观察与随笔

China’s youth jobs problem is not a character test. Training matters, but weak demand and the quality of available work belong at the center of the debate.

College still pays for many graduates. That does not excuse weak programs, lazy credential screening or shifting every financial risk onto students.

A government may challenge reporting. It should not make editorial obedience the price of access. The AP dispute exposes the democratic stakes.

China’s talent flows run in both directions. Retaining researchers requires opportunity and trust, not treating mobility as a test of national loyalty.

人才不会只因补贴、头衔或口号留下。能否选择问题、获得资源与权限、承受失败并分享成果，才更接近决定去留的因素。中国要留住人才，先要让机构学会用人。

美联储9月再度加息，利差、汇率与资本流动压力会回到台面上。中国无法机械跟随，也不能忽略外部定价；更深的难题是如何修复内需、投资回报与市场信心。

两部门对重要工业品低价无序竞争启动成本核算。本文区分效率带来的低价与靠减配、虚假或不可持续履约形成的低价，并讨论监管怎样避免把低价本身当成问题。