Core Viewpoint - The profitability of Chinese banks is declining, as evidenced by a significant reduction in net interest margins, with 93% of the banks reporting a decrease compared to the previous fiscal year [1][3]. Group 1: Net Interest Margin Trends - 54 out of 58 listed banks in mainland China and Hong Kong reported a decrease in net interest margin for the fiscal year 2024 [1]. - 90% of listed banks experienced a reduction in net interest margin due to falling loan interest rates, with 81% of these banks having a net interest margin below the critical threshold of 1.8% [3]. - The average net interest margin for all banks, including non-listed small and medium-sized banks, is projected to be 1.52% by the end of 2024, marking a decline of 0.17% from the previous year [3]. Group 2: Economic and Financial Risks - The ongoing economic challenges, including insufficient domestic demand and potential impacts from tariffs, are contributing to weak funding demand from businesses and households [3]. - Concerns are rising regarding the credit risk associated with small and micro enterprises, as the average loan interest rate for these entities is not significantly higher than that for larger corporations [5]. - Potential non-performing loan ratios are estimated to reach 7.8% by the end of 2024, with real estate being a central risk factor [5]. Group 3: Government Intervention and Capital Injection - To mitigate financial instability, the Chinese government has decided to inject 500 billion yuan of public capital into the banking sector [6]. - There are concerns that merely injecting capital into large banks may not suffice, as smaller banks in economically distressed areas face increasingly severe operating conditions [6].

移民法专业法律事务所Green and Spiegel的管理合伙人Jonathan Grode 美国特朗普政府停止哈佛大学接收留学生的资格。据悉目前在校的留学生若要维持在美居留 资格，也需要转学至其他大学。移民法专业律所的管理合伙人Jonathan Grode指出：大学有 上诉的途径。流程会很漫长…… 美国特朗普政府5月22日通知哈佛大学，停止其接收留学生的资格。因此，哈佛大学 2025年度以后将无法再接收留学生。据悉目前在校的留学生若要维持在美居留资格，也需要 转学至其他大学。日本经济新闻（中文版：日经中文网）就此事采访了移民法专业法律事务 所Green and Spiegel的管理合伙人Jonathan Grode。 Jonathan Grode： 我从未见过像哈佛大学这样具有高知名度的大学被暂停留学生招收资 格的例子。虽然美国国土安全部（DHS）在认定大学违反学生签证发放条件的情况下，可以 取消"学生及交流访问者项目"（SEVP）认证，但之前的对象一直是恶意使用学生就业制度的 以营利为目的的大学。 此次，客座研究员等研究人员也会受到影响，留学生的就业许可也有可能被取消。如果美国 国土安全部取消认证（的效 ...

各厂商在电动摩托车市场上也展开激烈竞争。新兴企业Ola Electric Mobility走在前列，但由 于质量和服务问题，客户流失逐渐加剧。本田在2月份推出了印度首款电动摩托车"ACTIVA e"，力争扭转局面。 日本经济新闻（中文版：日经中文网）冈部贵典 艾哈迈达巴德（印度西部） 本田当天在印度第四工厂举行了纪念仪式，庆祝该公司全球摩托车累计产量达到5亿辆。本田 在印度当地的摩托车子公司社长大谷包表示，建设新生产线，将创造1800个就业岗位，并强 调："希望将其打造成中南美及其他全球市场的战略性出口基地"。 本田在印度国内拥有4家摩托车工厂。古吉拉特邦第4工厂的产能为196万辆，新的生产线完 成后，将增至261万辆。超过位于卡纳塔克邦的工厂（250万辆），成为本田全球最大的摩托 车生产基地。 预计到2027年，印度总产量将增至700万辆。本田在全球的摩托车产量约2000万辆。如果印 度产量增至700万辆，将占到3成左右，作为全球核心基地的地位或进一步加强。 印度汽车制造商协会（SIAM）的数据显示，印度2024年度的摩托车销量为1960万7332辆， 同比增长9%。2023年度超越中国，成为全球最大摩托车 ...

Core Viewpoint - BYD's electric vehicle (EV) sales in Europe surpassed Tesla for the first time, marking a significant shift in the European automotive market dynamics [1][2]. Group 1: Sales Performance - In April, BYD's EV sales in 28 European countries increased by 169% year-on-year, reaching 7,231 units, while Tesla's sales decreased by 49% to 7,165 units [1]. - Including plug-in hybrid vehicles (PHVs), BYD's total sales growth reached 359% [1]. - The sales gap between BYD and Tesla, although narrow, signifies a major impact on the European automotive market [1]. Group 2: Market Dynamics - The European Union plans to impose additional tariffs on imported Chinese EVs starting October 2024, raising the total tax rate to a maximum of 45.3% [2]. - Despite the impending tariffs, Chinese manufacturers saw a 59% increase in EV sales in Europe in April, totaling 15,300 units [2]. Group 3: Strategic Developments - BYD is planning to establish an EV assembly plant in Hungary to enhance its production capabilities for the European market [1]. - The company is also deploying its own large EV transport ships to improve supply capacity [1].

日经GO 日本2025年应届本科生就业率98.0%，历史第二 原创 阅读全文 ...

Core Viewpoint - Japan's real wages, adjusted for price fluctuations, decreased by 0.5% in 2024 compared to the previous year, marking three consecutive years of negative growth. Despite nominal wage increases, the impact of rising prices, particularly for rice, has led to a reduction in real wages [1]. Group 1: Wage Statistics - The actual wage decline in 2024 is less severe than in 2023, narrowing by 1.7 percentage points. The consumer price index used for calculating real wages increased by 3.5%, continuing a trend of over 3% for three years [1]. - The average nominal cash wage for 2024 is 349,388 yen (approximately 17,500 RMB), reflecting a 3.0% increase from the previous year, which is the highest nominal wage growth since 1991 [1]. - For regular employees, cash wages increased by 3.5% to 455,726 yen (approximately 22,900 RMB), while part-time workers saw a 3.9% increase to 112,637 yen (approximately 5,659 RMB) [2]. Group 2: Sector Analysis - Fixed wages, including base salary and family allowances, rose to 263,381 yen (approximately 13,200 RMB), with a growth rate of 2.1%, surpassing 2% for the first time since 1994 [2]. - The mining and quarrying sector experienced the highest growth in fixed wages at 5.6%, followed by the life-related services and information communication sectors at 4.4% and 3.8%, respectively [2]. - Bonuses and special payments increased by 7.5%, a significant rise of 5.9 percentage points from the previous year, indicating a strong performance in this area despite overall real wage declines [2].

特朗普的决策将左右收购案的走向（REUTERS） 美国外国投资委员会（CFIUS）对日本制铁收购美国钢铁的重新审查预计于5月21日结束。在CFIUS向 特朗普汇报后，特朗普将在15天内做出决定。日本制铁已向美国政府打出了大幅增加对美设备投资这张 王牌…… 围绕日本制铁收购美国钢铁（US Steel）的计划，美国政府的重新审查已进入需由总统特朗 普做出最终决定的阶段。预计相关部门将在完成审查后，向特朗普汇报意见。焦点在于特朗 普是否认可日铁不断增加的收购条件有助于复兴美国制造业。 特朗普4月7日命令美国政府在45天内对日铁的收购计划进行重新审查。美国外国投资委员会 （CFIUS）将在完成审查后，向特朗普汇报审查内容。汇报后，特朗普将在15天内做出决 定。 同样在2024年12月，日铁向美国方面提出了一个提案，承诺在收购完成后的10年内未经 CFIUS批准不会关闭美国钢铁的设施，且维持现有产能。但就在此后拜登发布了停止收购的命 令。 日本经济新闻（中文版：日经中文网）八十岛绫平 华盛顿报道 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 对于特朗普来说，没有理由不欢迎外资增加投资。他以振 ...

Core Viewpoint - Japan's Finance Minister Kato emphasizes that tariff measures may not be suitable for correcting macroeconomic imbalances related to trade balance issues [1] Group 1: Meeting Context - The meeting between Japan's Finance Minister Kato and U.S. Treasury Secretary Mnuchin took place on May 21 in Banff, Canada, during the G7 finance ministers and central bank governors meeting [1] - This was the second meeting following discussions in April, lasting approximately 30 minutes [1] Group 2: Tariff and Currency Discussions - Kato strongly urged the U.S. to adjust tariff measures, stating that tariffs are not necessarily the appropriate means to address macroeconomic imbalances [1] - Kato confirmed that there was no discussion on the level of exchange rates during the meeting, consistent with previous talks [1] - The U.S. has not mentioned any targets or frameworks for managing exchange rates, according to Kato [1] Group 3: Future Negotiations - The tariff negotiations are led by Japan's Minister for Economic and Fiscal Policy, Akizawa, who is scheduled to visit the U.S. starting May 23 for further discussions [2]

Core Viewpoint - The article discusses the challenges and opportunities for Japan in attracting American researchers due to the budget cuts and unfavorable conditions in the U.S. research environment under the Trump administration. Japan's response has been slower compared to Europe and China, which are actively competing for talent [1][7]. Group 1: Current Situation of American Researchers - 75% of American researchers are considering leaving the U.S. due to budget cuts and a lack of support for scientific research [3]. - Tokyo University professor Yoshikazu Sato has received inquiries from American researchers about conducting research in Japan, indicating a potential influx of talent if Japan can create a welcoming environment [1][3]. Group 2: Japan's Response and Challenges - Japan's response to attracting American researchers has been slow, with only a few universities, like Hokkaido University, actively discussing plans to recruit them [4]. - The average salary for professors in Japan is about 12 million yen (approximately 605,000 RMB), which is only half of the average salary for professors in the U.S. at around 15,500 USD (approximately 1.12 million RMB) [6]. Group 3: Government and Institutional Attitudes - The Japanese Ministry of Education, Culture, Sports, Science and Technology is cautious about actively recruiting American researchers, citing concerns about attracting attention from the Trump administration [5]. - Japan's internationalization in research is lacking, with foreign faculty making up less than 10% of the total, compared to around 50% in the U.S. and the U.K. [5]. Group 4: Global Competition for Talent - Europe is actively implementing policies to attract foreign researchers, with initiatives from the European Commission and individual countries like France and Germany [7]. - China is also competing for talent by targeting displaced American scientists, indicating a global race for research talent [7].

斯蒂芬•米兰认为美元储备地位、美元高估和贸易逆差面临取舍，高估的美元让制造业 竞争力下降，但也维系"美元霸权"。如何改革逆差过大和制造业衰落？ 文丨陈稻田 特朗普的经济顾问委员会主席斯蒂芬•米兰（Stephen Miran）在经济学博士毕业后立刻进入 华尔街做外汇交易，在今年2月份参议院的任职听证会上，他表示这段市场考验让他不再"书 生气"，而是开始"接地气"。在解释为什么他可以胜任总统经济顾问一职时，米兰表示他的普 通家庭背景让他会更关注普通人；而导师费尔德斯坦（曾经是里根的经济顾问）和米兰讨论 论文的时候总是要求说："假想我是参议员，你说的东西要让我能听懂"，米兰表示这个训练 也让他做好了和职业政治家交流的准备。2024年11月大选之前不久，还在一家投资基金担任 策略师的米兰写下了一篇策论文章，讨论特朗普胜选后可能以及应该的各种经济策略、取 舍、以及风险考量，其中详细讨论了名为"海湖庄园协议"的新国际金融体系。很自然，在他 获得重用后"海湖庄园协议"在美国内外都获得了相当的关注。 阅读更多内容请点击下方"阅读原文" （本文由FT中文网提供） 编者荐语： 日本经济新闻社与金融时报2015年11月合并为同一家 ...