jewelry display risers wholesale Why should the United States implement a quantitative easing policy?

king baby jewelry wholesale The United States' implementation of quantitative easing policy is to serve the economy and politics. In order to actively positive influence, an economic policy and political strategy carried out

. The impact of quantitative easing policy on the US economy r r

The United States has continued to implement a quantitative easing policy by expanding the supply of basic currency, which is essentially levying a coinage tax to the world. While this policy provides support for the expansion of fiscal expenditures and maintaining deficit policies, this policy has also led to the continuous depreciation of the US dollar. Global primary products have risen significantly, and the market value of US foreign debt has shrunk significantly.

1. Quantitative easing to raise a large number of coinage taxes for the United States. In view of the national currency status of the US dollar, the Federal Reserve has issued a quantitative easing through the issuance of basic currencies, which is essentially levied a coinage tax to the world.

2. Quantitative easing provides important support for the United States' expanding fiscal expenditure. Except for the third round of quantitative easing for the purchase of mortgage loans to support securities, the other three rounds of quantitative easing policies implemented by the Federal Reserve are purchased by government bonds to support the US government's financial deficit policy and expand fiscal expenditure.

3. Quantitative easing has led to a significant depreciation of the US dollar and rising global prices, resulting in a sharp shrinkage of US foreign debt. The second major impact of the Midland's quantitative easing policy is the significant depreciation of the US dollar and the great increase in the prices of global primary products.

as, while increasing the issuance of basic currencies, levying coinage taxes, and supporting the government's expansion of fiscal expenditure, it plays an important role in promoting the US economic recovery.

. The quantitative loose monetary policy is a double -edged sword

quantitative loose monetary policy is a double -edged sword. It helps to alleviate the tension of market funds and help economic recovery. However, in the long run, the hidden dangers of inflation may cause stagnation in the case of stagnation of economic growth. In addition, the quantitative and loose monetary policy will also lead to a sharp depreciation of the country's currency. While stimulating the exports of the country, the economic form of deteriorating related trade bodies will cause trade frictions. For the United States, which is global economy, the impact of implementing this radical quantitative loose monetary policy on its country and global economy cannot be underestimated.

1. Quantitative easing monetary policy laids the hidden dangers of global inflation

Teng -loyal and loose monetary policy is essential fluidity. In the case of lack of market confidence and atrophy, the liquidity of quantitative easing monetary policy to the market will not lead to inflation. However, once the economy improves and the investment confidence is recovered, the liquidity of excessive release may be transformed into inflation.

Especially for the United States, since the US dollar is the world's reserve currency, and the pricing of major goods in the world is based on the US dollar. Resource prices have risen and laid the hidden dangers of global inflation. In addition, the Fed's huge debt purchase plan has pushed the Demono bone card. In order to prevent the country's currency from appreciating the US dollar, impacting the export industry of the country, and further deteriorating the country's economy, it is imitated to the implementation of quantitative easing monetary policy, which further exacerbates the pressure of future inflation. This is why the quantitative loose currency policy has swept the world's major economies in the short term. If the quantitative loose monetary policy fails to take the US economy on the road of recovery, the economic downturn will lead to the emergence of stagnation.

. The economic situation of the deterioration of the degradation of the quantitative and loose monetary policy

The most direct performance of the quantitative loose monetary policy is the significant depreciation The country's export industry, but on the contrary, has also led to the appreciation of the currency of the relevant economies. For example, on the day of the Fed announced a huge capital injection plan, the world's major currencies appreciated a sharp appreciation of the US dollar, of which the euro appreciated by 3.5 %, the yen appreciated by 2.4 %, the British pound appreciated 1.6 %, and the Canadian dollar appreciated 1.7 %. This will weaken the export capabilities of the relevant trading body to the United States, especially for those export -oriented emerging economies in the financial crisis vortex, the quantitative and loose monetary policy of major economies such as Britain, American and Japan, etc. It may cause trade friction.

3. The value of the United States for purchasing national bonds to reduce the value of foreign exchange assets in the country's bonds

. The financial crisis originated in the United States, but due to the strong economic strength of the United States and the US dollar The unique international status, the US debt was very popular due to the hedging function. U.S. Treasury bonds occupy an important position in foreign exchange assets including China. The Fed ’s purchase of US Treasury bonds will increase the price of US Treasury bonds and reduce its yield, thereby making the corresponding foreign exchange assets of the corresponding debt countries depreciating. On March 18, the yield of the US benchmark L0 -year -old government bonds fell from 3.01 % to 2.5 %, the largest daily decline since 1981.

For the United States, the depreciation of the US dollar and the decrease in national debt yields will lead to huge excess capital out of the United States. For the US economy that is still in the vortex of the financial crisis, it is also necessary to face it. Cruel reality.

The quantitative easing monetary policy is a very radical policy. From the perspective of the influence, the world's major economies, especially the US implementation of quantitative easing monetary policy, is a behavior of neighbors. It has laid the seeds of global inflation and may lead to further deterioration of the economy economy economy. The occurrence of depreciation and other issues.

Themian and easing monetary policy on the United States on the world

. Quantitative loose

At present, the global financial currency chaos and the global economy are the greatest trouble. It is by no means an underestimation or overestimation of the currency exchange rate of the country, but the global reserve currency is issued unlimited. Since the 1970s, global basic currencies or international reserve currencies have increased from US $ 38 billion to more than $ 9 trillion today, with a growth rate of more than 200 times, and the real economic growth is less than 5 times. The flood of global currency or liquidity is the most fatal disease of the world's financial and economy today. The Midland's quantitative easing monetary policy is the source of global currency or liquidity, and it is also the source of global exchange rate turbulence or exchange rate dispute.

On September 10, 2010, the Federal Reserve's monetary policy meeting (the public market committee meeting) made a resolution: ready to implement quantitative easing monetary policy at any time. On October 15, the Fed Chairman Bonanke announced that, in view of the continuous weakness of the US economy, the Fed needs to take more actions to stimulate the economy, such as the purchase of bonds issued by the US Treasury. Two weeks later, on October 29th, Bernanke once again explicitly announced that we need to take further action to stimulate the weak US economy.

At that time, the unanimous interpretation of the global financial market's statement of Bernanke was: the horn of quantitative easing monetary policy upgrade has sounded! All the suspense has disappeared. The only question is how big the currency will expand again? The prediction of the world -renowned investment bank Goldman Sachs Group is $ 2 trillion, Bank of America's prediction is about $ 1 trillion, and HSBC Group's forecast is $ 1.5 trillion. On November 4, 2010, the Fed officially launched the first phase of the upgraded version of the quantitative easing monetary policy, from November 2010 to June 2011, with a total amount of 600 billion US dollars, and the average of $ 75 billion per month per month. Although the scale of currency expansion is far less than the previous market expectations, according to the multiple speeches of the Federal Reserve President Bernanke and the real economic situation in the United States, the first phase of the first phase of quantitative easing was expired in June 2011, and after the expiration of June 2011, the expires expired in June 2011,, after the expiration of June 2011, the expiration of the first phase of the expiration,, the expiration of June 2011, the expiration of the expiration of June 2011. The possibility of continuing to extend or expand scale is very high.

The main means to restart the quantitative easing monetary policy of the Fed is to large -scale bonds issued by the US Treasury Department, hoping to achieve two major purposes. First, further reduce long -term interest rates, thereby stimulating the credit (borrowing) and consumption growth of private sectors. The United States is a highly developed economic system. Only credit growth can stimulate consumption and investment growth. Second, long -term interest rates have been reduced, the interest income of savings has decreased, and savings are forced to abandon or reduce savings. They have to invest funds into the commodity market or stock market or other asset markets, thereby improving the inflation level of the economic system. Help the US economy to drag the nap to shrink the quagmire or achieve "reflate".

The quantitative easing monetary policy is also known as "Non-Monetary Policy". As we all know, there are three main policy tools for conventional monetary policy: central bank adjusts the discount rate of commercial bills or discounting policies for commercial banks, changing the legal deposit reserve rate and adjustment of the legal bank in commercial banks interest rate). Since World War II, the discount rate and bill discount policy have long been an important policy tool for the Fed. When the economy is sluggish, even if the central bank uses the billing policy to stimulate the economy, it is a lot of money. The deposit reserve ratio is not used. During the financial crisis and economic recession, the bank's financial system was like a bird of shocking. It was busy repairing the balance sheet and was very cautious about issuing new loans and expanding credit. Even though the central bank has reduced the deposit reserve ratio to zero, it is deeply trapped in commercial banks that are difficult to extricate themselves in the "deleveraging" quagmire, and they are unwilling or unable to expand credit. In fact, since the subprime mortgage crisis in 2007, the Federal Reserve has made every effort to encourage banks to borrow money from the central bank to actively reduce the mortgage standards required by commercial banks to borrow money from the Central Bank, and purchase commercial banks' "junk assets" or "toxic assets" or "toxic assets" on a large scale. ", Helping commercial banks to clean up or repair the balance sheet, which led to the actual deposit reserve rate of the US commercial banking system has long been" negative ". At present, the excess reserve of the US commercial banking system exceeds $ 1 trillion. The degree of liquidity of commercial banks is unprecedented. However, loose liquidity does not necessarily mean the corresponding expansion of the credit of the real economic system.

. The "liquidity trap" that is difficult to extricate itself

Under normal operation of the economic system, the central bank adjusts the benchmark interest rate of deposit loans. It is the most commonly used and powerful monetary policy tool. However, interest rate adjustment policy tools are by no means all. The reason is simple: the central bank cannot reduce the nominal interest rate below "zero", or in other words, the central bank cannot make the nominal interest rate negative. This is the most basic constraint facing the central bank's monetary policy.

The nominal interest rate is negative, which means that you save money to the bank, not the bank pays you interest, but you have to pay interest to the bank. It must be pointed out that banks provide you with other financial services, and you need to pay for banks, which is another matter. The nominal interest rate is negative, and it is different from the situation of the real interest rate. Real interest rates are equal to the nominal interest rate minus the expected inflation rate. When the inflation rate is greater than the nominal interest rate, the real interest rate is negative. Real interest rates are negative equal to the wealth of depositors to banks or debtor. However, in the case of negative real interest rates, banks still pay interest to the deposit households, but the interest income paid by the bank pays the deposit households is less than the wealth of the currency depreciation caused by inflation or the inflation of the inflation.

The distinction between real interest rates and nominal interest rates is the key to understanding monetary theory and monetary policy. Because we cannot directly observe and measure the real interest rate, and cannot directly observe and measure the inflation rate, then the nominal interest rate in the currency and capital market rises or decreases, whether the inflation rate is expected or due to the changes in the real interest rate, we we will change, we Often unclear. Failure to judge the economic situation will inevitably lead to a decision -making error in monetary policy. In the past 100 years of history, similar errors are endless.

The monetary policy tools cannot reduce the nominal interest rate below "zero". In principle, the government can pass on legislation, stipulating that all depositors cannot not only obtain interest from the bank, but also in turn pay for the bank, or it is stipulated that citizens can not deposit money. ,and many more. Of course, no government will be so stupid and dare to legislate to destroy the cornerstone of the entire bank's financial system.

. The financial tsunami is raging into the world, and the theoretical basis of quantitative easing

The theoretical foundation of quantitative easing monetary policy seems to be firm. What is the actual effect?

The inventor of retrospective and quantitative and loose monetary policy is not the Federal Reserve, but the Central Bank of Japan. After the shocking bubble of the Japanese stock market and real estate in 1990, the economy fell into a long -term decline. In 1996, the Central Bank of Japan announced the first time that the "zero interest rate" monetary policy was implemented. Since then, the Central Bank of Japan has roughly maintained low interest rates or zero interest rate monetary policy.

The March 2007 U.S. subprime mortgage crisis. In order to cope with the crisis of liquidity tightening of the financial system, the Fed's monetary policy has gradually moved towards the road of quantitative easing. Before we review the effect of quantitative easing monetary policy, let's first take a look at the top ten steps taken by the United States subprime mortgage crisis in 2007:

(1) 2007 2007 On December 12th, the subprime mortgage crisis has intensified, the situation of the United States has continued to deteriorate, and the shrinking of credit caused by the "deleveraging" of the banking system and economic system "deleveraging" has increased. In order to alleviate the contraction and credit atrophy of credit, the Fed announced the implementation of a new policy for short -term loans for commercial banks, providing a large number of short -term loans to the commercial banking system to encourage commercial banks to borrow each other and ensure that the commercial banking system provides credit to individuals and enterprises at low costs to individuals and enterprises. funds.

(2) On September 15, 2008, the fifth largest investment bank in Wall Street announced bankruptcy. Within a few days, many U.S. financial giants such as Meilin Securities and AIG successively fell into the edge of bankruptcy. Forced to accept government emergency funds for rescue or acquisition, financial tsunami swept the world in an instant. The US currency market, bond market and other financial markets have been hit hard, and the bank's interbank borrowing market has almost fallen into a pause. Credit activities of commercial banks and other financial institutions have quickly entered the freezing period of credit activities (individuals, families and companies). In order to cope with the most terrible financial tsunami in the past decades (former Federal Reserve Chairman Greens Pan believes that it is a "100 -year -old" financial crisis) Federal Reserve President Bonanke has continuously announced a number of emergency credit financial policies to commercial banks and investment banks. Provide credit support with other financial institutions to assist commercial banks to restore each other's interbank borrowing to stabilize the normal operation of the currency market. At the same time, it encourages commercial banks and other financial institutions to continue to provide credit funds to the real economy.

(3) On December 16, 2008, the global financial tsunami continued to rage. crisis. The world is talking about the collapse of the US financial system. The Fed is facing unprecedented tests. It is necessary to take interrupted measures to turn the tide. The Federal Reserve President Bernanke has studied the history of the pain of "Great Depression" in the 1930s. He was determined to avoid repeating historical mistakes. 0%-0.25%, hoping that the Fed's zero -based standard interest rate can greatly reduce the overall interest rate level of the economic system (greatly reducing the real interest rate level), thereby stimulating credit, consumption and investment. Bernanke's "zero -interest monetary policy" has two purposes. One is to prevent large -scale bankruptcy of commercial banks in the United States, and the other is to avoid long -term depression and decline of the US economy.

(4) On January 28, 2009, various data clearly showed that the US banking system has greatly reduced the credit supply to the real economy. The United States has actually fallen into a "liquidity trap". The Fed officially announced the implementation of the "quantitative easing monetary policy". The main means include: buying fiscal bonds on a large scale, and encouraging commercial banks or bank holding companies to borrow money from the Fed in more convenient ways. It is expected that banks and financial institutions can in turn to provide credit funds to the real economic system.

(5) On March 18, 2009, the "quantitative easing monetary policy" accelerated. The Fed announced that the purchase of housing mortgage bonds and fiscal bonds with a total amount of up to 1.7 trillion US dollars is expected to further reduce the interest rate of mortgage loans and other loan interest rates to help the economy get rid of liquidity traps and recession.

(6) On September 23, 2009, the Fed will purchase housing mortgage loan bonds from the original plan at the end of 2009 to March 31, 2010, hoping to continue to maintain housing mortgage loans The low interest rate in the market is to activate the US housing loan market and stimulate the recovery of the real estate economy.

(7) On April 30, 2010, the data in the first quarter showed that the signs of the US economic recovery seemed to become more and more obvious, and the momentum seemed to be stronger. The financial bills of the rated deposit orders to retract the liquidity of excess bank system. In other words, the Fed intends to gradually withdraw from the "quantitative easing monetary policy" from April 30, 2010.

(8) However, only after more than 3 months, the situation turned sharply. On August 10, 2010, the Fed's Routine Monetary Policy Conference (that is, the Public Marketing Committee Meeting) issued a resolution, which was deeply pessimistic about the prospect of the US economic recovery. In order to cope with the weak and slow economic recovery of the United States, the Fed announced the restart to restart the quantitative easing monetary policy. The main means include: continue to maintain the "zero level" of the federal fund interest rate (that is, 0-0.25%); The principal income of the due institutional bonds and so -called institutions supports securities is used to increase the purchase of government bonds) and the implementation period of the Federal Reserve's expired government bonds. The purpose of restarting quantitative easing monetary policy is to continue to maintain the low interest rates of long -term government bonds, and hope to stimulate the credit market and real economic recovery.

(9) On September 21, 2010, the Fed's monetary policy conference once again clearly announced that the door of quantitative easing monetary policy has been reopened. As the benchmark interest rate, that is, the federal fund interest rate has been reduced, the Fed has to take unconventional measures to purchase long -term bonds on a large scale to further reduce the long -term interest rate. On October 29, 2010, Bernanke reiterated: the weak economic recovery in the United States requires the Fed to take more policy actions to purchase fiscal bonds and other bonds on a large scale to continue to maintain the low interest rate of mortgage loans and the overall economic system as a whole The level of interest rates is expected to stimulate the real economy borrowing, consumption and investment activities to recover as soon as possible.

(10) On November 4, 2010, the Fed officially launched an upgraded version of quantitative easing monetary policy. By the end of June 2011, the Fed will purchase fiscal bonds and institutional bonds with a total amount of up to $ 600 billion, with a monthly purchase amount of $ 75 billion. The news came out and shocked the world. The world's unanimous criticism of the United States re -adopting a quantitative and loose monetary policy is extremely irresponsible, which will not help the US economic recovery, but it will inevitably exacerbate global liquidity excess, hot money speculation, exchange rate fluctuations and financial turmoil, which will definitely lead to global currency Swolling, asset price bubble and larger financial crisis.

. The wrong theory leads to wrong policies

If in December 2007, the Midland's quantitative loose monetary policy has been durable for three years. Is the quantitative easing policy effective? There are divergent opinions.

The supporters believe that the quantitative easing policy has a very positive effect. There are two reasons: First, if there is no Federal Reserve decisively adopted quantitative easing monetary policy, even if the financial system of the US Bank is incomplete, even if it is not completely bankrupt, there will be a tragic situation of large -scale bankruptcy and collapse. The long -term Great Depression in the 1930s will be repeated. Second, if there is no Federal Reserve to continue to adopt a quantitative and loose monetary policy, the US economic recession will have a longer time, and the degree will be deeper. Therefore, the implementation of quantitative easing policies is absolutely necessary and correct.

The opponents believe that the quantitative easing monetary policy will not only have no effect on stimulating the economic recovery, but also will produce extremely serious consequences on the future of the US economy and global economy. There are also two reasons: First, the Fed's implementation of quantitative easing policies to save those financial institutions on the verge of bankruptcy and promote the psychological expectations and moral risks of large financial institutions "too big to fail". The lessons of the financial crisis will continue to engage in excessive risk business activities, and even intensify the hidden dangers of the future financial crisis regardless of long -term risks and regardless of long -term risks.

. The currency or liquidity released by the quantitative easing policy has little effect on stimulating the real economic recovery, and even no effect. Although the U.S. commercial banking system is abnormal (since 2010, the U.S. Commercial Bank has maintained over $ 1 trillion for a long time), and private credit has not increased. On the contrary, most currencies or liquidity flow to asset price markets, currency markets and commodity markets, and promote the price of stock markets and commodity prices to the level before the financial crisis. More than $ 4 trillion). Therefore, the liquidity release of quantitative easing policy has deteriorated rapidly, and the global inflation expectations and asset price bubbles have exacerbated the impact of global exchange rate turbulence and speculative hot money on the financial and currency systems of various countries.

It to fully understand the actual effect of quantitative easing monetary policy, we must review its theoretical basis in depth. I think there are four errors in the quantitative easing policy philosophy of Meize and Bonanke:

(1) They do not clearly distinguish between credit and currency, and even simply make currency equal credit. They seem to think that the amount or liquidity of the currency or liquidity of the large -scale expansion of the banking system or the economic system will inevitably mean the increase in credit of the banking system or economic system. They did not seem to understand that it was not currency or liquidity that really left and right economic activities, but credit or borrowing. Adding currency or liquidity is not equal to increasing credit or borrowing.

(2) They assume that the central bank's expanded currency or liquidity can smoothly or even flow evenly to every decision unit (individual, family, company, etc.) of the economic system. Because logically, only the central bank's expanded currency flows into each decision -making unit of the economic system, making them feel that the currency in their hands is too much. Buy goods (consumption) or assets (investment). If the expansion of the central bank's currency cannot flow into every decision -making unit of the economic system, the currency policy ideas of Meize and Bernanke will not be able to go.

(3) According to the "permanent income hypothesis" famous for economics, personal consumption finally depends on permanent income or long -term income, which is essentially not related to currency (this is the "long -term neutral" theory Another version). If the expansion of currency or liquidity cannot change people's permanent income expectations, and even worsen people's permanent income expectations, then monetary policy will be counterproductive for stimulating economic recovery. As early as the 1960s, the Nobel Prize winner, Monader, and Tobin once pointed out an important nature of people's economic behavior: when people's inflation expects worsening, people expect their true wealth to decline, and may Instead, there is an increase in savings! In short, inflation expectations will not only stimulate people to consume and invest, but will crack down on consumption and investment! This is the famous "Monador -Tobin effect". Indeed, experience in different historical periods of many countries shows that the inflation expectations are very serious on consumption and investment, and economic growth is often sluggish.

(4) The key to the real economic recovery is the continuous growth of credit. From the perspective of stimulating real economic credit demand and supply, if inflation expects worsening, although in principle, credit demand may increase, because the future repayment burden of the debtor may decrease due to inflation deterioration, however, the credit supply may decline sharply or continue to be sluggish. Because the creditors are worried that the future creditor's rights have shrunk due to inflation, and the continuous economic slump has caused the risk of Lai debt to rise. From the perspective of credit supply and demand, we cannot affirm the quantitative loose monetary policy that can stimulate the true economy's credit supply and stimulate the real economic recovery.

The dilemma currently facing the US economy is completely confirmed that the above basic arguments are confirmed: the fundamental force of determining the economic recovery is not the amount of money supply or liquidity, but the true credit of the private economic department.

The resolution of the Federal Reserve Monetary Policy Conference on August 10, 2010 is very clear about the root cause of the slowdown of the US economic recovery and prospects. Credit has continued to shrink: "In the past few months, the pace of recovery of output and employment has slowed. It is expected that future economic recovery speed is likely to be lower. Although family expenditures are gradually increasing, the unemployment rate has remained high, income growth is abnormal Slowly, family wealth continues to shrink, and the credit market continues to tightening, which has significantly restricted the growth of family expenditure. Enterprise equipment and software investment has indeed risen. New employees. The number of new houses has always maintained at the level of depression. Bank credit continued to shrink. "

5. Quantitative loose and induced heating money is facing huge pressure

Theory and reality have quantified and loose Monetary policy does not meet the expected purpose of stimulating the economic recovery. Why should the Fed implement this policy perseverance?

"Doctoral Dr." Professor Rubini and several other scholars believe that the main purpose of the Midland's quantitative easing policy is to force the US dollar exchange rate to weaken or depreciate, hoping to stimulate US export growth. The reason is simple: the United States repeatedly requires a sharp appreciation of RMB, but China insists on slowly appreciating or not appreciating. In desperation, the Federal Reserve had to do a quantitative easing policy, allowing the US dollar to take the initiative to depreciate or weak, and indirectly forced the RMB to appreciate or strong.

This to examine the Fed's quantitative easing monetary policy from the perspective of the global exchange rate "game" is an interesting and important perspective, which is especially important for China. After the Fed restarted the quantitative easing monetary policy on November 4, 2010, the RMB exchange rate continued to appreciate unilaterally, which caused tremendous pressure on many Chinese export companies. According to the latest statistical observations, during Christmas in 2010, due to the appreciation of RMB, raw materials increase, and rising labor costs, export orders in Wenzhou, Zhejiang decreased by 50%, and the overall export situation in my country became increasingly severe.

The foreign exchange reserves of the State Administration of Foreign Management and the data of the Foreign Exchange of the People's Bank of China clearly indicate that the Midland's quantitative easing monetary policy is stimulating international speculation hot money to accelerate to China. Many heads of authorities, including Liu Mingkang, chairman of the China Banking Regulatory Commission, admit that speculative hot money flows into the real estate market and other markets. It is an important promoter for China's real estate prices to continue to rise and inflation expectations.

The most basic judgment is: the Midland's quantitative easing monetary policy has worsened the external environment of my country's economic growth. The main manifestations are:
(1) The high -level operation and continuous rise in commodity prices in the global commodity, my country will face more severe input inflation pressure;
(2) The US dollar has weakened for a long time, the U.S. and China benchmark interest rates The gap is widened, further exacerbating the pressure of RMB appreciation;
(3) The pressure of RMB appreciation and expected to promote the rise of my country's asset prices, resulting in the unable to achieve the expected effect (of course, this is just the real estate regulation policy has not achieved the expected effect. One of the reasons);
(4) my country's demand for external energy, raw materials and other commodities is increasing. The quantitative easing monetary policy promotes the continuous rise and high level of commodity prices around the world, which will inevitably increase the cost of China's economic growth. And the unemployment pressure is intensified. Fundamentally curbing China's strategic rise and the great rejuvenation of the Chinese nation.

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