此次中美元首通话，是继两国日内瓦经贸会谈后，双方从最高层级为弥合分歧、解决问题所做的又一次 重要努力。根据美方提议，两国经贸牵头人此前在日内瓦举行会谈，迈出了通过对话协商解决经贸问题 的重要一步，其成果受到两国各界和国际社会普遍欢迎，并为全球市场带来显著积极预期，再次证明对 话和合作是唯一正确的选择。 之后，中方始终秉持言必行、行必果的负责任态度，严肃认真执行了日内瓦会谈达成的协议。然而，美 方后续行为却与对话合作精神背道而驰，接连出台针对中国的歧视性政策，包括发布人工智能（AI） 芯片出口管制指南、停止对华芯片设计软件销售等举措。这些行径不仅违背日内瓦共识，损害中方正当 权益，更构成对双边关系发展的干扰甚至破坏。 中方通过对话协商解决经贸分歧的诚意是坚定的，同时坚守维护国家核心利益的原则立场也是明确的。 既然双方达成共识，就应当共同遵守。美方不能片面强调中方承诺而忽视自身义务，应当实事求是看待 取得的进展，撤销对中国实施的消极举措，与中方相向而行，为中美关系重返正轨创造必要条件。 中美关系稳定发展既关乎两国人民，也关乎人类前途命运。在当前重要关键节点，中美元首举行通话， 有助于双方增进共识、减少误解、加强合 ...

今年，全国有1335万考生同时走进高考考场，争夺宝贵的高等教育资源。针对这一极度稀缺的资源，不同国家根据其社会共识建立了不同的分配机制。从 经济学的逻辑看，大体上分为两种： 一种是以"高考币"定价的高等教育体系，其特征是国家组织统一的标准化考试，考试成绩具备一定的主权货币的属性；另一种则不组织此类考试，信用主 体较为分散，主要依靠市场机制完成分配，姑且称之为以法币定价的高等教育体系。 从这一理论框架出发，本文试图分析这两种分配机制各自的利弊，挂一漏万，欢迎讨论和补充。 本文逻辑： 纵观历史上各种稀缺资源的分配机制，高考制度无疑是其中最平等的，这种平等体现在极致的机会平等，"只看分数"最大程度上避免了财富和权力的干 预，而这两者在其他稀缺资源的分配上往往是无孔不入，且起决定性作用的。 "小镇做题家"进入社会之后的无力感正由此而来，但做题家的身份最起码保证了他们不用赤身面对金钱和权力的倾轧。 一、"高考币"定价的高等教育体系 公平，公平，还是公平 二、法币定价的高等教育体系 全球"消费者"和顶级"供应商" 三、"高考币"定价，要公平还是要效率？ 基础教育：内卷、双减、零和博弈、成本、价值观 高等教育：三方博弈、论 ...

Core Viewpoint - The ongoing tensions in US-China economic relations are exacerbated by the US's frequent provocations, particularly regarding the rare earth supply chain, which China has recognized and is strategically responding to [1][4][9]. Group 1: US-China Economic Talks - The high-level economic talks in Geneva resulted in a joint statement, with China demonstrating goodwill by suspending certain tariffs and non-tariff measures against the US [1][3]. - In contrast, the US quickly issued guidelines for AI chip export controls and cut off sales of semiconductor design software to China, undermining the outcomes of the Geneva talks [3][6]. Group 2: Rare Earth Supply Chain - China controls over 90% of the global rare earth magnet production and has implemented export restrictions, impacting not only the US but also other countries [4][7]. - The US has expressed concerns over China's rare earth export policies while ignoring the fact that these restrictions were not specifically targeting the US [4][6]. Group 3: Strategic Dilemmas - The US faces a strategic dilemma as its automotive industry warns of production disruptions due to potential rare earth supply shortages, while its policies towards China appear chaotic and ineffective [6][9]. - There is a growing recognition that the US underestimates China's bargaining power and resolve to exit negotiations, which could lead to broader economic implications [6][9]. Group 4: Negotiation Dynamics - The negotiation dynamics reveal a fundamental conflict in logic, with China advocating for mutual respect and equal consultation, while the US employs a zero-sum game mentality [7][9]. - The US's strategy of "talking while fighting" has not succeeded in forcing concessions from China and has instead increased uncertainty in global supply chains [9].

Group 1: U.S.-China Relations and Military Dynamics - The U.S. military leadership acknowledges that U.S. global strategy is significantly hindered by China's counteractions, indicating a shift in the balance of power [1][11] - The U.S. has implemented strict export controls on high-end chips to China, aiming to isolate China's high-tech industry and prevent its self-sufficiency in this critical sector [3][4] - China has responded to U.S. tariffs with equivalent countermeasures, leading to increased inflation in the U.S. due to reliance on Chinese low-end products [3][6] Group 2: Resource Dependency and Military Production - The U.S. military's dependency on Chinese rare earth elements is highlighted, with over 80% of its military supply chain reliant on these materials, which are crucial for advanced weaponry [6][9] - The U.S. military's production capabilities are under threat due to potential restrictions on rare earth exports from China, which could lead to material shortages and production halts [6][10] - The U.S. has proposed unrealistic solutions to its rare earth challenges, such as acquiring territories for resource access, which are impractical and violate international law [6][10] Group 3: Technological and Industrial Competitiveness - China's shipbuilding capacity is reported to be 200 times greater than that of the U.S., showcasing a significant gap in military production capabilities [7][9] - The U.S. Navy's shipbuilding projects are lagging, with significant delays in the construction of new vessels compared to China's rapid production timelines [7][9] - The U.S. military leadership expresses deep concern over China's advancements in both traditional and emerging military capabilities, indicating a loss of competitive edge [9][10] Group 4: Strategic Misjudgments and Future Directions - The U.S. has historically underestimated China's potential and resilience, leading to misguided policies that have exacerbated its current strategic challenges [10][11] - The U.S. military's resource allocation issues and inefficient budget usage contribute to its declining military effectiveness [10][11] - A call for the U.S. to abandon its hegemonic mindset and seek cooperative relations with China is emphasized as a necessary step for future stability [11]

此外默茨表示，美国科技公司在欧盟享有有利的税收环境，但这种情况不一定会持续下去，欧盟不希望与美国陷入关税战升级的情况，欧美双方需共同解决 经贸冲突。 德国总理默茨。图片来源：视觉中国 每经编辑｜毕陆名 据央视新闻27日报道，当地时间26日，德国总理默茨表示，德国和其他欧盟国家不希望关税争端升级。从德国的角度看，加征关税会损害德国的利益，如果 欧美谈判无法达成一致，德国没有选择，德国将会对美国关税政策进行反击。 现在的欧美谈判正在努力避免局势升级，德国也希望避免关税战这种情况的出现。默茨还称，德国需要为欧盟与美国谈判的失败以及其他任何情况做好准 备。 据新华社26日报道，美国总统特朗普25日说，在与欧盟委员会主席冯德莱恩通电话后，他同意将对欧盟征收50%关税的起征时间从6月1日延至7月9日。 特朗普当天在新泽西州莫里斯顿登上总统专机前告诉媒体记者，冯德莱恩和他通了电话，希望推迟对欧盟征收50%关税的起征时间，以"认真推进"与美方的 谈判。据美国有线电视新闻网等媒体报道，特朗普对记者说，冯德莱恩在通话中告诉他："我们将迅速聚在一起，看看是否能解决问题。"他在与冯德莱恩进 行"非常愉快的通话"后作出延期决定。 冯德 ...

据国际在线消息，近日，中美经贸高层会谈在瑞士日内瓦举行。5月12日，双方发布《中美日内瓦经贸会谈联合声明》。双方在联合声明中达成多项积极共 识，同意于5月14日前采取有关举措。美东时间5月12日，美方发布行政令，宣布自美东时间5月14日0时01分起调整对华加征关税措施。本次中美大幅降低双 边关税水平，符合两国生产者和消费者的期待，有利于中美两国经贸往来，有利于全球经济。 美国制造业（资料图） 美国多个行业代表和经济专家指出，关税政策带来的伤害或已铸成，经济冲击可能仍难避免。据美国有线电视新闻网报道，曾在特朗普第一个总统任期内担 任白宫国家经济委员会主任的加里·科恩表示，美国目前关税政策的影响将在5月底开始在全国范围内显现，届时，关税政策将对低收入美国人产生更大的影 响，社会经济背景较低的人，将会把100%的薪水用于购买商品。 美联储在为期两天的货币政策例会后发表声明称，尽管净出口波动影响了数据，最近的指标表明美国经济活动继续稳步扩张。失业率稳定在低位，劳动力市 场状况保持稳健，通胀率仍然略高。美联储寻求在较长时期内实现充分就业和2%通胀目标。经济前景不确定性进一步加剧。美联储密切关注其双重使命面 临的风险，并 ...

金十数据5月19日讯，当地时间5月18日，美国共和党籍参议员兰德·保罗在接受美国广播公司《本周》 栏目采访时指出，特朗普政府过于夸大贸易逆差，可这其中存在一个经济学谬误，即认为贸易逆差真有 什么实际意义。兰德·保罗表示，数十年来美国一直对华贸易逆差，可两个国家却都越来越富有。市场 的作用就在于压低价格、提升效率，只要是自愿交易，就必然对双方有利，否则交易根本不会发生—— 这根本不是什么国家间的零和博弈。 （CCTV国际时讯） 美参议员强调：中美贸易不是零和博弈 ...

最近，外卖行业轰轰烈烈的"补贴大战"要被按下暂停键了。就在前两天，市场监管总局会同 中央社会工作部、中央网信办、人力资源社会保障部、商务部，针对当前外卖行业竞争中存 在的突出问题，约谈京东、美团、饿了么等平台企业。 AI将成中小学必修课，"人机协同"时代的教育变局 《哪吒》，够让光线成为"迪士尼"吗？ "好房子"来了！楼市进入拼品质时代 SFC 本期编辑 江佩佩 21君荐读 今年2月，京东突然高调宣布进军外卖市场，打出了"全年免佣金"的王牌。刘强东更是亲自下 场送外卖，在社交媒体上引发热议。这一记重拳，直接打向了美团的核心腹地。面对挑战， 美团迅速应战，推出多项补贴政策；饿了么也紧随其后，宣布投入百亿补贴。一时间，外卖 江湖风起云涌，各类促销活动层出不穷，让消费者眼花缭乱。 这 场 看 似 热 闹 的 补 贴 大 战 ， 实 际 上 是 一 场 危 险 的 零 和 博 弈 。 平 台 烧 钱 抢 市 场 ， 商 家 被 迫 让 利，骑手权益受损，最终消费者获得的短期优惠，很可能要以长期的服务质量下降为代价。 此次监管部门出手，正是为了遏制这种无序竞争。 本期《财经早察》来聊聊外卖"三国杀"为何被叫停。 出品： ...

Core Viewpoint - The article discusses a notable asset reallocation process in the first half of the year, highlighting a shift from a synchronized rise of gold and Bitcoin to a "zero-sum game" dynamic, where the performance of one asset negatively impacts the other [1][8]. Group 1: Market Trends - Since reaching a peak of $3,500 on April 22, gold has declined nearly 8%, while Bitcoin has increased by 18% during the same period [1]. - Recent asset flow data indicates a clear "seesaw" effect, with outflows from physical gold and spot ETFs, contrasted by inflows into Bitcoin and cryptocurrency ETFs [3][9]. - The futures market reflects similar trends, with declining gold futures and significant growth in Bitcoin futures [3]. Group 2: Future Outlook - Morgan Stanley anticipates that Bitcoin will outperform gold in the second half of the year due to several unique catalysts supporting Bitcoin's upward momentum [10]. - The trend of corporate accumulation of Bitcoin is evident, with companies like MicroStrategy planning to raise $42 billion by 2027 for Bitcoin purchases, having already completed 60% of their initial $42 billion plan [10]. - State government investments are entering the cryptocurrency market, with New Hampshire allowing up to 5% of state assets to be invested in Bitcoin and Arizona establishing a reserve fund for Bitcoin and other digital assets [12]. - The maturation of the derivatives market is also noted, with major acquisitions by U.S. cryptocurrency exchanges, indicating increased confidence and participation from traditional institutional investors [13].

Group 1 - Morgan Stanley indicates that as "de-dollarization transactions" stagnate, a "zero-sum game" emerges between gold and Bitcoin [1][4] - Since April 22, gold prices have dropped nearly 8% from a peak of $3,500, while Bitcoin prices have increased by 18% during the same period [1][3] - The report highlights a shift in fund flows, with gold ETFs experiencing outflows and Bitcoin and cryptocurrency ETFs attracting inflows over the past three weeks [3][7] Group 2 - The report anticipates that the "zero-sum game" between gold and Bitcoin will continue for the remainder of the year, with specific catalysts for cryptocurrencies expected to create more upward potential for Bitcoin in the second half [3][4] - Notable catalysts for Bitcoin include increased holdings by companies like MicroStrategy and legislative changes in New Hampshire allowing state treasury investments in Bitcoin [3][4] - Futures data shows a continued decline in gold futures positions, while Bitcoin futures have seen a significant increase [10]