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一、2016年上半年债券市场环境回顾(一)宏观经济形势较为复杂。国际方面,全球经济仍处在深度调整之中,发达经济体复苏势头不稳,新兴经济体走势分化;全球贸易继续呈现下降态势,国际大宗商品价格和金融市场波动不定,地缘政治风险上升,不稳定不确定因素有增无减。国内方面,我国经济发展下行压力依然较大,上半年国内生产总值(GDP)同比增长6.7%,比2015年同期回落0.3个百分点;全国规模
I. Review of the Bond Market Environment in the First Half of 2016 (I) Macroeconomic Situation is Complicated. On the international front, the global economy is still undergoing profound adjustments. The recovery in developed economies is in a sluggish state and emerging economies are declining. Global trade continues to show a downward trend. International commodity prices and financial markets are volatile. Geopolitical risks are rising. Stability uncertainties unabated. Domestically, downward pressure on China’s economic development is still large. In the first half of this year, its gross domestic product (GDP) increased by 6.7% over the same period of previous year, down 0.3 percentage point from the same period of 2015; its national scale