{"id":5474,"date":"2025-12-14T10:31:35","date_gmt":"2025-12-14T05:31:35","guid":{"rendered":"https:\/\/invexi.org\/?p=5474"},"modified":"2025-12-16T10:55:43","modified_gmt":"2025-12-16T05:55:43","slug":"global-trend-on-private-debt-growth-prospects-for-uzbekistan","status":"publish","type":"post","link":"https:\/\/invexi.org\/zh\/press\/global-trend-on-private-debt-growth-prospects-for-uzbekistan\/","title":{"rendered":"\u5168\u7403\u79c1\u4eba\u4fe1\u8d37\u589e\u957f\u8d8b\u52bf\u53ca\u5bf9\u4e4c\u5179\u522b\u514b\u65af\u5766\u7684\u524d\u666f\u5c55\u671b"},"content":{"rendered":"<p><\/p>\n<div id=\"chat-messages-scroll-container\" class=\"chat-messages\">\n<div id=\"chat-message-container\" class=\"chat-container \">\n<div class=\"qwen-chat-message qwen-chat-message-assistant\">\n<div id=\"chat-response-message-e4303068-09e2-43c3-bd1a-a41fddc3f51e\" class=\"chat-response-message\">\n<div class=\"chat-response-message-right\">\n<div>\n<div class=\"response-message-content\">\n<div class=\"qwen-markdown qwen-markdown-loose\">\n<p class=\"qwen-markdown-paragraph\"><span style=\"font-size: 14pt;\"><strong><span class=\"qwen-markdown-text\" data-spm-anchor-id=\"a2ty_o01.29997173.0.i10.b9045171sl4urf\">Finvizier Consultancies\u4fe1\u7528\u8bc4\u7ea7\u5206\u6790\u5e08\u5b89\u5a1c\u00b7\u7f57\u66fc\u8bfa\u5a03\uff08Anna Romanova\uff09\u89e3\u8bfb\u4e4c\u5179\u522b\u514b\u65af\u5766\u79c1\u4eba\u4fe1\u8d37\uff08private credit\uff09\u9700\u6c42\u5df2\u521d\u73b0\u7aef\u502a\uff0c\u5e76\u9610\u660e\u5176\u5bf9\u6295\u8d44\u8005\u7684\u610f\u4e49\u3002<\/span><\/strong><\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\" data-spm-anchor-id=\"a2ty_o01.29997173.0.i9.b9045171sl4urf\">\u79c1\u4eba\u4fe1\u8d37\uff08Private Credit\uff09\u6307\u4e00\u79cd\u5b58\u5728\u4e8e\u4f20\u7edf\u94f6\u884c\u4fe1\u8d37\u3001\u94f6\u56e2\u8d37\u6b3e\u53ca\u516c\u5f00\u503a\u52a1\u8d44\u672c\u5e02\u573a\u4e4b\u5916\u7684\u5546\u4e1a\u503a\u52a1\u878d\u8d44\u5f62\u5f0f\u3002\u5728\u6b64\u673a\u5236\u4e0b\uff0c\u8d37\u6b3e\u65b9\u4e3b\u8981\u4e3a\u975e\u94f6\u884c\u91d1\u878d\u673a\u6784\uff08\u5305\u62ec\u79c1\u4eba\u4fe1\u8d37\u57fa\u91d1\u7b49\uff09\uff0c\u800c\u501f\u6b3e\u65b9\u5219\u591a\u4e3a\u5546\u4e1a\u4f01\u4e1a\uff0c\u5305\u62ec\u4e2d\u5c0f\u5fae\u4f01\u4e1a\uff08SMEs\uff09\u3002\u8fd9\u7c7b\u4f01\u4e1a\u901a\u5e38\u56e0\u98ce\u9669\u8f83\u9ad8\u6216\u89c4\u6a21\u4e0d\u8db3\uff0c\u96be\u4ee5\u83b7\u5f97\u4f20\u7edf\u94f6\u884c\u6216\u516c\u5f00\u503a\u52a1\u5e02\u573a\u7684\u878d\u8d44\u652f\u6301\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\">2008\u20132009\u5e74\u5168\u7403\u91d1\u878d\u5371\u673a\u4e4b\u540e\uff0c\u79c1\u4eba\u503a\u52a1\u878d\u8d44\u8fce\u6765\u5feb\u901f\u589e\u957f\uff0c\u5176\u80cc\u540e\u662f\u501f\u6b3e\u65b9\uff08\u5c24\u5176\u662f\u4e2d\u5c0f\u4f01\u4e1a\uff09\u7684\u5f3a\u52b2\u9700\u6c42\u4e0e\u975e\u94f6\u884c\u8d44\u672c\u4f9b\u7ed9\u6269\u5f20\u7684\u53cc\u91cd\u63a8\u52a8\uff0c\u800c\u540e\u8005\u53c8\u6e90\u4e8e\u94f6\u884c\u4e1a\u76d1\u7ba1\u7684\u65e5\u8d8b\u4e25\u683c\u3002\u6839\u636e\u56fd\u9645\u6e05\u7b97\u94f6\u884c\uff08BIS\uff092025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u62a5\u544a\uff0c\u622a\u81f32025\u5e743\u6708\uff0c\u5168\u7403\u672a\u507f\u8fd8\u79c1\u4eba\u4fe1\u8d37\u89c4\u6a21\u5df2\u4ece\u7ea61000\u4ebf\u7f8e\u5143\u6fc0\u589e\u81f3\u903e1.2\u4e07\u4ebf\u7f8e\u5143\uff1b\u4e0e\u6b64\u540c\u65f6\uff0c\u79c1\u4eba\u4fe1\u8d37\u57fa\u91d1\u7ba1\u7406\u4e0b\u7684\u603b\u8d44\u4ea7\uff08\u5305\u62ec\u672a\u5206\u914d\u8d44\u672c\uff09\u5df2\u8d85\u8fc72.5\u4e07\u4ebf\u7f8e\u5143\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\">\u5982\u4eca\uff0c\u8bb8\u591a\u4e13\u5bb6\u5c06\u79c1\u4eba\u4fe1\u8d37\u89c6\u4e3a\u4f01\u4e1a\u878d\u8d44\u591a\u5143\u5316\u7684\u91cd\u8981\u7ec4\u6210\u90e8\u5206\u3002\u636e\u6469\u6839\u5927\u901a\u79c1\u4eba\u94f6\u884c\uff08J.P. Morgan Private Bank\uff09\u4f30\u7b97\uff0c\u6b64\u7c7b\u878d\u8d44\u5df2\u5360\u5168\u7403\u4f01\u4e1a\u501f\u6b3e\u603b\u989d\u7684\u7ea69%\u3002<\/span><br \/>\n<span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\">\u81ea\u8bde\u751f\u4ee5\u6765\uff0c\u79c1\u4eba\u4fe1\u8d37\u5df2\u6df1\u523b\u91cd\u5851\u4e86\u5168\u7403\u503a\u52a1\u5e02\u573a\u7ed3\u6784\uff0c\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u66ff\u4ee3\u4e86\u4f20\u7edf\u94f6\u884c\u878d\u8d44\u2014\u2014\u540e\u8005\u56e0\u76d1\u7ba1\u8d8b\u4e25\u800c\u5728\u7ade\u4e89\u4e2d\u9010\u6e10\u9000\u8ba9\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\">\u4e0e\u6b64\u540c\u65f6\uff0c\u79c1\u4eba\u4fe1\u8d37\u4e5f\u62d3\u5c55\u4e86\u5168\u7403\u4fe1\u8d37\u5e02\u573a\u7684\u8fb9\u754c\uff0c\u5c06\u6b64\u524d\u56e0\u98ce\u9669\u7279\u5f81\u8f83\u9ad8\u800c\u88ab\u4f20\u7edf\u503a\u52a1\u5e02\u573a\u62d2\u4e4b\u95e8\u5916\u7684\u4f01\u4e1a\u7eb3\u5165\u5176\u4e2d\u3002\u6b63\u56e0\u5982\u6b64\uff0c\u79c1\u4eba\u4fe1\u8d37\u5e02\u573a\u6b63\u65e5\u76ca\u58ee\u5927\u3002\u6469\u6839\u58eb\u4e39\u5229\uff08Morgan Stanley\uff09\u9884\u6d4b\uff0c\u52302029\u5e74\uff0c\u5176\u5168\u7403\u89c4\u6a21\u6709\u671b\u8fbe\u52305\u4e07\u4ebf\u7f8e\u5143\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span style=\"font-size: 14pt;\"><strong><span class=\"qwen-markdown-text\">\u4e4c\u5179\u522b\u514b\u65af\u5766\uff1a\u91d1\u878d\u67b6\u6784\u4e2d\u7684\u8d77\u70b9\u4e0e\u589e\u957f\u70b9<\/span><\/strong><\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\">\u5f53\u524d\uff0c\u4e4c\u5179\u522b\u514b\u65af\u5766\u6b63\u5904\u4e8e\u5927\u89c4\u6a21\u5e02\u573a\u5316\u6539\u9769\u8fdb\u7a0b\u4e2d\uff0c\u5176\u91d1\u878d\u4f53\u7cfb\u4ecd\u4ee5\u94f6\u884c\u4e3b\u5bfc\u4e3a\u57fa\u672c\u7279\u5f81\u3002\u6839\u636e\u56fd\u9645\u8d27\u5e01\u57fa\u91d1\u7ec4\u7ec7\uff08IMF\uff092025\u5e746\u6708\u53d1\u5e03\u7684\u300a\u91d1\u878d\u90e8\u95e8\u8bc4\u4f30\u89c4\u5212\u300b\uff08FSAP\uff09\u62a5\u544a\uff0c\u622a\u81f32024\u5e74\u5e95\uff0c\u5546\u4e1a\u94f6\u884c\u5360\u4e4c\u56fd\u91d1\u878d\u4f53\u7cfb\u603b\u8d44\u4ea7\u768494.9%\uff1b\u5176\u4e2d\u56fd\u6709\u94f6\u884c\u6784\u6210\u884c\u4e1a\u5236\u5ea6\u57fa\u77f3\uff0c\u638c\u63a7\u7ea665.4%\u7684\u94f6\u884c\u4e1a\u8d44\u4ea7\u3002\u8fd9\u4e00\u67b6\u6784\u4fdd\u969c\u4e86\u91d1\u878d\u4f53\u7cfb\u7684\u7a33\u5b9a\u6027\uff0c\u5e76\u6709\u52a9\u4e8e\u96c6\u4e2d\u8d44\u6e90\u843d\u5b9e\u56fd\u5bb6\u6218\u7565\u4efb\u52a1\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\">\u94f6\u884c\u90e8\u95e8\u7684\u5e9e\u5927\u89c4\u6a21\u4f7f\u4e4c\u5179\u522b\u514b\u65af\u5766\u5728\u533a\u57df\u5185\u5c55\u73b0\u51fa\u8f83\u9ad8\u7684\u91d1\u878d\u666e\u60e0\u6c34\u5e73\u3002\u8861\u91cf\u8fd9\u4e00\u6c34\u5e73\u7684\u5e38\u7528\u6307\u6807\u662f\u201c\u5bf9\u79c1\u8425\u90e8\u95e8\u7684\u56fd\u5185\u4fe1\u8d37\u5360GDP\u6bd4\u91cd\u201d\u3002\u4e16\u754c\u94f6\u884c\u6570\u636e\u663e\u793a\uff0c2024\u5e74\u4e4c\u56fd\u8be5\u6307\u6807\u5df2\u8fbe33.2%\uff0c\u663e\u8457\u9ad8\u4e8e\u54c8\u8428\u514b\u65af\u5766\uff0827.6%\uff09\u548c\u5409\u5c14\u5409\u65af\u65af\u5766\uff0823.2%\uff09\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 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class=\"qwen-markdown-text\">\u6cd5\u5f8b\u57fa\u7840\u8bbe\u65bd\uff1a\u4e3a\u4f55\u81f3\u5173\u91cd\u8981\uff0c\u6f5c\u529b\u4f55\u5728\uff1f<\/span><\/strong><\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 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14pt;\">\u5f53\u524d\u6cd5\u5f8b\u672a\u5728\u5ead\u5916\u91cd\u7ec4\u7a0b\u5e8f\u4e2d\u8bbe\u7acb\u81ea\u52a8\u6682\u505c\u503a\u6743\u4eba\u8ffd\u7d22\u7684\u201c\u81ea\u52a8\u4e2d\u6b62\u201d\u673a\u5236\uff0c\u4e5f\u672a\u4fdd\u969c\u65b0\u6ce8\u5165\u878d\u8d44\u7684\u4f18\u5148\u53d7\u507f\u5730\u4f4d\u3002EBRD\u6307\u51fa\uff0c\u76ee\u524d\u5c1a\u65e0\u4e13\u95e8\u6fc0\u52b1\u63aa\u65bd\u4fc3\u4f7f\u503a\u52a1\u4eba\u4e0e\u503a\u6743\u4eba\u8fbe\u6210\u5ead\u5916\u503a\u52a1\u91cd\u7ec4\u534f\u8bae\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 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14pt;\">\u4e4c\u5179\u522b\u514b\u65af\u5766\u79c1\u4eba\u4fe1\u8d37\u5e02\u573a\u5177\u5907\u663e\u8457\u7684\u589e\u957f\u6f5c\u529b\uff0c\u5176\u6839\u6e90\u5728\u4e8e\u7ed3\u6784\u6027\u7684\u5f3a\u52b2\u878d\u8d44\u9700\u6c42\u3002\u56fd\u9645\u91d1\u878d\u516c\u53f8\uff08IFC\uff09\u6570\u636e\u663e\u793a\uff0c\u4e4c\u56fd\u4e2d\u5c0f\u5fae\u4f01\u4e1a\uff08\u5305\u62ec\u5fae\u578b\u4f01\u4e1a\uff0c\u7b80\u79f0MMSP\uff09\u8d21\u732e\u4e86\u8d85\u8fc750%\u7684GDP\u3002\u6b64\u5916\uff0c\u636e\u4e4c\u5179\u522b\u514b\u65af\u5766\u56fd\u5bb6\u7edf\u8ba1\u59d4\u5458\u4f1a\u6570\u636e\uff0c2024\u5e74\u5c0f\u5fae\u4f01\u4e1a\u5728\u603b\u5c31\u4e1a\u4e2d\u7684\u5360\u6bd4\u8fbe74.5%\uff0c\u5728\u8fdb\u53e3\u603b\u989d\u4e2d\u536049.8%\uff0c\u5728\u51fa\u53e3\u4e2d\u536034.1%\u3002\u4e2d\u5c0f\u4f01\u4e1a\u5728\u5916\u8d38\u7b49\u9886\u57df\u7684\u91cd\u8981\u4f5c\u7528\uff0c\u5c06\u6301\u7eed\u50ac\u751f\u5bf9\u4e13\u4e1a\u5316\u503a\u52a1\u5de5\u5177\uff08\u5982\u8d38\u6613\u878d\u8d44\u3001\u8425\u8fd0\u8d44\u91d1\u8d37\u6b3e\uff09\u7684\u9ad8\u9700\u6c42\uff0c\u800c\u6b64\u7c7b\u878d\u8d44\u5e38\u9700\u914d\u5957\u5916\u6c47\u98ce\u9669\u7ba1\u7406\u6216\u4e0e\u5916\u5e01\u73b0\u91d1\u6d41\u6302\u94a9\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\">\u4f46\u878d\u8d44\u7f3a\u53e3\u4f9d\u7136\u663e\u8457\uff1a\u636e\u4e16\u754c\u94f6\u884c\u96c6\u56e2\uff08\u57fa\u4e8eIFC\u4e2d\u5c0f\u4f01\u4e1a\u91d1\u878d\u8bba\u575b\u6570\u636e\uff09\u4f30\u7b97\uff0c\u4e4c\u56fd\u4e2d\u5c0f\u5fae\u4f01\u4e1a\u4fe1\u8d37\u9700\u6c42\u7ea6\u4e3a130\u4ebf\u7f8e\u5143\uff0c\u878d\u8d44\u7f3a\u53e3\u8fbe60\u201370\u4ebf\u7f8e\u5143\u3002\u8fd9\u4e00\u7f3a\u53e3\u96be\u4ee5\u5355\u9760\u4f20\u7edf\u91d1\u878d\u673a\u6784\u586b\u8865\uff0c\u4ece\u800c\u4e3a\u66f4\u7075\u6d3b\u7684\u503a\u52a1\u878d\u8d44\u5de5\u5177\u521b\u9020\u4e86\u7ed3\u6784\u6027\u7a7a\u95f4\u2014\u2014\u968f\u7740\u96c6\u4e2d\u5316\u53ca\u4f18\u60e0\u878d\u8d44\u673a\u5236\u9010\u6b65\u4f18\u5316\u4e0e\u5e02\u573a\u5316\uff0c\u6b64\u7c7b\u5de5\u5177\u7684\u91cd\u8981\u6027\u5c06\u65e5\u76ca\u51f8\u663e\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\">\u53e6\u4e00\u6f5c\u5728\u9700\u6c42\u6765\u6e90\u662f\u653f\u5e9c\u4e0e\u793e\u4f1a\u8d44\u672c\u5408\u4f5c\uff08PPP\uff09\u9879\u76ee\u3002\u5728\u591a\u79cdPPP\u6a21\u5f0f\u4e2d\uff0c\u653f\u5e9c\u901a\u8fc7\u5408\u540c\u4ed8\u6b3e\u53ca\u5176\u4ed6\u652f\u6301\u673a\u5236\u786e\u4fdd\u73b0\u91d1\u6d41\u53ef\u9884\u6d4b\u6027\uff0c\u800c\u79c1\u8425\u5408\u4f5c\u65b9\u5219\u8d1f\u8d23\u5f15\u5165\u6240\u9700\u8d44\u672c\uff0c\u5305\u62ec\u503a\u52a1\u878d\u8d44\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\">\u636eIMF\u57fa\u4e8e\u5b98\u65b9\u6570\u636e\u7684\u4f30\u7b97\uff0c\u622a\u81f32024\u5e74\u5e95\uff0c\u4e4c\u56fdPPP\u9879\u76ee\u7ec4\u5408\u89c4\u6a21\u5df2\u8fbe311\u4ebf\u7f8e\u5143\uff08\u7ea6\u5360GDP\u768427%\uff09\u3002\u6839\u636e\u4e4c\u603b\u7edf\u4ee4\u7b2cPP-308\u53f7\u6279\u51c6\u7684\u300a2025\u20132030\u5e74\u62df\u5b9e\u65bdPPP\u9879\u76ee\u6e05\u5355\u300b\uff0c\u672a\u6765\u516d\u5e74\u8ba1\u5212\u6295\u8d44\u989d\u7ea6302\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\uff1a33%\u6295\u5411\u4ea4\u901a\uff0c28%\u6295\u5411\u80fd\u6e90\uff0c17%\u6295\u5411\u5e02\u653f\u57fa\u7840\u8bbe\u65bd\uff0c16%\u6295\u5411\u6559\u80b2\uff0c5%\u6295\u5411\u533b\u7597\u5065\u5eb7\u3002\u6b64\u7c7b\u9879\u76ee\u7684\u878d\u8d44\u7ed3\u6784\u53ef\u5305\u542b\u4f18\u5148\u7ea7\u9879\u76ee\u8d37\u6b3e\uff08senior project debt\uff09\u3001\u5939\u5c42\u878d\u8d44\uff08mezzanine loans\uff09\u53ca\u8fc7\u6865\u8d37\u6b3e\uff08bridge loans\uff09\uff0c\u4ece\u800c\u63d0\u5347\u8d44\u672c\u7ed3\u6784\u7075\u6d3b\u6027\u3001\u52a0\u901f\u9879\u76ee\u8d22\u52a1\u95ed\u73af\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span style=\"font-size: 14pt;\"><strong><span class=\"qwen-markdown-text\">\u56fd\u9645\u91d1\u878d\u673a\u6784\u5728\u79c1\u4eba\u4fe1\u8d37\u53d1\u5c55\u4e2d\u7684\u4f5c\u7528<\/span><\/strong><\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\">\u8fde\u63a5\u5168\u7403\u8d8b\u52bf\u4e0e\u672c\u5730\u5e02\u573a\u7684\u5173\u952e\u7ebd\u5e26\uff0c\u662f\u56fd\u9645\u91d1\u878d\u673a\u6784\uff08IFIs\uff09\u7684\u6df1\u5ea6\u53c2\u4e0e\u3002EBRD\u3001IFC\u53ca\u4e9a\u6d32\u5f00\u53d1\u94f6\u884c\uff08ADB\uff09\u6b63\u6210\u4e3a\u63a8\u52a8\u79c1\u4eba\u4fe1\u8d37\u5e02\u573a\u53d1\u5c55\u7684\u5f3a\u5927\u50ac\u5316\u5242\u3002\u5176\u53c2\u4e0e\u89c4\u6a21\u53ef\u89c1\u4e00\u6591\uff1a\u622a\u81f32025\u5e749\u670830\u65e5\uff0cEBRD\u5bf9\u4e4c\u5179\u522b\u514b\u65af\u5766\u7684\u7d2f\u8ba1\u6295\u8d44\u989d\u8fbe53.57\u4ebf\u6b27\u5143\uff1b\u800cADB\u5728\u8fc7\u53bb\u4e94\u5e74\u5185\u627f\u8bfa\u63d0\u4f9b\u7684\u878d\u8d44\u603b\u989d\u8d85\u8fc754.1\u4ebf\u7f8e\u5143\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\">\u7136\u800c\uff0c\u56fd\u9645\u91d1\u878d\u673a\u6784\u7684\u8d21\u732e\u4e0d\u4ec5\u9650\u4e8e\u8d44\u672c\u6ce8\u5165\uff0c\u66f4\u5728\u4e8e\u5176\u9ad8\u8d28\u91cf\u7684\u7ed3\u6784\u6027\u8bbe\u8ba1\u3002\u5176\u4e2d\u5173\u952e\u673a\u5236\u662f\u901a\u8fc7\u672c\u5730\u94f6\u884c\u4ee5\u672c\u56fd\u8d27\u5e01\u95f4\u63a5\u5411\u4e2d\u5c0f\u5fae\u4f01\u4e1a\u63d0\u4f9b\u878d\u8d44\u3002\u8fd9\u4e00\u6a21\u5f0f\u6709\u6548\u964d\u4f4e\u4e86\u501f\u6b3e\u4eba\u7684\u6c47\u7387\u98ce\u9669\u2014\u2014\u82e5\u65e0\u6b64\u5b89\u6392\uff0c\u8be5\u98ce\u9669\u5c06\u4e25\u91cd\u5236\u7ea6\u8d44\u91d1\u6d41\u5165\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\">\u53e6\u4e00\u6838\u5fc3\u529f\u80fd\u662f\u964d\u4f4e\u79c1\u4eba\u6295\u8d44\u8005\u7684\u98ce\u9669\u655e\u53e3\u3002\u5728\u90e8\u5206\u4ea4\u6613\u4e2d\uff0c\u56fd\u9645\u91d1\u878d\u673a\u6784\u901a\u8fc7\u6df7\u5408\u878d\u8d44\u673a\u5236\u627f\u62c5\u90e8\u5206\u98ce\u9669\uff0c\u4f8b\u5982\u63d0\u4f9b\u201c\u9996\u635f\u8986\u76d6\u201d\uff08first-loss coverage\uff09\u6216\u6b21\u7ea7\u503a\u52a1\uff08subordinated debt\uff09\u3002\u6b64\u7c7b\u53c2\u4e0e\u53ef\u63d0\u5347\u4f18\u5148\u7ea7\u503a\u52a1\u90e8\u5206\u7684\u4fe1\u7528\u8d28\u91cf\uff0c\u4f7f\u5176\u66f4\u6613\u88ab\u79c1\u4eba\u57fa\u91d1\u63a5\u53d7\u3002\u6b64\u5916\uff0c\u56fd\u9645\u91d1\u878d\u673a\u6784\u7684\u53c2\u4e0e\u901a\u5e38\u88ab\u5e02\u573a\u89c6\u4e3a\u9879\u76ee\u5df2\u901a\u8fc7\u5168\u9762\u5c3d\u804c\u8c03\u67e5\u7684\u79ef\u6781\u4fe1\u53f7\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\">\u6700\u540e\uff0c\u56fd\u9645\u91d1\u878d\u673a\u6784\u8fd8\u901a\u8fc7\u8bbe\u5b9a\u9ad8\u6807\u51c6\u63a8\u52a8\u672c\u5730\u5e02\u573a\u5236\u5ea6\u5efa\u8bbe\u2014\u2014\u8fd9\u4e9b\u6807\u51c6\u662f\u5176\u63d0\u4f9b\u878d\u8d44\u7684\u524d\u63d0\u6761\u4ef6\u3002\u4f8b\u5982\uff0c\u5b83\u4eec\u8981\u6c42\u4f01\u4e1a\u91c7\u7eb3ESG\uff08\u73af\u5883\u3001\u793e\u4f1a\u4e0e\u6cbb\u7406\uff09\u5b9e\u8df5\uff0c\u5305\u62ec\u5065\u5168\u7684\u516c\u53f8\u6cbb\u7406\u3001\u73af\u5883\u4e0e\u793e\u4f1a\u653f\u7b56\uff0c\u4ee5\u53ca\u76f8\u5173\u4fe1\u606f\u7684\u62ab\u9732\u3002\u8fd9\u4e00\u8fc7\u7a0b\u63a8\u52a8\u672c\u5730\u4f01\u4e1a\u5411\u201c\u673a\u6784\u7ea7\u8d44\u4ea7\u201d\u8f6c\u578b\uff0c\u4f7f\u5176\u7b26\u5408\u5168\u7403\u57fa\u91d1\u7684\u6295\u8d44\u6807\u51c6\u3002\u56e0\u6b64\uff0c\u56fd\u9645\u91d1\u878d\u673a\u6784\u53d1\u6325\u7740\u50ac\u5316\u4f5c\u7528\uff0c\u4e3a\u5438\u5f15\u79c1\u4eba\u4fe1\u8d37\u8d44\u672c\u5960\u5b9a\u4e09\u5927\u57fa\u7840\uff1a\u8d44\u672c\u4f9b\u7ed9\u3001\u98ce\u9669\u7f13\u91ca\u673a\u5236\u53ca\u4fe1\u606f\u62ab\u9732\u6807\u51c6\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span style=\"font-size: 14pt;\"><strong><span class=\"qwen-markdown-text\">\u9a71\u52a8\u4e4c\u5179\u522b\u514b\u65af\u5766\u5e02\u573a\u53d1\u5c55\u7684\u5173\u952e\u56e0\u7d20<\/span><\/strong><\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span class=\"qwen-markdown-text\" style=\"font-size: 14pt;\">\u4e4c\u5179\u522b\u514b\u65af\u5766\u79c1\u4eba\u4fe1\u8d37\u5e02\u573a\u7684\u6210\u529f\u57f9\u80b2\uff0c\u5c06\u53d6\u51b3\u4e8e\u4e09\u5927\u56e0\u7d20\u7684\u534f\u540c\u6548\u5e94\uff1a\u91d1\u878d\u4f53\u7cfb\u7684\u8fdb\u4e00\u6b65\u591a\u5143\u5316\u3001\u507f\u503a\u80fd\u529b\u6062\u590d\u673a\u5236\u7684\u6301\u7eed\u5b8c\u5584\uff0c\u4ee5\u53ca\u4e2d\u5c0f\u5fae\u4f01\u4e1a\u4e0ePPP\u9879\u76ee\u6240\u91ca\u653e\u7684\u7ed3\u6784\u6027\u878d\u8d44\u9700\u6c42\u3002\u5728\u6b64\u8fdb\u7a0b\u4e2d\uff0c\u56fd\u9645\u91d1\u878d\u673a\u6784\u53ef\u4f5c\u4e3a\u5b9e\u8df5\u5c42\u9762\u7684\u50ac\u5316\u5242\uff0c\u4e0d\u4ec5\u63d0\u4f9b\u8d44\u672c\uff0c\u66f4\u5e26\u6765\u98ce\u9669\u7f13\u91ca\u5de5\u5177\u3001\u7ed3\u6784\u5316\u6807\u51c6\u53ca\u4fe1\u606f\u62ab\u9732\u89c4\u8303\u3002\u8fd9\u5c06\u589e\u5f3a\u79c1\u4eba\u6295\u8d44\u8005\u4fe1\u5fc3\uff0c\u4e3a\u4e2d\u5c0f\u5fae\u4f01\u4e1a\u53caPPP\u9879\u76ee\u63d0\u4f9b\u66f4\u4e30\u5bcc\u3001\u7075\u6d3b\u7684\u4fe1\u8d37\u4ea7\u54c1\uff0c\u5e76\u52a0\u901f\u6784\u5efa\u73b0\u4ee3\u5316\u7684\u672c\u56fd\u91d1\u878d\u751f\u6001\u7cfb\u7edf\u3002<\/span><\/p>\n<p class=\"qwen-markdown-paragraph\"><span style=\"font-size: 14pt;\"><strong><span class=\"qwen-markdown-text\">\u6765\u6e90\uff1a<a href=\"https:\/\/uz.kursiv.media\/opinions\/globalnyj-trend-na-rost-chastnogo-dolga-perspektivy-dlya-uzbekistana\/\" target=\"_blank\" rel=\"noopener\">Kursiv<\/a><\/span><\/strong><\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Finvizier Consultancies\u4fe1\u7528\u8bc4\u7ea7\u5206\u6790\u5e08\u5b89\u5a1c\u00b7\u7f57\u66fc\u8bfa\u5a03\uff08Anna Romanova\uff09\u89e3\u8bfb\u4e4c\u5179\u522b\u514b\u65af\u5766\u79c1\u4eba\u4fe1\u8d37\uff08private 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