00e2n t\u00edch nh\u1eadn \u0111\u1ecbnh \u00fd t\u01b0\u1edfng n\u00e0y nh\u1eb1m m\u1ee5c \u0111\u00edch t\u0103ng l\u01b0\u1ee3ng c\u1ed5 ph\u1ea7n c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c trong c\u00e1c c\u1ed5 phi\u1ebfu Trung Qu\u1ed1c, v\u1ed1n th\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng, v\u00e0 bi\u1ebfn th\u1ecb tr\u01b0\u1eddng n\u00e0y th\u00e0nh m\u1ed9t k\u00eanh \u0111\u1ea7u t\u01b0 thay th\u1ebf \u0111\u00e1ng tin c\u1eady cho b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u1ed1i v\u1edbi c\u00e1c h\u1ed9 gia \u0111\u00ecnh.<\/p>\n\n\n\n M\u1ea1nh L\u1ed7i, chi\u1ebfn l\u01b0\u1ee3c gia c\u1ed5 phi\u1ebfu Trung Qu\u1ed1c t\u1ea1i UBS Securities, cho bi\u1ebft: \u201cHi\u1ec7n t\u1ea1i, \u00edt ng\u01b0\u1eddi k\u1ef3 v\u1ecdng gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n s\u1ebd t\u0103ng nhanh trong th\u1eadp k\u1ef7 t\u1edbi. \u0110i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 ng\u01b0\u1eddi d\u00e2n Trung Qu\u1ed1c c\u1ea7n m\u1ed9t ngu\u1ed3n d\u1ef1 tr\u1eef t\u00e0i s\u1ea3n m\u1edbi \u0111\u1ec3 gi\u00fap t\u00e0i s\u1ea3n h\u1ed9 gia \u0111\u00ecnh c\u1ee7a h\u1ecd t\u0103ng l\u00ean.\u201d<\/p>\n\n\n\n Quy\u1ebft \u0111\u1ecbnh thay \u0111\u1ed5i ch\u00ednh s\u00e1ch d\u01b0\u1eddng nh\u01b0 \u0111\u00e3 c\u00f3 hi\u1ec7u qu\u1ea3. Trong k\u1ef3 ngh\u1ec9 l\u1ec5, ch\u1ee7 \u0111\u1ec1 b\u00e0n t\u00e1n c\u1ee7a th\u1ef1c kh\u00e1ch \u1edf c\u00e1c th\u00e0nh ph\u1ed1 l\u1edbn c\u1ee7a Trung Qu\u1ed1c l\u00e0 v\u1ec1 s\u1ed1 ti\u1ec1n m\u00e0 m\u1ecdi ng\u01b0\u1eddi t\u1eebng ki\u1ebfm \u0111\u01b0\u1ee3c tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n tr\u01b0\u1edbc \u0111\u00e2y. Nh\u01b0ng hi\u1ec7n t\u1ea1i, \u0111\u1ecbnh gi\u00e1 \u0111\u00e3 t\u0103ng l\u00ean m\u1ee9c trung b\u00ecnh l\u1ecbch s\u1eed 5 n\u0103m. V\u1ec1 l\u00e2u d\u00e0i, c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n kinh t\u1ebf v\u0129 m\u00f4 c\u0169ng c\u1ea7n h\u1ed7 tr\u1ee3 th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n \u201cC\u00f3 r\u1ea5t nhi\u1ec1u tranh lu\u1eadn. M\u1ed9t ng\u01b0\u1eddi l\u1ea1c quan s\u1ebd l\u1eadp lu\u1eadn r\u1eb1ng ch\u00ednh s\u00e1ch \u0111\u00e3 thay \u0111\u1ed5i m\u1ecdi th\u1ee9 v\u00e0 t\u1eeb \u0111\u00e2y n\u1ec1n kinh t\u1ebf s\u1ebd \u1ed5n \u0111\u1ecbnh v\u00e0 t\u0103ng tr\u01b0\u1edfng, v\u00e0 \u0111i\u1ec1u \u0111\u00f3 s\u1ebd h\u1ed7 tr\u1ee3 th\u1ecb tr\u01b0\u1eddng,\u201d M\u1ea1nh n\u00f3i. \u201cNh\u01b0ng ng\u01b0\u1eddi bi quan s\u1ebd l\u1eadp lu\u1eadn r\u1eb1ng c\u00e1c v\u1ea5n \u0111\u1ec1 ch\u1ec9 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft b\u1eb1ng m\u1ed9t ch\u00ednh s\u00e1ch si\u00eau m\u1ea1nh v\u00e0 ch\u00fang ta v\u1eabn ch\u01b0a c\u00f3 th\u00f4ng tin chi ti\u1ebft.\u201d<\/p>\n\n\n\n Nhi\u1ec1u ng\u01b0\u1eddi \u0111\u1ed3ng \u00fd r\u1eb1ng, d\u00f9 suy ngh\u0129 c\u1ee7a T\u1eadp v\u1ec1 bi\u1ec7n ph\u00e1p k\u00edch th\u00edch kinh t\u1ebf \u0111\u00e3 thay \u0111\u1ed5i, nh\u01b0ng v\u1eabn ch\u01b0a c\u00f3 d\u1ea5u hi\u1ec7u n\u00e0o cho th\u1ea5y s\u1ebd c\u00f3 nh\u1eefng c\u1ea3i c\u00e1ch ho\u1eb7c chi ti\u00eau quy\u1ebft li\u1ec7t h\u01a1n \u0111\u1ec3 c\u00e2n b\u1eb1ng l\u1ea1i n\u1ec1n kinh t\u1ebf theo h\u01b0\u1edbng t\u0103ng c\u01b0\u1eddng ti\u00eau d\u00f9ng h\u1ed9 gia \u0111\u00ecnh.<\/p>\n\n\n\n Trong khi ch\u00ednh ph\u1ee7 \u0111\u00e3 t\u0103ng tu\u1ed5i ngh\u1ec9 h\u01b0u v\u00e0 t\u0103ng vi\u1ec7n tr\u1ee3 cho c\u00e1c nh\u00f3m c\u00f3 nhu c\u1ea7u, ch\u1eb3ng h\u1ea1n nh\u01b0 sinh vi\u00ean, tr\u1ecdng t\u00e2m ch\u1ee7 y\u1ebfu v\u1eabn l\u00e0 s\u1eeda ch\u1eefa b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a ch\u00ednh quy\u1ec1n \u0111\u1ecba ph\u01b0\u01a1ng v\u00e0 ng\u00e2n h\u00e0ng nh\u00e0 n\u01b0\u1edbc. \u0110\u00e2y l\u00e0 \u0111i\u1ec1u m\u00e0 B\u1eafc Kinh k\u1ef3 v\u1ecdng s\u1ebd \u0111\u1eb7t n\u1ec1n t\u1ea3ng cho c\u00e1c c\u01a1 quan c\u1ea5p d\u01b0\u1edbi b\u1eaft \u0111\u1ea7u chi ti\u00eau tr\u1edf l\u1ea1i.<\/p>\n\n\n\n \u201cCho \u0111\u1ebfn nay, ch\u01b0a ai l\u00e0m \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3,\u201d Richard Yetsenga, nh\u00e0 kinh t\u1ebf tr\u01b0\u1edfng c\u1ee7a Vi\u1ec7n nghi\u00ean c\u1ee9u ANZ, n\u00f3i, \u00e1m ch\u1ec9 \u0111\u1ebfn nh\u1eefng n\u1ed7 l\u1ef1c gi\u1ea3i quy\u1ebft h\u1eadu qu\u1ea3 n\u1ee3 t\u1eeb c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n ch\u1ec9 b\u1eb1ng c\u00e1ch s\u1eeda ch\u1eefa b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a ch\u00ednh ph\u1ee7. \u201cKinh nghi\u1ec7m qu\u1ed1c t\u1ebf cho th\u1ea5y b\u1ea1n c\u1ea7n ph\u1ea3i tri\u1ec3n khai ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a v\u00e0 ch\u00ednh s\u00e1ch c\u01a1 c\u1ea5u c\u00f9ng m\u1ed9t l\u00fac, v\u00e0 c\u1ea3 hai \u0111\u1ec1u c\u1ea7n ph\u1ea3i r\u1ea5t \u0111\u00e1ng k\u1ec3.\u201d<\/p>\n\n\n\n Tuy nhi\u00ean, h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 ph\u00e2n t\u00edch \u0111\u1ec1u \u0111\u1ed3ng \u00fd r\u1eb1ng m\u1ee5c ti\u00eau c\u1ee7a T\u1eadp l\u00e0 duy tr\u00ec t\u0103ng tr\u01b0\u1edfng \u0111\u00fang h\u01b0\u1edbng thay v\u00ec thay \u0111\u1ed5i t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n c\u1ee7a \u00f4ng \u0111\u1ed1i v\u1edbi n\u1ec1n kinh t\u1ebf.<\/p>\n\n\n\n \u201cT\u00f4i s\u1ebd kh\u00f4ng g\u1ecdi \u0111\u00f3 l\u00e0 s\u1ef1 \u0111\u1ea3o ng\u01b0\u1ee3c \u2013 m\u1ed9t m\u00f4 t\u1ea3 t\u1ed1t h\u01a1n s\u1ebd l\u00e0 s\u1ef1 hi\u1ec7u ch\u1ec9nh nh\u1eb1m ng\u0103n n\u1ec1n kinh t\u1ebf suy tho\u00e1i h\u01a1n n\u1eefa,\u201d Olivia Cheung, \u0111\u1ed3ng t\u00e1c gi\u1ea3 cu\u1ed1n The Political Thought of Xi Jinping <\/em>(T\u01b0 t\u01b0\u1edfng Ch\u00ednh tr\u1ecb T\u1eadp C\u1eadn B\u00ecnh) v\u00e0 l\u00e0 h\u1ecdc gi\u1ea3 t\u1ea1i Tr\u01b0\u1eddng London v\u1ec1 Nghi\u00ean c\u1ee9u Ph\u01b0\u01a1ng \u0110\u00f4ng v\u00e0 Ch\u00e2u Phi (SOAS), nh\u1eadn x\u00e9t. M\u1ed9t n\u1ec1n kinh t\u1ebf \u1ed5n \u0111\u1ecbnh l\u00e0 \u0111i\u1ec1u c\u1ea7n thi\u1ebft \u201c\u0111\u1ec3 cung c\u1ea5p n\u1ec1n t\u1ea3ng v\u1eadt ch\u1ea5t cho T\u1eadp l\u00e0m nh\u1eefng g\u00ec \u00f4ng \u1ea5y mu\u1ed1n l\u00e0m,\u201d b\u00e0 n\u00f3i th\u00eam.<\/p>\n\n\n\n H\u1ed3ng Nguy\u00ean Vi\u1ec5n, m\u1ed9t chuy\u00ean gia v\u1ec1 Trung Qu\u1ed1c t\u1ea1i \u0110\u1ea1i h\u1ecdc Johns Hopkins, cho bi\u1ebft T\u1eadp \u0111ang \u0111\u1eb7t c\u01b0\u1ee3c di s\u1ea3n c\u1ee7a m\u00ecnh v\u00e0o c\u00e1i m\u00e0 \u00f4ng g\u1ecdi l\u00e0 ph\u00e1t tri\u1ec3n \u201cch\u1ea5t l\u01b0\u1ee3ng cao,\u201d v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 \u0111\u01b0a ng\u00e0nh c\u00f4ng nghi\u1ec7p Trung Qu\u1ed1c l\u00ean cao h\u01a1n trong chu\u1ed7i gi\u00e1 tr\u1ecb, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong c\u00f4ng ngh\u1ec7 tinh vi. \u201c\u00d4ng \u1ea5y kh\u00f4ng m\u1ea5y quan t\u00e2m, th\u1eadm ch\u00ed c\u00f3 l\u1ebd xem th\u01b0\u1eddng, n\u1ec1n kinh t\u1ebf c\u0169.\u201d<\/p>\n\n\n\n Nh\u01b0ng gi\u1edd \u0111\u00e2y, khi c\u00e1c quan ch\u1ee9c \u0111ang lo s\u1ee3 r\u1eb1ng h\u1ecd c\u00f3 th\u1ec3 b\u1ecf l\u1ee1 m\u1ee5c ti\u00eau t\u0103ng tr\u01b0\u1edfng ch\u00ednh th\u1ee9c, b\u00e0i h\u1ecdc r\u00fat ra l\u00e0 \u201cn\u1ec1n kinh t\u1ebf c\u0169 v\u00e0 m\u1edbi \u0111an xen v\u00e0o nhau,\u201d H\u1ed3ng n\u00f3i th\u00eam. \u201cCh\u00ednh ph\u1ee7 Trung Qu\u1ed1c \u0111ang h\u1ecdc \u0111\u01b0\u1ee3c r\u1eb1ng h\u1ecd kh\u00f4ng th\u1ec3 ch\u1ec9 theo \u0111u\u1ed5i n\u1ec1n kinh t\u1ebf m\u1edbi m\u1ed9t c\u00e1ch kh\u00f4ng ng\u1eebng ngh\u1ec9 trong khi b\u1ecf b\u00ea n\u1ec1n kinh t\u1ebf c\u0169, v\u1ed1n v\u1eabn mang l\u1ea1i ph\u1ea7n l\u1edbn t\u0103ng tr\u01b0\u1edfng v\u00e0 vi\u1ec7c l\u00e0m \u1edf Trung Qu\u1ed1c.\u201d<\/p>\n\n\n\n Ngu\u1ed3n:<\/strong>\u00a0Joe Leahy, Edward White, v\u00e0 Cheng Leng, \u201cWhy Xi Jinping changed his mind on China\u2019s fiscal stimulus<\/a>,\u201d\u00a0Financial Times<\/em>, 22\/10\/2024<\/p>\n\n\n\n Bi\u00ean d\u1ecbch:\u00a0Nguy\u1ec5n Th\u1ecb Kim Ph\u1ee5ng<\/p>\n\n\n\n