普罗米修斯

Grassroots official’s 30-year fight against desertification in North China_我的网站

A |     　　美国财长贝森特旨在压低美国融资成本的干预，仅让长期美债收益率走低了不到一天。    

    Wensuyalatu checks the growth of sour jujube seedlings. Photos: Chinanews.comAcross the vast desert landscape of the Urad Rear Banner in North China's Inner Mongolia Autonomous Region, one grassroots official has spent more than three decades turning barren sands into patches of green.
Ecological restoration
For over 30 years, Wensuyalatu, a member of the leadership group of the Urad Rear Banner forestry and grassland bureau, has made the Gobi Desert his workplace, dedicating his life to combating desertification, advancing ecological restoration through technological innovation, and helping local herders increase their incomes, according to the local bureau's official WeChat account.
Located on the edge of the desert in Bayannur's Urad Rear Banner, it is a key area in China's Three-North Shelterbelt Forest Program, a major ecological project aimed at strengthening the country's northern ecological security barrier. 
However, early afforestation efforts in the desert were far from easy at the start.
The project covers 103,800 mu (about 6,920 hectares), including comprehensive treatment of 24,500 mu of desertified land, ecological restoration of 4,100 mu of non-desertified land, and 75,200 mu of enclosed grassland restoration. The project also includes the construction of 11 small-scale water conservation facilities, all of which required strict standards and extensive coordination.
The project also includes the construction of 11 small-scale water conservation facilities, all of which required strict standards and extensive coordination.
In 1991, Wensuyalatu, then in his early 20s, chose to devote himself to forestry and grassland conservation in the Urad Rear Banner. Since then, he has remained on the front lines of desertification control, witnessing the region's harshest environmental challenges and working to find solutions adapted to the fragile desert ecosystem.
In the early years, afforestation in the Gobi Desert was an extremely difficult task. The most critical planting season in spring often coincided with the strongest sandstorms of the year. Every year during the key afforestation period, Wensuyalatu would stay deep in the desert, guiding workers on planting techniques and management practices, while carefully overseeing every detail of the ecological restoration projects.
"Every spring, the wind and blown sand were so strong that it was hard to keep your eyes open. The sand hit your face like needles. During the day, we followed workers to dig holes and plant trees, and at night we stayed in temporary shelters to organize data and review the day's work. That was the normal routine for desertification fighters," Wensuyalatu recalled.
The road to restoring the desert was far from easy. Years of drought, low survival rates of seedlings, and skepticism from some local residents created major obstacles.
"At the beginning, it was really difficult. The climate was extremely dry, and many seedlings died after being planted. Some herders did not understand or support the work. They believed deserts were naturally barren and that no amount of effort could make trees grow there," Wensuyalatu said.
To change these perceptions, Wensuyalatu brought local residents to see firsthand the damage caused by desert expansion. Through visible results and long-term communication, he gradually won the understanding and support of the community.
Facing the ecological challenges of the Urad Rear Banner, Wensuyalatu began exploring new approaches beyond traditional restoration methods.
    Staff members get ready to carry out aerial seeding operations.Aerial seeding
Since 2004, he has led efforts to tackle desert restoration challenges by introducing large-scale aerial seeding projects, creating a breakthrough approach for restoring degraded desert ecosystems in the region.
"Compared with traditional methods, aerial seeding is more efficient and can cover wider areas. Based on local climate and soil conditions, we select suitable desert plant seeds and precisely control the seeding height, density and timing to improve survival rates as much as possible and accelerate desert recovery," Wensuyalatu explained.
After years of effort, the aerial seeding projects under Wensuyalatu's leadership have restored more than 800,000 mu of desert land, with an effective restoration rate of 62.2 percent. 
He also developed an integrated management approach combining "protection, management, retreat, restoration and publicity," establishing a mixed vegetation system of trees, shrubs and grass to curb desert expansion and reduce sandstorms at their source.
Beyond restoring greenery, Wensuyalatu has also focused on strengthening scientific research and protecting native desert species.
Starting in 2010, he devoted himself to the artificial cultivation of endangered native desert plants. After more than a decade of repeated experiments, he successfully developed cultivation techniques for rare species such as the endangered evergreen broadleaf shrub Ammopiptanthus mongolicus, Mongolian almond and drought-resistant elm.
Under his leadership, his team cultivated 6.5 million seedlings and completed more than 4,000 mu of high-quality afforestation projects, with seedling survival rates consistently exceeding 80 percent. 
    Engineering personnel operate drones to conduct aerial seeding as part of afforestation efforts in the Badain Jaran Desert in North China on June 17, 2025. Photo: VCGHis achievements filled a technological gap in large-scale cultivation of native desert plants and earned him second prize in the 2017 Inner Mongolia Autonomous Region Harvest Award.
For Wensuyalatu, desert restoration is not only about creating ecological benefits, but also about improving people's livelihoods.
He has long promoted the idea that "trees should bring both ecological value and economic value." By leveraging local desert resources, he helped establish a 10,000-mu industrial base for desert plants and cistanche - a medicinal plant often grown in desert environments - across four key local villages, integrating ecological restoration with specialty desert industries.
"In the past, people thought desertification control was simply about planting trees - it took a lot of efforts but brought little income. Now things are different. By planting trees and developing industries such as cistanche cultivation, desert land can generate real wealth," a local herder said.
To ensure that local communities benefit from ecological development, Wensuyalatu introduced enterprises, supported family forest farms and professional cooperatives, and promoted large-scale, market-oriented operations.
The once barren desert has gradually become a "green treasure chest" for local herders, achieving a win-win outcome: greener landscapes, improved ecosystems, stronger businesses and higher incomes.
"Desertification control is not just an ecological project, but also a project that benefits people," Wensuyalatu said. 
"Only when communities gain real benefits from protecting nature will they actively participate in ecological conservation. That is the key to making restoration efforts sustainable and achieving the vision that lucid waters and lush mountains are invaluable assets," Wensuyalatu said. 
Global Times
。相比之下，更为持久的市场信号却在于——美元走弱，而黄金与比特币同步走高，进一步强化了年初由不断膨胀的美国财政赤字及政策走向隐忧所驱动的“货币贬值交易”叙事。　　这种走势的分化，暴露出了一个更深层次的困境：　　华盛顿方面急切希望降低资金成本，但居高不下的通胀却持续对美联储构成硬性约束。与此同时，无论是在大规模公共借贷领域，还是在源源不断涌入人工智能的巨额资金池中，政府与企业对全球资本的争夺都已步入白热化阶段。

B | 　　AI浪潮恰好处于这场资本争夺战的十字路口。一方面，为AI建设的融资对国债市场构成了极其庞大的资金争夺；另一方面，投资者对其未来盈利的强劲预期，正支撑着股市抵御利率上升的冲击。在美股展现出惊人韧性而美债持续重挫的同时，市场的焦虑情绪也转而在其他资产类别中显现出来。　　所谓“货币贬值交易”，是指投资者因预期持续的财政赤字和通胀将不断蚕食美元购买力，转而涌入黄金、白银等贵金属以及比特币等加密货币寻求避险。　　对于野村证券跨资产策略师Charlie McElligott而言，市场反应显示出部分压力正在去向何方：他将黄金上涨、美元下跌以及比特币同步走高的行情，描述为在美国当局寻求稳定长期利率时的“压力释放阀”。

C | 　　桥水创始人达利欧上周五则对这一行情给出了更为具有警示性的解读，他敦促投资者应当低配债券等债务类资产，超配黄金，并配置少量比特币，以防范潜在的美国债务危机。　　事实上，从跨资产的处境来看，对美股而言，至少还拥有一道坚固的防御屏障：强劲的企业盈利。Lombard Odier宏观主管Florian Ielpo认为，美股眼中有着分量重得多的核心数据：20%的企业盈利超预期才是决定2026年走势的关键大数，而不是财政部那区区几十亿美元的回购操作。

D | 　　这恰恰解释了为何美股很大程度上对贝森特的表态以及国债市场的压力视而不见。不过，当美国国债收益率攀升至5%附近时，无风险利率的抬升正显著提高股市的盈利门槛，仍可能使国债成为高估值股票的“强劲对手”。

E | 　　美银首席哈特内特(Michael Hartnett)目前就将5%的30年期国债收益率视为关键的分水岭，他强调，若收益率无法有效回落至该水平下方，美元以及包括AI巨头和私人信贷在内的高杠杆领域，将面临更加严峻的压力考验。　　与此同时，相比于处境凄惨的债券市场，“货币贬值交易”显然拥有一个更具吸引力的市场叙事。　　“货币贬值交易”重燃　　随着美元走软、黄金与比特币双双大幅反弹，巴克莱将美元称为这场美国当局压制债券收益率行动中的“主要受害者”，因为财政隐忧重新激活了市场对黄金的避险需求。　　值得注意的是，比特币与黄金的90天相关系数已升至疫情以来的最高正相关水平，这极大地强化了加密货币作为贵金属同类抗通胀/贬值资产的属性——尽管加密货币自身的独立催化因素也为本轮上涨推波助澜。　　归根结底，美国财政部在债券市场上的干预能力终究有其边界。它可以调整投资者吸收债务的结构与期限，却无法凭空创造货币——那是美联储的专属职权。然而，美联储主席凯文·沃什始终强调要缩减央行在市场中的干预足迹。这就导致华盛顿在强劲增长、通胀隐忧和庞大投资需求共同推高借贷成本的背景下，陷入了渴望低利率却又无能为力的尴尬境地。　　加密资产管理公司21shares的宏观主管Stephen Coltman上周五指出，美国财政部8月19日宣布的回购决定是比特币此轮大涨的“核心催化剂”。这一基准加密货币的强势上扬，还得到了美国总统特朗普当天在白宫会见加密行业领袖的提振，以及市场对旨在规范加密资产的CLARITY法案立法的乐观预期支持。　　Coltman表示，扩大长期国债回购规模给市场带来了“震动”，并重新点燃了“货币贬值交易”。令人担忧的是，旨在压低长期国债利率的市场干预有可能导致金融环境过早宽松，进而推高经济中的通胀风险。他解释称，这将削弱美元的吸引力，因为市场开始担心长期国债投资者在这一情境下无法获得足够的通胀补偿。　　Coltman指出，随着美元贬值，比特币凭借其固有的稀缺性，对部分交易员构成了极具吸引力的避险选择。FactSet 数据显示，追踪比特币现货价格的知名ETF——iShares Bitcoin Trust ETF上周累计飙升 22.6%，且截至上周五连续三个交易日的单日涨幅均接近6%。　　黄金在上周同样大幅走高，尽管其上涨力度要逊于比特币。在美国财政部上周发布声明后，Truist Wealth于8月19日将黄金评级上调至“中性”。Truist Wealth首席投资官Keith Lerner表示，受益于随之而来的美元疲软，黄金一举突破了200日均线这一关键技术指标。　　Lerner指出，从技术分析角度看，黄金站上200日均线是积极信号，预示其后市仍有进一步上行的空间。FactSet 数据显示，黄金的200日均线目前位于每盎司4518美元附近。

F | 　　Coltman解释称，虽然美国财政部并非在直接“印钞”，但其效果却异曲同工——因为财政部可能需要通过发行短期国库券来筹集资金，进而回购长期国债。但他强调，政府无法人为增加黄金和比特币的供给，这正是此类资产对试图对冲美元下行和通胀风险的投资者产生核心吸引力的原因所在。

G | 　　当然，对于上周这股狂热的“货币贬值交易”能否长期维持下去，一些业内人士目前仍心存疑虑。Spectra Markets总裁Brent Donnelly最初将贝森特的声明视为买入比特币并做空美元兑瑞郎的绝佳信号，但回购规模相对于庞大的国债总量显得过于微薄，这让他很快冷静下来。　　“我认为美元、黄金和比特币这些极其剧烈的走势，接下去大概率会大幅降温，”他分析道，“贝森特的举措确实印证了结构性主题的存在，但这些主题早已不是什么新鲜事，眼下根本没有任何直接催化剂，能够触发货币贬值交易开启下一轮暴涨。”（文章来源：财联社）。

Current article:http://aqb418p.zongchaeiwengshuabaisisuofu.sbs/orjhm7/20260826/1935508.html

Published on:04:05:30