华尔街日报-2019-01-28.pdf
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1、* MONDAY, JANUARY 28, 2019 VOL. CCLXXIII NO. 22 WSJ.com HHHH $4.00Lastweek: DJIA 24737.20 30.85 0.1% NASDAQ 7164.86 0.1% STOXX600 357.84 0.2% 10-YR.TREASURY 8/32, yield 2.753% OIL $53.69 g $0.35 EURO $1.1413 YEN 109.54Preferred-shareperformance40100102030%192018FreddieMac FannieMaeSource:SIXHe hopes
2、 to make a bigsplash. Local naysayers saythe whole idea is going to sinklike a stone.“They should use thismoney to fix potholes.” saidJulie Black, a bartender whostopped to check out a mock-up of Mr. Goggins installation.As with any work of art, theperched-tub concept is subjectto interpretation, es
3、peciallyamong the residents who ex-pect to see a lot of it.PleaseturntopageA10PETALUMA, Calif.BrianGoggin rolled into town in agraffiti-covered truck, ferryinga bathtub made of canvas topreview his latest work.The San Francisco artisthad been commissioned by thecitys public art committee tobuild fiv
4、e antique-style tubsand perch them on stilts ashigh as 24 feet on an espla-nade overlooking the PetalumaRiver.BYJIMCARLTONFive Bathtubs Perched Atop Tall Stilts. Why Not?iiiPublic art plan strikes Petaluma, Calif., as fine idea; not all agreeWashing over the skylineDJOKOVIC WINSAUSTRALIANOPEN AGAINS
5、PORTS, A14PARENTINGBOOKS FOCUSON SELF-CARELIFE email: Need assistance with your subscription?By web: ; By email: By phone: 1-800-JOURNAL (1-800-568-7625); Or by live chat at By phone: 1-800-843-0008GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPSU.S.WATCHTREASURYRusal Is RemovedFrom Sanctions ListThe Tr
6、easury Department Sun-day removed Russian aluminumcompany Rusal from its sanctionslist after Oleg Deripaska, a black-listed billionaire and close ally ofPresident Vladimir Putin, deliveredon a promise to divest his major-ity ownership stake.The issue had become a hot-button political controversy ami
7、dconcerns the Trump administra-tion was going easy on Russia,but many former Treasury offi-cials said the move was madeunder longstanding rules.The delisting will likely reas-sure aluminum markets con-cerned that the worlds second-largest producer would cut off acritical source of the metal.Under a
8、deal between theTreasury and the board of Rusalsholding company, Mr. Deripaskacut his shares to below 50%.Ian TalleyNORTH CAROLINADuke Dean ApologizesFor Language RebukeDuke Universitys medicalschool dean apologized afterstudents were criticized forspeaking Chinese.Megan Neely, a professor inthe bio
9、statistics masters pro-gram, urged students to “com-mit to using English” in thebuilding housing the program.She said two faculty memberscomplained about studentsloudly speaking Chinese.In response, Dr. Mary Klot-man, the medical school dean,said there was no restriction onusing foreign languages.Dr
10、. Klotman said Prof. Neelystepped down as the programsdirector of graduate studies. Prof.Neely didnt immediately respondto an email seeking comment.Associated PressLOUISIANASuspect in 5 KillingsArrested in VirginiaA 21-year-old Louisiana mansuspected of killing his parentsand three other peopleinclu
11、dinga woman he was datingwas ar-rested Sunday when he showedup at his grandmothers house inVirginia, a sheriff there said.On Saturday, Dakota Theriotallegedly shot and killed threepeoplethe woman believed tobe his girlfriend, her brother andfatherbefore shooting his par-ents, authorities said.Neighb
12、ors said Dakota The-riot had struggled with drugsover the years, had violent out-bursts, and had recently beenkicked out of his parents trailer.Associated PressTHE OUTLOOK | By Bob DavisChinasStateFirmsLurkinTradeTalksWhen U.S.and Chinesetrade negotia-tors start anew round oftalks onWednesday, one o
13、ften-over-looked issue is bound to get alot of U.S. attention: the roleof Chinas state-owned com-panies in its economy.China started overhaulingits state-centric economicmodel 40 years ago underDeng Xiaoping. After joiningthe World Trade Organizationin 2001, Beijing pushed fur-ther to wean the econo
14、my offstate-owned firms. But underPresident Xi Jinping theyhave re-emerged as a center-piece of his economic policiesand a stumbling block for U.S.negotiators.Chinas state firms domi-nate industries that U.S.firms want to enter, includ-ing telecommunications, en-ergy, banking and insurance,and have
15、made inroads intoindustries Mr. Xi is stakingout as top priorities for thefuture. Beijing and local gov-ernments, for instance, haveannounced more than $100billion in financing, mainlyto state-owned firms, to de-velop a domestic semicon-ductor industry.State-owned constructionfirms are building Mr.
16、Xisambitious Belt-and-Road in-frastructure projects acrossAsia and Africa, while state-owned banks are often calledon to ramp up credit to keepthe Chinese economy fromslowing too rapidly.One Chinese economistcalls state businesses “thelegs of the Communist party.”In the 1990s, Chi-nese economic refo
17、rmershad the upper hand. Mil-lions of workers at statefirms lost their jobs as thegovernment sold off smallercompanies to make the econ-omy more market-driven.Gradually the state presencein the economy declined andsome Chinese economistsincluding Liu He, Chinas cur-rent top trade negotiatorlooked fo
18、r ways to curtail itspower further.But the changes only wentso far. China didnt fully pri-vatize bigger firms. It sold offminority stakes, which gaveBeijing the money to buildbanking, energy and telecom-munications behemoths andto import Western manage-ment know-how.Mr. Xi then in many waysreversed
19、changes thatsqueezed the state sector.Since 2014, the share of bankloans to state firms hasdwarfed those that go to pri-vate ones, says China expertNick Lardy at the PetersonInstitute for InternationalEconomics, after years wherethe private sector held theupper hand.Many local governmentspressure ci
20、ty and rural banksunder their control to keepinsolvent firms afloat, Mr.Lardy argues in his book “TheState Strikes Back.” That addsto excess Chinese industrialproduction of steel and othercommodities which get ex-ported at low prices U.S.firms cant match.U.S. officials say negotia-tors discussed Chi
21、nas state-owned firms in talks earlierthis month. In the U.S. view,state-owned enterprises bene-fit from subsidies and indus-trial policies that favor do-mestic firms, fight increasedcompetition from abroad, andsometimes pressure U.S.firms to hand over technologyto do business in Beijing.The Trump a
22、dministrationinsists that Beijing cut tariffsand regulations that benefitstate firms and block U.S.competition. It also wantsChina to reduce subsidies,preferential loans and otherhelp that give state-ownedfirms an added advantage.Mr. Xi and his allies seestate firms as a source of em-ployment and th
23、us social sta-bility and a way for China tocompete internationallythrough national championsin steel, aluminum, construc-tion and other fields. Theyare also an important leverto manage the economy, inpart because the CommunistParty plays a big role in se-lecting top managers.President Trump hastweet
24、ed that the U.S. is mak-ing progress in talks sched-uled to end March 1. His mainnegotiator, U.S. Trade Repre-sentative Robert Lighthizer ismore skeptical. He doubtsthat any Chinese market istruly private, say his col-leagues. Before he recom-mends President Trump ap-prove a deal, they say, hewants
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