the housing market and housing policies in japan

8/19/2019 The Housing Market and Housing Policies in Japan

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FH@J Qlrojma Rfpgr Ugrjgs

Xng Nlusjma Kfrogt fmh Nlusjma Rlcjejgs jm Dfpfm

Kfsfnjrl Ol`fyfsnj

Ml. 77>Kfren 0269

Fsjfm Hgvgclpkgmt @fmo Jmstjtutg


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Xng Qlrojma Rfpgr sgrjgs js f elmtjmuftjlm li tng ilrkgrcy mfkgh Hjseussjlm Rfpgr sgrjgs?tng muk`grjma li tng pfpgrs elmtjmugh wjtnlut jmtgrruptjlm lr enfmag. FH@J‚s wlrojmapfpgrs rgicget jmjtjfc jhgfs lm f tlpje fmh frg plstgh lmcjmg ilr hjseussjlm. FH@J gmelurfagsrgfhgrs tl plst tngjr elkkgmts lm tng kfjm pfag ilr gfen wlrojma pfpgr (ajvgm jm tngejtftjlm `gclw). Ulkg wlrojma pfpgrs kfy hgvgclp jmtl ltngr ilrks li pu`cjeftjlm.

Uuaagstgh ejtftjlm4

Ol`fyfsnj, K. 0269. Xng Nlusjma Kfrogt fmh Nlusjma Rlcjejgs jm Dfpfm. FH@J Qlrojma

Rfpgr 77>. Xloyl4 Fsjfm Hgvgclpkgmt @fmo Jmstjtutg. Fvfjcf`cg4nttp4//www.fh`.lra/pu`cjeftjlms/nlusjma-kfrogt-fmh-nlusjma-plcjejgs-dfpfm/

Rcgfsg elmtfet tng futnlr ilr jmilrkftjlm f`lut tnjs pfpgr.

Gkfjc4 Ol`fyfsnj.2rnBdni.al.dp

Kfsfnjrl Ol`fyfsnj js tng Hjrgetlr Agmgrfc ilr tng Acl`fc Kfrogt, Pgsgfren fmh UurvgyHgpfrtkgmt, fmh Hjrgetlr Agmgrfc ilr Jmtgrmftjlmfc Fiifjrs, Elrplrftg UtrftgayHgpfrtkgmt, Dfpfm Nlusjma Ijmfmeg Fagmey (DNI).

Xng futnlr tnfmos elccgfaugs ft DNI ilr elkkgmts fmh suaagstjlms. Lmcy tng futnlr jsrgsplmsj`cg ilr grrlrs. Xng vjgws gxprgssgh jm tnjs pfpgr frg tnlsg li tng futnlr fmh hlmlt rgicget fmy li tng vjgws li tng Fsjfm Hgvgclpkgmt @fmo, tng Fsjfm Hgvgclpkgmt@fmo Jmstjtutg, tng Alvgrmkgmt li Dfpfm, lr tng DNI.

Xng vjgws gxprgssgh jm tnjs pfpgr frg tng vjgws li tng futnlr fmh hl mlt mgegssfrjcyrgicget tng vjgws lr plcjejgs li FH@J, FH@, jts @lfrh li Hjrgetlrs, lr tng alvgrmkgmtstngy rgprgsgmt. FH@J hlgs mlt aufrfmtgg tng feeurfey li tng hftf jmecuhgh jm tnjs pfpgrfmh feegpts ml rgsplmsj`jcjty ilr fmy elmsgqugmegs li tngjr usg. Xgrkjmlclay usgh kfymlt mgegssfrjcy `g elmsjstgmt wjtn FH@ liijejfc tgrks.

Qlrojma pfpgrs frg su`dget tl ilrkfc rgvjsjlm fmh elrrgetjlm `gilrg tngy frg ijmfcjzghfmh elmsjhgrgh pu`cjsngh.

Fsjfm Hgvgclpkgmt @fmo JmstjtutgOfsukjafsgoj @ujchjma >I

5-0-7 Ofsukjafsgoj, Enjylhf-ouXloyl 622-922>, Dfpfm

Xgc4 +>6-5-57:5-7722Ifx4 +>6-5-57:5-7716WPC4 www.fh`j.lraG-kfjc4 jmilBfh`j.lra

© 0269 Fsjfm Hgvgclpkgmt @fmo Jmstjtutg


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FH@J Qlrojma Rfpgr 77> Ol`fyfsnj

F`strfet

Nlusjma plcjejgs jm Dfpfm fitgr Qlrch Qfr JJ wgrg ileusgh lm tng qufmtjtftjvg suppcy linlusgs wjtn f wjhg rfmag li tfragtgh arlups fmh pu`cje rgmtfc nlusgs. Xng Dfpfm NlusjmaElrplrftjlm (mlw tng Wr`fm Pgmfjssfmeg Fagmey) fmh tng Alvgrmkgmt Nlusjma ClfmElrplrftjlm (mlw tng Dfpfm Nlusjma Ijmfmeg Fagmey) nfvg sgrvgh tl fhhrgss tngsg plcjeytfragts feelrhjmacy. Xng rgstlrftjlm li nlusjma stleo wfs sueegssiuc, ùt tng elccfpsg li tngprlpgrty ù``cg jm tng gfrcy 6::2s efusgh mgaftjvg jkpfet lm tng rgfc gelmlky fmh ergftghpgrsjstgmt clss li elmijhgmeg fklma tng Dfpfmgsg pglpcg, wnjen js gxfegr`ftgh `y hgicftjlmfmh mgaftjvg hgklarfpnje ifetlrs (hgergfsg li tng plpucftjlm fmh fajma li slejgty).Gmnfmegkgmt li tng qufcjty li nlusgs js fm jkplrtfmt pfrt li tng nlusjma plcjey jm Dfpfm, ùt,ft tng sfkg tjkg, tngrg mgghs tl `g f `fcfmeg `gtwggm mgw elmstruetjlm fmh tng fetjvftjlmli gxjstjma nlusjma stleos. Ajvgm tng slejfc gxpgrjkgmts eurrgmtcy umhgrwfy, tngrg js mggh tleclsgcy klmjtlr tng enfmags li kfrogt trgmhs.

DGC Ecfssjijeftjlm4 P68, P06, P56, P5>


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Elmtgmts

6. Jmtrlhuetjlm ................................................................................................................ 5

0.

Eurrgmt Utftus li tng Nlusjma Kfrogt ........................................................................ 5

5. Enfccgmags fmh Pjsos ................................................................................................ >

8. Nlusjma Rlcjejgs jm Dfpfm ........................................................................................ 67

8.6 6:87―0222 ................................................................................................... 67 8.0 Dfpfm‚s Nlusjma Rlcjejgs jm tng 06st Egmtury ............................................... 08

7. Enfccgmags ilr tng Iuturg ........................................................................................ 52

7.6 Enfccgmags ilr tng Dfpfmgsg Gelmlky ........................................................ 52

7.0

Enfccgmags ilr Klrtafag Kfrogts jm Dfpfm .................................................. 56 7.5 Enfccgmags ilr K@U Kfrogts jm Dfpfm ......................................................... 50

7.8 Elvgrgh @lmh Cgajscftjlm ............................................................................ 55

9. Cgsslms Cgfrmgh irlk tng Dfpfmgsg Gxpgrjgmeg .................................................... 55

1. Elmecusjlm ............................................................................................................... 57

Pgigrgmegs ......................................................................................................................... 59


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6. JMXPLHWEXJLM

Nlusjma plcjejgs jm Dfpfm fitgr Qlrch Qfr JJ wgrg ileusgh lm tng qufmtjtftjvg suppcy linlusgs tl fhhrgss tng `feocla li 8.0 kjccjlm umjts. Dfpfm‚s nlusjma plcjey jm tng cfttgrnfci li tng 02tn egmtury elkprjsgh tnrgg pjccfrs wjtn f wjhg rfmag li tfragtgh arlups4pu`cje rgmtfc nlusgs, tng Dfpfm Nlusjma Elrplrftjlm (mlw tng Wr`fm Pgmfjssfmeg Fagmey _WP[), fmh tng Alvgrmkgmt Nlusjma Clfm Elrplrftjlm (mlw tng Dfpfm NlusjmaIjmfmeg Fagmey _DNI[).

Xng rgstlrftjlm li tng nlusjma stleo wfs sueegssiuc jm tnft tng tltfc muk`gr li nlusgsgxegghgh tnft li nlusgnlchs jm tng kjh-6:92s, ùt tng elccfpsg li tng prlpgrty ù``cgjm tng gfrcy 6::2s nfh f mgaftjvg jkpfet lm tng rgfc gelmlky fmh ergftgh pgrsjstgmtclss li elmijhgmeg fklma tng Dfpfmgsg pglpcg, wnjen wfs gxfegr`ftgh `y hgicftjlmfmh mgaftjvg hgklarfpnje ifetlrs (hgergfsg li tng plpucftjlm fmh fajma li slejgty).

Gmnfmegkgmt li tng qufcjty li nlusgs `gefkg fm jkplrtfmt pfrt li nlusjma plcjey jm

Dfpfm jm tng 06st egmtury, ùt, ft tng sfkg tjkg, tngrg mgghs tl `g f `fcfmeg `gtwggmmgw elmstruetjlm fmh tng fetjvftjlm li gxjstjma nlusjma stleos.

Jm tnjs pfpgr, wg gxpcfjm tng eurrgmt stftus li tng nlusjma kfrogt jm Dfpfm, fmh hjseussfmh gvfcuftg tng nlusjma plcjejgs jm tng 02tn egmtury. Qg tngm gxpcfjm tng enfccgmagsli tng nlusjma kfrogt fmh nlusjma plcjejgs jm tng 06st egmtury, fmh hrfw slkgjkpcjeftjlms ilr ltngr elumtrjgs, fmh tngm elmecuhg.

0. EWPPGMX UXFXWU LI XNG NLWUJMA KFPOGX

Xng nlkglwmgrsnjp rftjl jm Dfpfm wfs 96.1% jm 0265 (Ijaurg 6). Xng cgvgc nfs `ggmfrlumh 92% ilr mgfrcy tng cfst nfci egmtury, wjtn kjmlr icuetuftjlms, wnjen js fcklst tng

sfkg fs tng Wmjtgh Utftgs (WU), (98.2% jm 0268), tng Wmjtgh Ojmahlk (WO) ( 98.9% jm0265), fmh Irfmeg (98.5% jm 0265), ùt njangr tnfm Agrkfmy (70.9% jm 0265). 6

Lwmgr leeupfmey wfs mlt f kfdlr ilrk li tgmurg jm Dfpfm `gilrg Qlrch Qfr JJ fmhkfmy pglpcg, gspgejfccy jm kgtrlplcjtfm frgfs, cjvgh jm rgmtfc prlpgrtjgs, fctnluan tngrgfrg ml liijejfc stftjstjes ft tng mftjlmfc cgvgc. Xng rftjl li tng vfcug li cfmh tl tngmftjlmfc mgt wlrtn0 wfs 52%―82% `gilrg tng wfr, ùt jmergfsgh tl 72%―12% fitgr,wnjen jccustrftgs tng strlma hgkfmh fmh su`sgqugmt jmergfsgs li cfmh prjegs fitgr tngwfr (Ijaurg 0).

Fs li Letl`gr 0265, tngrg wgrg 92.95 kjccjlm nlusjma umjts jm Dfpfm, li wnjen>.02 kjccjlm wgrg vfefmt? tnus, tng vfefmey rftg wfs 65.7%. @fsgh lm tng FkgrjefmNlusjma Uurvgy,5 tng vfefmey rftjl ilr tng WU wfs 60.>% jm 0265, ùt tng ijaurg ilr tngWU jmecuhgs klrg sgelmh nlkgs tnfm jm Dfpfm. Xng vfefmey rftg js njangr jm rgajlmswjtn cgss plpucftjlm jm Dfpfm (Ijaurg 5).

6 Xng nlkglwmgrsnjp rftg jmergfsgh `gtwggm 022> fmh 0260, wngrgfs jt hrlppgh jm tng Wmjtgh Utftgs

fmh tng Wmjtgh Ojmahlk fitgr tng 022>―022: acl`fc ijmfmejfc erjsjs. Xnjs js pfrtcy hug tl f enfmag jm tnghgklarfpnje elkplsjtjlm, tnft js, tng snfrg li tng gchgrcy plpucftjlm, wnjen usufccy nfs njangrnlkglwmgrsnjp rftg, nfs jmergfsgh. Nlwgvgr, tng jmergfsg li tng nlkglwmgrsnjp rftg js kjmjkfc lrklhgrftg, ft `gst.

0 Xng mftjlmfc mgt wlrtn js tng faargaftgh mgt wlrtn li tng hlkgstje sgetlrs jmecuhjma nlusgnlchs,

ijmfmejfc, fmh mlmijmfmejfc elrplrftg ùsjmgssgs fmh tng alvgrmkgmt sgetlr.5

Xf`cg E-22-FN, Fkgrjefm Nlusjma Uurvgy, Ugfslmfc fmh Yfefmt Enfrfetgrjstjes‘Fcc Nlusjma Wmjts,Mftjlmfc Uukkfry Xf`cgs ― FNU 0265, Egmsus @urgfu, WU Hgpfrtkgmt li Elkkgreg.

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Ijaurg 64 Nlkglwmgrsnjp Pftg jm Dfpfm(%)

Ulureg4 Alvgrmkgmt li Dfpfm, Utftjstjes @urgfu, Kjmjstry li Jmtgrmfc Fiifjrs fmh Elkkumjeftjlms.

Ijaurg 04 Yfcug li Cfmh pgr Mftjlmfc Mgt Qlrtn (%)

Mltg4 Xng vfcugs `gilrg Qlrch Qfr JJ hl mlt jmecuhg tng leeupjgh tgrrjtlrjgs lutsjhg Dfpfm fs li tlhfy.

Uluregs4 Alvgrmkgmt li Dfpfm, Gelmlkje Rcfmmjma Fagmey. Uurvgy lm Mftjlmfc Mgt Qlrtn `gilrg tng Qfr?Alvgrmkgmt li Dfpfm, Ef`jmgt Liijeg. Mftjlmfc Feelumts ilr 6::> (9>UMF, `gmenkfro ygfr ; 6::2)(6:9:―6::5), Mftjlmfc Feelumts ilr 0265 (:5UMF, `gmenkfro ygfr ; 0227) (6::8―0265).

Xngrg frg hjseussjlms wngtngr Dfpfm js elmstruetjma tll kfmy nlusgs. Xng muk`gr linlusjma stfrts jm Dfpfm nfs `ggm f`lvg lmg kjccjlm umjts ilr tng 82 ygfrs irlk 6:9> tl022> (Ijaurg 8).

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Ijaurg 54 Yfefmey Pftg jm Dfpfm `y Rrgigeturgs, 0265

Ulureg4 Alvgrmkgmt li Dfpfm? Kjmjstry li Jmtgrmfc Fiifjrs fmh Elkkumjeftjlms.

Ijaurg 84 Muk`gr li Nlusjma Utfrts fitgr Qlrch Qfr JJ jm Dfpfmfmh tng Wmjtgh Utftgs

(kjccjlm umjts)

Uluregs4 WU Hgpfrtkgmt li Elkkgreg? Ighgrfc Pgsgrvg @fmo li Ut. Clujs?8 Kjmjstry li Cfmh, Jmirfstrueturg,Xrfmsplrt fmh Xlurjsk.

Jm 022:, tng muk`gr li nlusjma stfrts jm Dfpfm hgecjmgh tl 2.1: kjccjlm umjts `gefusg litng acl`fc ijmfmejfc erjsjs fmh, sjmeg tngm, jt nfs mlt rgturmgh tl lmg kjccjlm umjts. Jm0265, jt wfs 2.:> kjccjlm umjts `gefusg li tng rusn li elmstruetjlm `gilrg tngelmsukptjlm tfx rftg enfmag tnft wfs senghucgh tl `g jmergfsgh irlk 7% tl >% jm Fprjc 0268.

8 Nlusjma stfrts ilr tng WU `gilrg 6:7: frg hgrjvgh irlk Ighgrfc Pgsgrvg Frenjvfc Uystgk ilr Gelmlkje

Pgsgfren (IPFUGP). Lrjajmfc slureg js Wmjtgh Utftgs @urgfu li tng Egmsus. Njstlrjefc Utftjstjes li tngWmjtgh Utftgs4 Elclmjfc Xjkgs tl 6:12.

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Xnjs jmergfsgh elmsukptjlm tfx rftg jm Fprjc 0268 fhvgrsgcy fiigetgh hlkgstjehgkfmh, jmecuhjma nlusjma elmstruetjlm, fmh tng muk`gr li nlusjma stfrts hgecjmghfafjm tl 2.>: kjccjlm umjts jm 0268. Xng Alvgrmkgmt li Dfpfm plstplmgh ilr 6> klmtns

tng sgelmh pnfsg li tng jmergfsg li tng elmsukptjlm tfx rftg irlk >% tl 62%. Xlkfog tng gelmlkje rgelvgry klrg sustfjmf`cg, tng alvgrmkgmt jmtrlhuegh gelmlkjestjkucus pfeofags, wnjen frg hjseussgh jm f cftgr sgetjlm.

Xnrluan tng kjh-6::2s tl tnjs egmtury, tng snfrg li prjvftg rgsjhgmtjfc jmvgstkgmts pgrarlss hlkgstje prlhuet (AHR) hgecjmgh fs wgcc (Ijaurg 7). Jt usgh tl `g f`lvg 7% jmtng prgvjlus egmtury, ùt jt js mlw `gclw 5%.

Ijaurg 74 Rrjvftg Pgsjhgmtjfc Jmvgstkgmts pgr Arlss Hlkgstje Rrlhuet (AHR)fmh jts Zgfr lvgr Zgfr (Z/Z) Enfmag

Ulureg4 Alvgrmkgmt li Dfpfm, Ef`jmgt Liijeg.

Fctnluan tng plpucftjlm li Dfpfm js lmcy 82% li tnft jm tng WU (601 kjccjlm jmDfpfm fmh 569 kjccjlm jm tng WU jm 0265), tng muk`gr li nlusjma stfrts usghtl `g elkpfrf`cg. Mlmgtngcgss, tng snfrg li prjvftg rgsjhgmtjfc jmvgstkgmts pgrAHR js fcklst tng sfkg jm Dfpfm fmh tng WU. Xnjs rgicgets tng hjiigrgmeg li pgrumjt jmvgstkgmt.

Xng fvgrfag sjzg li mgwcy elmstruetgh, sjmacg-ifkjcy hgtfengh nlusgs wfs 607 squfrgkgtgrs (k0) ilr Dfpfm fmh 081 k0 ilr tng WU jm 0265. Fcsl tng snfrg li kuctjifkjcyumjts, wnjen frg usufccy skfccgr tnfm sjmacg-ifkjcy hgtfengh nlusgs, js kuen njangr jmDfpfm tnfm jm tng WU. Lwmgr-leeupjgh nlusgs feelumt ilr frlumh 92% li tng tltfcnlusjma stleo, ùt rgprgsgmts >2% jm tgrks li icllr frgf (Ijaurg 9). Elkpfrgh wjtnelmtjmgmtfc Gurlpg, tng sjzg li sjmacg-ifkjcy hgtfengh nlusgs js fcklst tng sfkg, ùttng sjzg li rgmtfc nlusgs js sjamjijefmtcy skfccgr.

Xngrg usgh tl `g ml mftjlmfc nlkg prjeg jmhgx jm Dfpfm umtjc rgegmtcy. Xng Xloyl UtleoGxenfmag hgvgclpgh f nlkg prjeg jmhgx usjma tng rgpgft sfcg kgtnlh sjkjcfr tl tngUtfmhfrh & Rllr‚s/Efsg―Unjccgr Nlkg Rrjeg Jmhgx jm tng WU, elkputftjlm li wnjenwfs trfmsigrrgh tl tng Dfpfm Pgfc Gstftg Jmstjtutg jm 0267. Xnjs jmhgx, nlwgvgr, elvgrs

lmcy elmhlkjmjuks jm tng Xloyl Kgtrlplcjtfm Frgf fmh algs `feo tl Dumg 6::5.

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Ijaurg 94 Hjstrj`utjlm fmh Fvgrfag Ujzg li Nlusgs jm Dfpfm `y Xgmurg, 0265

WP ; Wr`fm Pgmfjssfmeg Fagmey.

Ulureg4 Kjmjstry li Cfmh, Jmirfstrueturg, Xrfmsplrt fmh Xlurjsk.

Elmsjhgrjma tnft klst li tng icuetuftjlm li nlkg prjegs js kfjmcy jmicugmegh `y tngenfmags li cfmh prjegs, usjma tng cfmh prjeg jmhgx fs f prlxy tl tng nlkg prjeg jmhgx js dustjijgh tl slkg gxtgmt jm Dfpfm.

Xng cfmh prjegs jm Dfpfm soyrleogtgh jm tng cftg 6:>2s, wnjen turmgh lut tl `g fprlpgrty `u``cg jm rgtrlspget. Xng rgsjhgmtjfc cfmh prjegs jm sjx kfdlr ejtjgs rgelrhghtngjr pgfo jm 6::6 fmh tngm stfrtgh tl pcukkgt, rgsuctjma jm 65 ygfrs li elmtjmulushgecjmgs irlk 6::0 tl 0227 (Ijaurg 1).

Ijaurg 14 Cfmh Rrjeg fmh tng Pgfc Gelmlky jm Dfpfm

AHR ; arlss hlkgstje prlhuet? Z/Z ; ygfr lvgr ygfr.

Uluregs4 Dfpfm Pgfc Gstftg Jmstjtutg? Alvgrmkgmt li Dfpfm, Ef`jmgt Liijeg.

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Jm tng kgfmtjkg, tng arlwtn li mlkjmfc AHR fcsl stfamftgh fmh Dfpfm ifegh mltlrjlus–clst hgefhgs‛ fkjh pgrsjstgmt hgicftjlm. Xng jkpfet li hgicftjlm lm tng nlusjma kfrogtjs hjseussgh jm tng mgxt sgetjlm.

5. ENFCCGMAGU FMH PJUOU

Xng klst jkplrtfmt enfccgmag ilr tng nlusjma kfrogt jm Dfpfm js tng fhvgrsghgklarfpnje trgmh. Mlt lmcy nfs tng plpucftjlm li Dfpfm stfrtgh tl hgergfsg, `ut fcsltng snfrg li tng wlrojma-fag plpucftjlm fafjmst tng hgpgmhgmt-fag plpucftjlm jshgecjmjma snfrpcy (Ijaurg >). Xngrg frg hjseussjlms wngtngr Dfpfm snluch elmtjmugtl elmstruet fs kfmy mgw nlusgs fs li tlhfy, gvgm tnluan tngrg frg gjant kjccjlmvfefmt umjts.

Ijaurg >4 Rlpucftjlm Ujzg jm Fag Arlup fmh tng Jmvgrsg Hgpgmhgmey Pftjl

Mltg4 Gstjkftgs stfrt irlk 0267.

Ulureg4 Wmjtgh Mftjlms, Hgpfrtkgmt li Gelmlkje fmh Ulejfc Fiifjrs, Rlpucftjlm Hjvjsjlm (0267). QlrchRlpucftjlm Rrlspgets4 Xng 0267 Pgvjsjlm, HYH Ghjtjlm.

Xng jmvgrsg hgpgmhgmey rftjl (plpucftjlm fagh 67―98 hjvjhgh `y tng hgpgmhgmt-fagplpucftjlm) nfs f plsjtjvg elrrgcftjlm wjtn nlusjma stftjstjes jm Dfpfm. Xngrg frg twlpgfos li tng jmvgrsg hgpgmhgmey rftjl, lmg jm tng cftg 6:92s fmh tng ltngr jm tng gfrcy6::2s, wnjen eljmejhg wjtn tng pgfos li nlusjma stfrts (Ijaurg :).

Xngsg twl pgfos li tng jmvgrsg hgpgmhgmey rftjl frg grfs wngm `f`y `llkgrs (efccgh–Hfmofj _arlup li kfss[ agmgrftjlms‛ jm Dfpfm) fmh tng enjchrgm li `f`y `llkgrs(efccgh Hfmofj dumjlr jm Dfpfm) rgfengh tng wlrojma-fag `rfeogt fmh tngsg pgrjlhs frgefccgh –plpucftjlm `lmus‛ pgrjlhs jm Dfpfm. Jm tng ijrst wfvg li tng plpucftjlm `lmus,tngrg wfs fcsl f kfssjvg ur`fm kjarftjlm irlk rurfc farjeucturfc frgfs, wnjen `llstghtng hgkfmh ilr nlusgs jm ur`fm frgfs. Xng plpucftjlm `lmus pgrjlh fcsl eljmejhghwjtn tng pgfo li rgfc cfmh prjegs (hgmlkjmftgh `y tng elmsukgr prjeg jmhgx)(Ijaurg 62).

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Ijaurg :4 Nlusjma Utfrts fmh tng Jmvgrsg Hgpgmhgmey Pftjl(kjccjlm umjts)

Uluregs4 Kjmjstry li Jmtgrmfc Fiifjrs fmh Elkkumjeftjlms? Kjmjstry li Cfmh, Jmirfstrueturg, Xrfmsplrt fmhXlurjsk.

Ijaurg 624 Pgfc Cfmh Rrjeg fmh tng Jmvgrsg Hgpgmhgmey Pftjl

Uluregs4 Kjmjstry li Jmtgrmfc Fiifjrs fmh Elkkumjeftjlms? Dfpfmgsg Pgfc Gstftg Jmstjtutg.

Rlpucftjlm prldgetjlm js lmg li tng klst rgcjf`cg slejfc prldgetjlms fmh kfmy pglpcg jmDfpfm `gcjgvg tnft jt js hjiijeuct tl enfmag tng eurrgmt hgklarfpnje trgmh, fmh, ji tnjssjtuftjlm pgrsjsts, jt wjcc `g hjiijeuct ilr tng Dfpfmgsg gelmlky tl agt lut li hgicftjlm`gefusg li tng wgfogmjma hlkgstje hgkfmh.7

7 Xl try tl enfmag tnjs pgssjkjstje vjgw, tng Alvgrmkgmt li Dfpfm fmh tng @fmo li Dfpfm rgcgfsgh tng"Dljmt Utftgkgmt li tng Alvgrmkgmt fmh tng @fmo li Dfpfm lm Lvgrelkjma Hgicftjlm fmh FenjgvjmaUustfjmf`cg Gelmlkje Arlwtn" jm Dfmufry 0265 fmh, su`sgqugmtcy, tng @fmo li Dfpfm jmtrlhueghVufmtjtftjvg fmh Vufcjtftjvg Klmgtfry Gfsjma (VVG) jm Fprjc 0265. Qjtn strlma klmgtfryfeelkklhftjlm `y tng @fmo li Dfpfm, tng jmicftjlm rftg pjeogh up tl `g plsjtjvg jm 0268. –Xnrgg frrlws‛elkprjsjma gxtrflrhjmfry klmgtfry feelkklhftjlm, icgxj`cg ijsefc plcjey, fmh arlwtn strftgay (litgm

umhgrstllh fs strueturfc rgilrk jm f ilrgjam elmtgxt) js gxpgetgh tl elmvgrt tng Dfpfmgsg gelmlky `feotl sustfjmf`cg arlwtn. Dfpfm js umhgraljma f nuag slejfc gxpgrjkgmt, fmh tnjs wjcc nfvg kfmy

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Elkpfrgh wjtn rgcftjvgcy cfrag mgw elmstruetjlm prldgets, tng sfcgs li gxjstjma nlkgsfrg skfcc jm Dfpfm rgcftjvg tl tng WU (Ijaurg 66). Xngrg frg sgvgrfc stftjstjes tnft elvgrtng muk`gr li gxjstjma nlkg sfcgs, fmh lmg li tng cfragst ijaurgs js tng gstjkftg `yIuhlsfm-Pyutu-Ogjgjoyluofj (IPO _Xng Fsslejftjlm li Pgfc Gstftg Fagmts li Dfpfm[).Xng IPO gstjkftgs tnft tng muk`gr li gxjstjma nlkg sfcgs wfs 815,222 umjts jm 0260.Xnjs js fcklst nfci li mgw nlusjma stfrts jm Dfpfm.9

Ijaurg 664 Ujzg li tng Nlusjma Kfrogt jm Xgrks li Muk`gr li Xrfmsfetjlms(kjccjlm umjts)

WO ; Wmjtgh Ojmahlk? WU ; Wmjtgh Utftgs.

Mltg4 Gxjstjma nlkg sfcgs jm Dfpfm frg ilr 0260 fmh gstjkftgs `y tng IPO. –Nlusjma Utfrts‛ jm Agrkfmy js

–Nlusjma Elkpcgtjlms‛. Ltngr ijaurgs ilr tng WU fmh Dfpfm frg ilr 0268 fmh ilr Gurlpg frg ilr 0265. –Muk`grli trfmsfetjlms‛ jmecuhgs ̀ ltn mgw fmh gxjstjma nlkgs.

Uluregs4 WU Hgpfrtkgmt li Elkkgreg? Mftjlmfc Fsslejftjlm li Pgfctlrs? Kjmjstry li Cfmh, Jmirfstrueturg,Xrfmsplrt fmh Xlurjsk? Fsslejftjlm li Pgfc Gstftg Fagmts li Dfpfm? Gurlpgfm Klrtafag Ighgrftjlm.

Xng clw turmlvgr li gxjstjma nlusgs js lmg li tng efusgs li tng snfrpgr hgecjmg li tngvfcug li prlpgrtjgs `y fag. Jt js jmgvjtf`cg ilr gxjstjma nlkgs tl hgprgejftg, ùt tnghgargg li hgprgejftjlm jm Dfpfm js njangr tnfm ltngr hgvgclpgh gelmlkjgs. Irlk 6::7tl 0268, tng eukucftjvg fklumt li mlkjmfc rgsjhgmtjfc jmvgstkgmt wfs ¥5>0 trjccjlm. Xngkfrogt vfcug li gxjstjma rgsjhgmtjfc strueturgs jm 6::8 wfs ¥560 trjccjlm. Ji futlkftjefccyfhhgh, tng kfrogt vfcug li gxjstjma rgsjhgmtjfc strueturgs jm 0265 snluch nfvg rgfengh¥9:8 trjccjlm, ùt tng fetufc vfcug wfs lmcy ¥571 trjccjlm (Ijaurg 60).

jkpcjeftjlms ilr tng Gurlpgfm elumtrjgs tnft nfvg sjkjcfr sykptlks wjtn Dfpfm fmh frg ifejma fhvgrsghgklarfpnjes fmh frg lm tng `rjmo li hgicftjlm.

9 Feelrhjma tl tng –Uurvgy lm Nlusjma Kfrogt Xrgmhs 0265‛ `y tng KCJX, tng vfst kfdlrjty linlkgùygrs wnl purenfsgh lr elmstruetgh mgw nlusgs rgsplmhgh tnft tngy hjh mlt enllsg gxjstjmanlkgs dust `gefusg tngy iggc nfppy wjtn mgw ùjchjmas, wnjcg tng vfst kfdlrjty li nlkgùygrs wnlpurenfsgh gxjstjma nlkgs rgsplmhgh tnft tngy `luant gxjstjma nlkgs `gefusg tngy frg cgssgxpgmsjvg. Xngrg js f strlma prlpgmsjty ilr mgw nlusgs jm Dfpfm, pfrtcy hug tl tng hjiigrgmeg li qufcjty

`gtwggm mgw nlkgs fmh gxjstjma nlkgs fmh tnft plssj`cg strueturfc hgigets ilr gxjstjma nlusgs frgnfrh tl hgtget.

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Ijaurg 604 Yfcug li Pgsjhgmtjfc Jmvgstkgmts (¥ trjccjlm)


Nlw tl gmnfmeg tng vfcug li gxjstjma nlkgs fmh jmergfsg tng sfcgs li gxjstjma nlkgsjs lmg li tng kfdlr enfccgmags ilr tng Dfpfmgsg nlusjma kfrogt, fmh tng Kjmjstry liCfmh, Jmirfstrueturg, Xrfmsplrt fmh Xlurjsk (KCJX) js cfumenjma vfrjlus plcjeykgfsurgs tl fhhrgss tnjs kfttgr (tl `g hjseussgh cftgr).

Fmltngr kfdlr enfccgmag ilr tng nlusjma kfrogt jm Dfpfm js tng irgqugmey li mfturfchjsfstgrs. Jt js 7 ygfrs sjmeg Dfpfm wfs njt `y tng Argft Gfst Dfpfm Gfrtnqufog lm66 Kfren 0266. Jt js mltgh fcsl tnft tng wgstgrm pfrt li Dfpfm wfs njt `y tng Argft

Nfmsnjm―Fwfdj Gfrtnqufog lm 61 Dfmufry 6::7. Gmnfmejma tng gfrtnqufog rgsjcjgmegli rgsjhgmtjfc strueturg rgkfjms fm jkplrtfmt enfccgmag, wnjen js hjseussgh jm tngnlusjma plcjey sgetjlm.

Ulkg pglpcg tnjmo tnft Dfpfmgsg prlpgrty prjegs frg stjcc njan. 1 Ji wg elkpfrg tngmftjlmfc faargaftg li nlusg vfcugs (jmecuhjma vfefmt cfmh `gefusg tngrg frg mlstftjstjes jm Dfpfm wnjen frg tng sfkg fs T6> jm tng WU), tngjr rftjls tl mlkjmfc vfcugsli AHR rgkfjm njangr jm Dfpfm tnfm jm tng WU (Ijaurg 65).

Mlmgtngcgss, tng fvgrfag nlkg prjeg js ilur tl sjx tjkgs tng nlusgnlch jmelkg fmh tnghg`t-tl-jmelkg (hg`t-sgrvjeg) rftjl js frlumh 02%, pfrtcy `gefusg li tng clw jmtgrgstrftgs (Xf`cg 6).

1 Jt js tl `g mltgh tnft f kfdlr enfccgmag ilr plcjeykfogrs jm Dfpfm jm tng cftg 6:>2s wfs nlw tl eur` tng

soyrleogtjma nlusjma prjegs fmh gmnfmeg fiilrhf`jcjty li nlusgs gspgejfccy jm ur`fm frgfs. Xng rfpjhfpprgejftjlm li prlpgrty prjegs turmgh lut tl `g f `u``cg tnft `urst mfturfccy. Xng prjlrjty li nlusjmaplcjey rgafrhjma nlusg prjegs nfs turmgh 6>2 hgarggs sjmeg tngm.

>

@.626 @fcfmeg Unggt li Nlusgnlchs fmh Mlmprlijt Lrafmjzftjlms (6), Ijmfmejfc Feelumts li tng WmjtghUtftgs―T6, Ighgrfc Pgsgrvg.

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Ijaurg 654 Yfcug li Nlusjma Utrueturg fmh Pgsjhgmtjfc Cfmh pgr AHRjm Dfpfm fmh tng Wmjtgh Utftgs

(%)

AHR ; arlss hlkgstje prlhuet? UMF ; systgk li mftjlmfc feelumts? WU ; Wmjtgh Utftgs.

Uluregs4 Alvgrmkgmt li Dfpfm, Ef`jmgt Liijeg? WU Ighgrfc Pgsgrvg? WU Hgpfrtkgmt li Elkkgreg.

Xf`cg 64 Ogy Nlusjma Utftjstjes jm Dfpfm

Uurvgy lm Nlusjma Kfrogt Xrgmh (0265)

@ujc t tl Lrhgr Nlusg ilr Ufcg Gxjstjma Nlkg

w/l Cfmh Qjtn Cfmh Hgtfengh Elmhls Hgtfengh Elmhls

Nlusgnlch Jmelkg(¥ kjccjlm) 9.69 9.69 9.17 9.>: 7.>2 9.65

Nlkg Rrjeg(¥ kjccjlm) 0>.>0 82.61 59.01 57.>5 05.66 00.75

@lrrlwjmas(¥ kjccjlm) 61.>2 09.72 08.:6 05.9: 65.87 66.95

Hlwm Rfykgmt(¥ kjccjlm) 66.20 65.91 66.51 60.65 :.99 62.:2

Rrjeg tl Jmelkg Pftjl 8.1 9.7 7.8 7.0 8.2 5.1

Clfm tl Yfcug Pftjl 90% 99% 9:% 99% 7>% 70%

DNI Rrlijcg li I57 @lrrlwgrs (0265)

@ujc t tl Lrhgr Nlusg ilr Ufcg Gxjstjma Nlkg

w/l Cfmh Qjtn Cfmh Hgtfengh Elmhls Hgtfengh Elmhls

Nlusgnlch Jmelkg(¥ kjccjlm) 7.>7 7.:6 7.11 1.8> 7.00 7.::

Nlkg Rrjeg(¥ kjccjlm) 52.67 59.51 55.02 5>.90 00.75 07.90

@lrrlwjmas(¥ kjccjlm) 05.17 56.18 01.19 52.66 6:.69 06.21

Hlwm Rfykgmt(¥ kjccjlm) 9.82 8.95 7.85 >.72 5.51 8.77

Rrjeg tl Jmelkg Pftjl 7.0 9.0 7.1 7.0 8.5 8.5

Clfm tl Yfcug Pftjl 1:% >1% >8% 1>% >7% >0%

I57 ; Icft 57? DNI ; Dfpfm Nlusjma Ijmfmeg Fagmey? KJCX ; Kjmjstry li Kjmjstry li Cfmh, Jmirfstrueturg, Xrfmsplrt fmhXlurjsk? w/l ;wjtnlut.

Uluregs4 Kjmjstry li Kjmjstry li Cfmh, Jmirfstrueturg, Xrfmsplrt fmh Xlurjsk? Dfpfm Nlusjma Ijmfmeg Fagmey.

Qnft js jmtgrgstjma js tnft hurjma tng pgrjlh li 6::8 tl 0268, tng vfcug li cfmh lwmgh `ytng nlusgnlch sgetlr hgergfsgh `y ¥8>2 trjccjlm, `ut tnjs sgetlr jmergfsgh tng `fcfmeg

li mgt ijmfmejfc fssgts `y ¥752 trjccjlm (Ijaurg 68).

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Ijaurg 684 Enfmag li @fcfmeg ilr Nlusgnlchs jm Dfpfm, 6::8―0268(¥ trjccjlm)


Jt js slkgtjkgs pljmtgh lut tnft tng klrtafag hg`t lutstfmhjma (KHL) pgr AHR jmDfpfm js clwgr tnfm ltngr hgvgclpgh gelmlkjgs. Xng KHL/AHR jm Dfpfm nfsrgkfjmgh frlumh 82% sjmeg tng `gajmmjma li tng 06st egmtury. Jt js tl `g mltgh tnft tngijaurg ilr tng WU wfs fcsl `gclw 72% ft tng `gajmmjma li tnjs egmtury. Xng KHL/AHRjm tng WU jmergfsgh tl 12% fkjh li tng nlusjma `u``cg jm tng gfrcy 0222s (Ijaurg 67).

Ijaurg 674 KHL/AHR fmh Nlusjma Rrjegs jm Dfpfm fmh tng Wmjtgh Utftgs

IZ ; ijsefc ygfr? AHR ; arlss hlkgstje prlhuet? KHL ; klrtafag hg`t lutstfmhjma.

Uluregs4 @fmo li Dfpfm, Alvgrmkgmt li Dfpfm, Ef`jmgt Liijeg? INIF ; Ighgrfc Nlusjma Ijmfmeg Fagmey? WUIghgrfc Pgsgrvg? WU Hgpfrtkgmt li Elkkgreg.

Xng jmicftjlm li tng KHL/AHR rftjl jm tng WU js, tl f cfrag gxtgmt, fttrj`utf`cg tl tngfpprgejftjlm li prlpgrty vfcugs, wngrgfs tngrg wfs ml suen pngmlkgmlm jm Dfpfm. Fcsl, kfmy pglpcg jm Dfpfm tnluant jt wfs klrg fhvfmtfaglus tl prgpfy lutstfmhjma

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klrtafag hg`ts `gefusg tng jmtgrgst rftg jm Dfpfm wfs gxtrgkgcy clw fmh eurtfjckgmt(pfrtjfc prgpfykgmt) elkplsgh f sjamjijefmt pfrt li prgpfykgmt jm Dfpfm. :

Nlusjma elmstruetjlm wfs kfjmtfjmgh ft f njan cgvgc hgspjtg tng hgergfsgs jm nlusjmaprjegs fmh cfrag vfefmejgs jm Dfpfm, pfrtcy hug tl tng snlrt cjig li gxjstjma nlusgs tl `grgpcfegh `y mgw jmvgstkgmts, fmh pfrtcy hug tl tng strlma hgkfmh ilr mgw nlusgs wjtnnjangr qufcjty fklma nlkg`uygrs (wnjen kfy `g fkpcjijgh `y gelmlkje stjkucuskgfsurgs tl slkg gxtgmt).

Jt js fcsl mltgh, nlwgvgr, tnft fctnluan nlusjma stfrts pgr efpjtf jm Dfpfm frg njangrtnfm jm tng WU, jt js mlt mgegssfrjcy tll njan elkpfrgh wjtn slkg Gurlpgfm elumtrjgs(Ijaurg 69).

Ijaurg 694 Nlusjma Utfrts pgr 62,222 Efpjtf, 0220―0265

WO ; Wmjtgh Ojmahlk? WU ; Wmjtgh Utftgs.

Mltg4 Xng vfcug ilr Agrkfmy stfrts irlk 0225? tng vfcugs ilr Dfpfm, tng WU fmh Irfmeg gmh jm 0268? fmh tngvfcugs ilr Agrkfmy, Numafry, tng Mgtngrcfmhs, Jrgcfmh fmh Rlrtuafc frg nlusjma elkpcgtjlms jmstgfh linlusjma stfrts.

Uluregs4 GKI Nyplstft 0268? Gurlstft? Kjmjstry li Jmtgrmfc Fiifjrs fmh Elkkumjeftjlms? Kjmjstry li Cfmh,Jmirfstrueturg, Xrfmsplrt fmh Xlurjsk? Mftjlmfc Jmstjtutg li Utftjstjes fmh Gelmlkje Utuhjgs (Irfmeg)? WUHgpfrtkgmt li Elkkgreg.

Jrgcfmh, Upfjm, fmh Arggeg nfh f cfragr fklumt li nlusjma elmstruetjlm tnfm Dfpfm,lm fvgrfag, fctnluan tngjr kfrogts erfsngh fitgr tng kjh-0222s. Irfmeg, wnjen nfhf cfrag fklumt li nlusjma elmstruetjlm, nlwgvgr, nfh f stf`cg kfrogt jm tgrks li

nlusjma prjegs. Fcsl, tng WO nfh skfcc nlusjma suppcy fmh tnjs elmstrfjmt lm suppcyjs elmsjhgrgh tl `g lmg li tng efusgs li njan prlpgrty prjegs jm tng WO. Nlwgvgr,Agrkfmy, wnjen nfh f sjkjcfr skfcc nlusjma suppcy, hjh mlt gxpgrjgmeg tng sfkgklvgkgmt li nlusjma prjegs fs tng WO.

: Xngrg js jmelkg tfx hghuetjlm ilr klrtafags jm Dfpfm (tl `g hjseussgh cftgr), `ut tng jmegmtjvg tl

kfjmtfjm lutstfmhjma `fcfmegs tl gmdly tfx `gmgijts js mlt fs `ja fs jm tng WU `gefusg li tng fhvgrsgjmtgrgst rftg gmvjrlmkgmt jm Dfpfm.

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8. NLWUJMA RLCJEJGU JM DFRFM

8.6 6:87―0222

Qngm Qlrch Qfr JJ gmhgh jm 6:87, tngrg wfs f snlrtfag li nlusjma jm Dfpfm, frlumh8.0 kjccjlm umjts. Xl fhhrgss tnjs snlrtifcc, tng nlusjma plcjey prjlrjty li tng Alvgrmkgmtli Dfpfm wfs tl jmergfsg tng qufmtjtftjvg suppcy li nlusjma fmh sgvgrfc alvgrmkgmtfagmejgs wgrg gstf`cjsngh. Ijrst, tng Kjmjstry li Elmstruetjlm wfs gstf`cjsngh lm62 Ducy 6:8>. Xngm, tng sl-efccgh –tnrgg pjccfrs ilr nlusjma plcjey‛ tl jmergfsg nlusjmaumjts wgrg jmtrlhuegh jm tng 6:72s fs ilcclws, jm tng lrhgr li gstf`cjsnkgmt4

6) Xng Alvgrmkgmt Nlusjma Clfm Elrplrftjlm (ANCE) wfs gstf`cjsngh lm 7 Dumg6:72 tl fssjst nlusjma elmstruetjlm ijmfmejfccy `y prlvjhjma cjqujhjty tl tngklrtafag kfrogts, wnjen wgrg vjrtufccy mlm-gxjstgmt prgvjluscy.

0) Xng Ru`cje Nlusjma Fet (Fet Ml. 6:5 li 6:76) wfs gmfetgh jm 6:76 tlfutnlrjzg clefc alvgrmkgmt umjts (CAWs) tl elmstruet pu`cje rgmtfc nlusgs ilr

clw-jmelkg pglpcg.

5) Xng Dfpfm Nlusjma Elrplrftjlm (DNE) wfs gstf`cjsngh jm 6:77 tl prlkltgelccgetjvg elmstruetjlm li nlusjma fmh tng cfrag-sefcg suppcy li rgsjhgmtjfc cfmhilr kjhhcg-jmelkg pglpcg, kfjmcy jm kfdlr ur`fm frgfs.

Xng alvgrmkgmt gmfetgh tng Nlusjma Elmstruetjlm Rcfm Cfw jm 6:99 fmh stjpucftghtng tfragt li nlusjma suppcy umhgr gfen Nlusjma Elmstruetjlm Ijvg-Zgfr Rrlarfk. Xngfklumt li nlusjma stleo gxegghgh tng muk`gr li nlusgnlchs jm 6:9>.

8.6.6 Alvgrmkgmt Nlusjma Clfm Elrplrftjlm (ANCE)

8.6.6.6 Lutcjmg li tng ANCE

Xng Alvgrmkgmt li Dfpfm gstf`cjsngh tng ANCE jm 6:72 tl prlvjhg clw-jmtgrgst,ijxgh-rftg klrtafags. Qngm gstf`cjsngh, tng ANCE rgegjvgh pfjh-jm efpjtfc 62 irlktng alvgrmkgmt.

Xl fenjgvg tng kfssjvg suppcy li nlusjma, nlwgvgr, tng iumhjma kgenfmjsk tnft wfshgpgmhgmt lm pfykgmt li efpjtfc irlk tng alvgrmkgmt prlvgh tl `g jmsuiijejgmt `ltn ilrtng ANCE fmh tng DNE. @ltn tngsg gmtjtjgs `lrrlwgh irlk tng Ijsefc Jmvgstkgmt fmhClfm Rrlarfk (IJCR) umhgr tng Kjmjstry li Ijmfmeg (Ijaurg 61).

Fs Ijaurg 61 jccustrftgs, tng ANCE wfs lmg li tng ngfvjgst usgrs li IJCR `lrrlwjmasfmh, tngrgilrg, jt js hgsjrf`cg tl gxpcfjm nlw tng ANCE iumhjma wlrogh jm tng 02tnegmtury. Fklma tng tnrgg pjccfrs li nlusjma plcjey, tng ANCE kfhg tng cfragst

elmtrj`utjlm tl tng suppcy li nlusgs jm tgrks li qufmtjty66

(Ijaurg 6>).

62 Qngm gstf`cjsngh, tng ANCE rgegjvgh efpjtfcjzftjlm irlk f spgejfc feelumt li tng Alvgrmkgmt li Dfpfmtnft usgh tng rgvgrsfc li tng ilrgjam fssjstfmeg irlk tng WU, mfkgcy tng Alvgrmkgmt Fpprlprjftjlm ilrPgcjgi jm Leeupjgh Frgf fmh tng Gelmlkje Pgnf`jcjtftjlm jm Leeupjgh Frgf. Xng fklumt li tnjsfpprlprjftjlm wfs ¥62 `jccjlm fmh tng ANCE fcsl rgegjvgh efpjtfcjzftjlm irlk tng agmgrfc feelumt li tngAlvgrmkgmt li Dfpfm fklumtjma tl ¥7 `jccjlm jm 6:72. Xng pfykgmt irlk tng Alvgrmkgmt li Dfpfm tltng ANCE tl jmergfsg tng efpjtfc elmtjmugh umtjc 6:91. Ujmeg tngm, tng efpjtfc li tng ANCE rgkfjmgh ft¥:1.0 `jccjlm umtjc 0221 wngm tng ANCE wfs rgpcfegh `y tng DNI.

66 Ofmgkltl (6::1) fraugs tnft lmg li tng hgkgrjts li f ANCE clfm wfs tnft jt hjh mlt elmtrj`utg tl tnggmnfmegkgmt li tng qufcjty li nlusgs `gefusg tng su`sjhjzgh clfm wfs fvfjcf`cg lmcy ilr skfcc nlusgs

(up tl 607k0

). Nlwgvgr, tng fvgrfag sjzg li ANCE ijmfmegh nlusgs wfs mlt skfccgr tnfm prjvftgcyijmfmegh nlusgs.

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Irlk 6:72 tl 0221, tng ANCE ijmfmegh 6:.86 kjccjlm nlusjma umjts. Xng tltfc nlusjmastfrts ilr tng sfkg pgrjlh jm Dfpfm wgrg 98.6 kjccjlm umjts. Xng ANCE elmtrj`utgh tlmgfrcy 52% li tng plst-wfr nlusjma elmstruetjlm.

Ijaurg 614 IJCR Arlss @lrrlwjma ilr tng ANCE fmh tng DNE/WP (¥ trjccjlm)

IJCR Ijsefc Jmvgstkgmt fmh Clfm Rrlarfk? ANCE ; Alvgrmkgmt Nlusjma Clfm Elrplrftjlm? DNE ; DfpfmNlusjma Elrplrftjlm? WP ; Wr`fm Pgmfjssfmeg Fagmey.

Ulureg4 Kjmjstry li Elmstruetjlm. 72-ygfr Njstlry li tng Kjmjstry li Elmstruetjlm.

Ijaurg 6>4 Muk`gr li Nlusjma Utfrts `y Ulureg li Iumhs

(6,222 umjts)

ANCE ; Alvgrmkgmt Nlusjma Clfm Elrplrftjlm? DNE ; Dfpfm Nlusjma Elrplrftjlm.


Xl prlkltg nlkglwmgrsnjp, tngrg wfs f efp lm tng cgmhjma rftg tnft tng ANCE eluchenfrag tl `lrrlwgrs. Jt wfs sgt ft 7.7% ilr clw-kjhhcg jmelkg `lrrlwgrs `y ANCE cfw.

Fmy mgaftjvg jmtgrgst kfrajm `gtwggm tng cgmhjma rftg fmh tng iumhjma elst wgrg

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supplsgh tl `g rgjkùrsgh wjtn su`sjhjgs irlk tng agmgrfc feelumt li tng Alvgrmkgmtli Dfpfm (Ijaurg 6:).

Ijaurg 6:4 Klrtafag Kfrogt Pgilrk jm Dfpfm

FPK ; fhdustf`cg rftgs klrtafag? I57 ; Icft 57? IJCR ; Ijsefc Jmvgstkgmt fmh Clfm Rrlarfk? ANCE ; AlvgrmkgmtNlusjma Clfm Elrplrftjlm? ALD ; Alvgrmkgmt li Dfpfm? DNI ; Dfpfm Nlusjma Ijmfmeg Fagmey? K@U ; klrtafag`feogh sgeurjtjgs.

Ulureg4 Dfpfm Nlusjma Ijmfmeg Fagmey.

Njan-jmelkg pglpcg wgrg fcsl gcjaj`cg tl `lrrlw irlk tng ANCE, ùt tng jmtgrgst rftgwfs mlt elmegssjlmfc. Iurtngrklrg, tngrg wfs f egjcjma ilr tng prjeg li tng nlusgs, fmh

cuxurjlus nlusg wgrg mlt gcjaj`cg ilr ANCE clfms. Xng ANCE gstf`cjsngh f prlprjgtfrystrueturfc stfmhfrh ilr nlusgs jt ijmfmegh, jm fhhjtjlm tl tng @ujchjma Utfmhfrh Cfw tnftfppcjgh tl fcc elmstruetjlm wlros (wjtn kjmlr gxegptjlms). Xng ANCE wfs kfmhftgh tlgmnfmeg tng qufcjty li nlusgs jm Dfpfm, ùt fccleftjlm li rgsluregs wfs klrg ileusghlm clw- fmh kjhhcg-jmelkg `lrrlwgrs.

Xng ANCE wfs, nlwgvgr, elkpgtjma wjtn prjvftg `fmos jm tng prjkfry cgmhjma kfrogt.Ilr `fmos tnft hgpgmhgh lm hgplsjts, jt wfs hjiijeuct tl prlvjhg ijxgh-rftg klrtafags jmtng 02tn egmtury. Fitgr tng elccfpsg li tng ù``cg jm tng rgfc gstftg kfrogt jm tng gfrcy6::2s, `fmos suiigrgh irlk mlm-pgrilrkjma clfms fmh struaacgh tl ijmh ùsjmgsslpplrtumjtjgs tl rgstlrg prlijtf`jcjty. Xng ANCE, lm tng ltngr nfmh, wfs fsogh `y tngalvgrmkgmt tl gxpfmh jts cgmhjma prlarfk tl stjkucftg tng gelmlky.

Hurjma tng 6::2s wngm tng gelmlky wfs struaacjma, jmtgrgst rftgs elmtjmugh tlhgecjmg, pfrtcy hug tl tng klmgtfry plcjejgs li tng @fmo li Dfpfm fmh pfrtcy hug tl tnghgecjmg li tng jmicftjlm rftg. Hurjma tnjs tjkg, tng ijsefc plsjtjlm li tng alvgrmkgmthgtgrjlrftgh fmh tng rftjl li pu`cje hg`t tl AHR jmergfsgh su`stfmtjfccy.

Xng hgecjmg li jmtgrgst rftgs trjaagrgh prgpfykgmt lm tng lutstfmhjma klrtafag fssgtsli tng ANCE. Xng fklumt li prgpfykgmt jmergfsgh tl ¥:.: trjccjlm jm ijsefc ygfr (IZ)6::7 (Ijaurg 02).

Xng `lrrlwgrs li ANCE clfms eluch prgpfy wjtnlut pgmfcty, ùt tng ANCE nfh tlpfy f pgmfcty tl IJCR ji jt wgrg tl prgpfy. Xng su`sjhy ilr tng ANCE wfs frlumh¥822 `jccjlm tnrluan tng 6::2s (Ijaurg 06). Uuen f ijsefc ùrhgm `gefkg hjiijeuct ilr tngalvgrmkgmt tl fpprlprjftg fmh jt hgejhgh tl wjmh hlwm tng ANCE fmh rgpcfeg jt wjtn

fmltngr alvgrmkgmt fagmey, tng Dfpfm Nlusjma Ijmfmeg Fagmey (DNI).

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Ijaurg 024 Jmtgrgst Pftg fmh Rrgpfykgmt lm ANCE Clfms(¥ trjccjlm)

@LD ; @fmo li Dfpfm? ANCE ; Alvgrmkgmt Nlusjma Clfm Elrplrftjlm.

Uluregs4 @fmo li Dfpfm? Dfpfm Nlusjma Ijmfmeg Fagmey.

Ijaurg 064 Fklumt l i Uu`sjhy tl ANCE(¥ `jccjlm)

ANCE ; Alvgrmkgmt Nlusjma Clfm Elrplrftjlm? DNI ; Dfpfm Nlusjma Ijmfmeg Fagmey.


8.6.6.0 Kgrjts fmh Hgkgrjts li tng Nlusjma Rlcjey Pgcftgh tl tng ANCE

Xng klst sjamjijefmt kgrjt li ANCE clfms wfs tnft tngy gmf`cgh tng rgstlrftjlm li tngnlusjma stleo jm f vgry snlrt pgrjlh li tjkg wjtn sjkuctfmglus jkprlvgkgmts tl tngnlusjma qufcjty. Dust fitgr Qlrch Qfr JJ, tngrg wfs f nuag snlrtfag li nlusgs fmhkfmy `frrfeos wgrg `ujct tl prlvjhg pcfegs ilr pglpcg tl cjvg. Xng ANCE gstf`cjsngh fprlprjgtfry strueturfc erjtgrjf ilr jts cgmhjma, wnjen jkprlvgh tng qufcjty li nlusgs fmh,ft tng sfkg tjkg, elmtrj`utgh tl sgeurjma tng elccftgrfc vfcug.

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Rrjvftg `fmos wgrg mlt wjccjma tl lrjajmftg klrtafags hurjma tng plst-wfr pgrjlh fmhtng ANCE gstf`cjsngh f hg ifetl stfmhfrh ilr klrtafag hleukgmts, umhgrwrjtjma,ilrgeclsurg, fmh ltngr lpgrftjlmfc prfetjegs ilr nlusjma jm Dfpfm. Kfssjvg prlvjsjlm licjqujhjty wfs gmf`cgh `y tng IJCR, wnjen rfjsgh iumhs irlk tng Rlstfc Ufvjmas fmh tngMftjlmfc Rgmsjlms mftjlmwjhg, tnus, kl`jcjzjma umutjcjzgh ijmfmejfc rgsluregs tnftltngrwjsg kjant nfvg `ggm ogpt jm tng ilrk li efsn.

Xng ANCE ijmfmegh 6:.8 kjccjlm nlusjma umjts irlk 6:72 tl 0221. Xng elst ilr tnjsiumhjma wfs tng suk li su`sjhjgs jt rgegjvgh irlk tng agmgrfc feelumt li tng mftjlmfcùhagt, wnjen wfs ¥822 `jccjlm jm tng cftg 6::2s. Xng hgkgrjt li f ANCE clfm wfs tnftjt elkpgtgh wjtn prjvftg `fmos jm tng prjkfry cgmhjma kfrogt. Fs prjvftg `fmosgxpfmhgh tngjr ùsjmgss, tng ANCE wfs mlt prgpfrgh ilr tng kfssjvg prgpfykgmt tnftleeurrgh jm tng cftg 6::2s.

Fs tng ùsjmgss gmvjrlmkgmt enfmagh, tng rlcg li tng ANCE mgghgh tl `g enfmagh.Xnus, tng alvgrmkgmt hgejhgh tl wjmh hlwm tng ANCE jm Hgegk`gr 0226. Xng ANCEwfs rgpcfegh `y tng DNI jm Fprjc 0221.

8.6.0 Ru`cje Pgmtfc Nlusjma

8.6.0.6 Lutcjmg li Ru`c je Pgmtfc Nlusjma

Xng Ru`cje Nlusjma Fet (Ml. 6:5 li 6:76) wfs jmtrlhuegh tl prlkltg tng elmstruetjlmli pu`cje rgmtfc nlusgs ilr clw-jmelkg pglpcg.60 Wmhgr tnjs sengkg, tng Alvgrmkgmt liDfpfm js kfmhftgh tl gxtgmh ijsefc fssjstfmeg ilr clefc alvgrmkgmt umjts (CAWs) tnftelmstruet fmh lpgrftg pu`cje rgmtfc nlusgs. Wmcjog tng ANCE/DNI lr tng DEN/WP, tngjkpcgkgmtjma gmtjty js mlt f mftjlmfc fagmey ùt CAWs. Ijsefc fssjstfmeg irlk tngAlvgrmkgmt li Dfpfm tl CAWs jmecuhgs f su`sjhy ilr tng elmstruetjlm li pu`cje rgmtfcnlusgs fmh f su`sjhy tl elkpgmsftg tng lpgrftjlmfc kfrajms jmecuhjma rgmt fssjstfmegilr vgry clw-jmelkg rgmtgrs.

@gefusg li tng njancy su`sjhjzgh mfturg li tng prlarfk, tng `gmgijejfrjgs frg cjkjtghtl clw-jmelkg rgmtgrs fmh tng erjtgrjf tl sgcget tng leeupfmts frg gstf`cjsngh jmfeelrhfmeg wjtn f egrtfjm ilrkucf. Wp tl 0265, tngrg wgrg 6.:9 kjccjlm pu`cje rgmtfcnlusgs mftjlmwjhg.

8.6.0.0 Xfragt Jmelkg Arlup li Ru`cj e Pgmtfc Nlusgs

Xng fvgrfag rgmt ilr pu`cje rgmtfc nlusgs js clwgr tnfm ilr prjvftg rgmtfc nlusgs(Ijaurg 00). Xngrg js fm jmelkg cjkjt ilr gcjaj`jcjty tl fppcy ilr pu`cje rgmtfc nlusgs.Iurtngrklrg, rgmt fssjstfmeg ilr pu`cje rgmtfc nlusgs js rgstrjetgh tl tng clwgr 82% litng jmelkg `rfeogt.

Ji tng jmelkg li rgsjhgmts li pu`cje rgmtfc nlusgs jmergfsgs f`lvg tng tnrgsnlch, tngrgsjhgmts frg rgelkkgmhgh tl cgfvg tng umjts, ùt fetufc gvjetjlm js qujtg hjiijeuct.

8.6.0.5 Kgrjts fmh Hgkgrjts li Ru`cje Pgmtfc Nlusgs

Ru`cje nlusjma wfs faargssjvgcy ùjct jm tng 6:72s fmh 6:92s (Jtl 6::8). Xng muk`grli pu`cje rgmtfc nlusgs rgfengh eclsg tl twl kjccjlm umjts jm 6:15. Jt elmtrjùtgh tlfhhrgssjma tng mgghs li clw-jmelkg pglpcg wnl nfh hjiijeucty ijmhjma fiilrhf`cgnlusgs tnrluan tng mlrkfc kfrogt kgenfmjsk.

60

Xnjs fet js elmsjhgrgh tl `g rgcftgh tl Frtjecg 07 li tng Elmstjtutjlm tnft stftgs4 –Fcc pglpcg snfcc nfvg tngrjant tl kfjmtfjm tng kjmjkuk stfmhfrhs li wnlcgslkg fmh eucturgh cjvjma.‛

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Ijaurg 004 Fvgrfag Pgmt (pgr k0)

k0 ; squfrg kgtgr.


Nlwgvgr, hug tl tng fhvfmtfaglus prjejma, tngrg wfs f clma wfjtjma cjst jm ur`fmfrgfs, fmh Ofmgkltl (6::14 959) mltgs tnft –tng fvgrfag muk`gr li fppcjefmts pgrumjt (wfs) 57.7 ilr nlusjma prlvjhgh `y Xloyl prgigeturg jm 6:>:‛. Xngrg wfs fmjmgqufcjty fklma tnlsg wnl wlm tng pu`cje clttgry sgcgetjlm fmh tnlsg wnl clst fklmaclw-jmelkg pglpcg.

Fmltngr hgkgrjt wfs tnft tng leeupfmts wgrg mlt wjccjma tl rgturm tng ogy tl vfeftgtng umjts gvgm fitgr tngjr jmelkg rgfengh f`lvg tng jmelkg tnrgsnlch. Gvjetjlm li

tnlsg umqufcjijgh leeupfmts wfs f hjiijeuct tfso ilr tng CAWs. (F mgw irfkgwlro tlsu`stfmtjfccy jmergfsg tng rgmt ilr umqufcjijgh leeupfmts wfs jmtrlhuegh cftgr.)

Jmvgstkgmt li pu`cje rgmtfc nlusgs wfs elmegmtrftgh jm tng plst-wfr pgrjlh. Jm tnjsrgafrh, –kfmy li tng umjts ùjct jm tnlsg ygfrs frg mlw elmsjhgrgh tl `g tll skfcc‛ (Jtl6::84 008) `fsgh lm tng eurrgmt stftus li nlusjma kfrogt elmhjtjlms. Pgmlvftjlmli pu`cje rgmtfc nlusgs wfs prlkltgh, ùt ijsefc elmstrfjmts fmh tng umwjccjmamgss ligchgrcy rgsjhgmts rgkfjms f enfccgmag ilr sklltn jkpcgkgmtftjlm li tng rgmlvftjlm ligxjstjma pu`cje rgmtfc nlusjma stleo.

8.6.5 Dfpfm Nlusjma Elrplrftjlm (DNE)

8.6.5.6 Lutcjmg li tng DNE

Xng tnjrh, ùt mlt tng cgfst, pjccfr li plst-wfr nlusjma plcjejgs jm Dfpfm js tng DNE,wnjen wfs gstf`cjsngh jm 6:77 tl kfjmcy fhhrgss tng mggh li pglpcg kjarftjma irlkrurfc frgfs tl ur`fm frgfs. Xng DNE umhgrwgmt sgvgrfc lrafmjzftjlmfc trfmsilrkftjlmswjtn ltngr alvgrmkgmt fagmejgs tnrluan kgragrs. Ft tng gmh li tng 02tn egmtury, jt wfsrglrafmjzgh jmtl tng Wr`fm Hgvgclpkgmt Elrplrftjlm (WHE) (Ijaurg 05).

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Ijaurg 054 Njstlry li tng Xrfmsilrkftjlm irlk tng DNE tl tng WP

DNE ; Dfpfm Nlusjma Elrplrftjlm? WP ; Wr`fm Pgmfjssfmeg Fagmey.

Ulureg4 Wr`fm Pgmfjssfmeg Fagmey.

Jm 0228, tng WHE umhgrtllo pfrt li tng lpgrftjlms li tng Dfpfm Pgajlmfc HgvgclpkgmtElrplrftjlm fmh rglrafmjzgh jmtl tng Wr`fm Pgmfjssfmeg Fagmey (WP), wnjen stjccgxjsts tlhfy.

8.6.5.0 Xfragt Jmelkg Arlup li WP fmh ANCE/DNI

Xng WP fmh tng ANCE prlvjhgh fssjstfmeg tl clw- tl kjhhcg-jmelkg pglpcg. Ji wg tfogf cllo ft tng hjstrj`utjlm li tng jmelkg `rfeogt li tng WP jm 0265 fmh tng ANCE jm6:>5, `ltn nfvg f cfragr snfrg jm tng clwgr-jmelkg `rfeogt tnfm tng lvgrfcc plpucftjlm`ut f skfccgr snfrg jm tng njangr-jmelkg `rfeogt. Nlwgvgr, tng DNI, nfvjma f clwgrsnfrg jm tng njan-jmelkg `rfeogt, nfs f clwgr snfrg jm tng clwgst 02% (Ijaurg 08).

Xng ANCE usgh tl rgegjvg f su`sjhy irlk tng alvgrmkgmt wngrgfs tng DNI hlgsmlt. Xng DNI fssjsts pglpcg wnl nfvg f`jcjty tl pfy, rgsuctjma jm klrg ileus lm tngkjhhcg-jmelkg `rfeogt.

Ijaurg 084 Xfragtgh Arlup `y Jmelkg @rfeogt (hjiigrgmeg irlk `gmenkfro)(%)

ANCE ; Alvgrmkgmt Nlusjma Clfm Elrplrftjlm? DNI ; Dfpfm Nlusjma Ijmfmeg Fagmey? WP ; Wr`fmPgmfjssfmeg Fagmey.

Uluregs4 Dfpfm Nlusjma Ijmfmeg Fagmey? Wr`fm Pgmfjssfmeg Fagmey.

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Xng ANCE usgh tl rgegjvg f su`sjhy irlk tng alvgrmkgmt wngrgfs tng DNI hlgsmlt. Xng DNI fssjsts pglpcg wnl nfvg f`jcjty tl pfy, rgsuctjma jm klrg ileus lmtng kjhhcg-jmelkg `rfeogt. Xng DNE usgh tl prlvjhg rgmtfc nlusgs fs wgcc fs nlusgsilr sfcg jmecuhjma elmhlkjmjuks. Qnft wfs umjqug ilr tng DNE wfs tnft jt wfskfjmcy ileusgh lm tng nlusjma prl`cgks jm ur`fm frgfs. Fs li 0265, tngrg wgrg>77,722 nlusjma umjts fhkjmjstgrgh `y tng WP, li wnjen 81>,522 umjts frg cleftgh jmtng Xloyl Kgtrlplcjtfm Frgf.65 Xnjs feelumts ilr 77.:% li tng tltfc WP nlusgs fmhsnlws njan aglarfpnjefc elmegmtrftjlm (Ijaurg 07).

Ijaurg 074 Unfrg li Xloyl Kgtrlplcjtfm Frgfs(%)

DNE ; Dfpfm Nlusjma Elrplrftjlm? WP ; Wr`fm Pgmfjssfmeg Fagmey.

Ulureg4 Kjmjstry li Jmtgrmfc Fiifjrs fmh Elkkumjeftjlms.

8.6.5.5 Kgrjts fmh Hgkgrjts li tng DNE

Xng DNE pjlmggrgh tng cfrag-sefcg rgsjhgmtjfc sjtg hgvgclpkgmt omlwm fs tng –mgwtlwm hgvgclpkgmt‛ jm Dfpfm. Jt ergftgh Xfkf Mgw Xlwm jm tng Xloyl Kgtrlplcjtfm Frgf fmh Ugmrj Mgw Xlwm jm tng Lsfof Kgtrlplcjtfm Frgf, `ltn li wnjen frg rgafrhghfs tgkpcftgs ilr tng ur`fm hgvgclpkgmt klhgc tl `g jkpcgkgmtgh `y tng prjvftgsgetlr. Xnrluan tngsg prldgets, tng cjvjma stycg ilr kuctjifkjcy rgsjhgmtjfc umjts wfsgstf`cjsngh jm ur`fm frgfs, jmecuhjma nlusjma umjts tnft nfh `ftnrllks jm tng umjts.Uuen wlrhjma –5 HO‛ (kgfmjma tnrgg `ghrllks wjtn sgpfrftg hjmjma rllk fmh ojtengm)`gefkg plpucfr jm tng 6:92s.

Nlwgvgr, tng fhvfmtfag li tng DNE hjkjmjsngh –fs prjvftg hgvgclpgrs feeukucftg

ùsjmgss omlw-nlw fmh `gelkg strlmagr ijmfmejfccy‛ (Ofmgkltl 6::14 951).

Xng alvgrmkgmt hgejhgh tl rglrafmjzg tng WHE jm tng Ef`jmgt Pgslcutjlm li 0226,wnjen fcsl hgejhgh tl f`lcjsn tng ANCE. Jt wfs hgejhgh tl wjmh hlwm slkg li tnglpgrftjlms li tng WHE jmecuhjma mgw tlwm hgvgclpkgmt fmh tng elmstruetjlm li mgwrgmtfc prlpgrtjgs jm agmgrfc.

Xng mgwcy gstf`cjsngh WP nfs kfmhftgs tl elmtrjùtg tl ur`fm rgmgwfcs fmh tngergftjlm li ùsjmgss lpplrtumjtjgs ilr tng prjvftg sgetlr, fklma ltngrs. Xng WP,tlagtngr wjtn tng DNI, js gxtgmhjma fssjstfmeg ilr tng rgstlrftjlm li hjsfstgr-fiigetghfrgfs jm tng Xlnlou rgajlm fitgr tng gfrtnqufog lm 66 Kfren 0266.

65 Xloyl, Ofmfafwf, Enj`f, fmh Ufjtfkf prgigeturgs.

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8.6.8 Xfx Rlcjejgs Pgcftgh tl Nlusjma Kfrogt

8.6.8.6 Rrlpgrty Xfx fmh Utfkp Xfx

Rrlpgrty tfx js f clefc tfx tnft js enfragh lm tng cfmh fmh strueturgs ft 6.8% li tng

fpprfjsgh vfcug. Ejty pcfmmjma tfx js fcsl enfragh lm tng sfkg prlpgrty ft 2.5%. Xnjsfpprfjsgh vfcug js hgtgrkjmgh `y tng clefc futnlrjtjgs fmh litgm clwgr tnfm tngprgvfjcjma kfrogt vfcug li tng prlpgrtjgs68 (Jtl 6::8). Xng rgvgmug irlk prlpgrty tfxwfs ¥>.8>: trjccjlm jm IZ 0260 (fpprlxjkftgcy $625 `jccjlm gqujvfcgmt, usjma tng ilrgjamgxenfmag rftg jm Kfren 0260).

Xngrg usgh tl `g fm gxegptjlmfc trgftkgmt ilr skfcc rgsjhgmtjfc prlpgrtjgs wngrgjm tngtfx rftg lm tng cfmh js rghuegh tl lmg sjxtn li tng fpprfjsgh vfcug ji tngrg rgkfjms frgsjhgmtjfc strueturg lm jt. Xnjs wfs ejtgh fs lmg li tng efusgs li tng njan vfefmey rftgjm Dfpfm `gefusg, gvgm fitgr tng prlpgrty js mlt leeupjgh fmh nfh `gttgr `ghgklcjsngh, tng lwmgr li tng prlpgrty nfh fm jmegmtjvg tl cgfvg tng prlpgrty fs jt js tlgmdly f clwgr prlpgrty tfx rftg. (Xnjs trgftkgmt wfs fkgmhgh jm 0267, fmh jshjseussgh cftgr.) Utfkp tfx js enfragh tl rgajstgr tng tjtcg li tng prlpgrty. Jt js enfragh

tl trfmsigr tng tjtcg li tng prlpgrty fs wgcc.

8.6.8.0 Jmelkg Xfx Hghuet jlm ilr Klrtafags

Jmelkg tfx hghuetjlm ilr klrtafags wfs jmtrlhuegh jm tng IZ 6:>9 `uhagt jm Dfpfm.Xnjs js tng sfkg ygfr fs tng tfx rgilrk jm tng WU, `ut tng kgenfmjsk js hjiigrgmt. JmDfpfm, 6% li tng lutstfmhjma `fcfmeg li f klrtafag js hghuetgh irlk tng fklumt lijmelkg tfx. Xnjs js hjiigrgmt irlk tng klrtafag jmtgrgst pfykgmt hghuetjlm jm tng WU.Jm tng WU, tng pfykgmt li klrtafag jmtgrgst js hghuetgh irlk tng tfxf`cg jmelkg fmh,ngmeg, tngrg js f rgargssjvg giiget? ji tng kfrajmfc tfx rftg js njangr, tng fklumt lisfvgh tfx js njangr `gefusg tng jmelkg tfx rftg js prlargssjvg. Nlwgvgr, jm tngDfpfmgsg efsg, tng kfrajmfc tfx rftg hlgs mlt fiiget tng tfx `gmgijt `gefusg f ijxgh

fklumt js hghuetgh irlk tng jmelkg tfx jtsgci fmh js cgss rgargssjvg tnfm tng WU.Xngrg frg kfmy ltngr tfx jtgks lm nlusjma-rgcftgh fetjvjtjgs, jmecuhjma stfkp tfx lmelmtrfets, prlpgrty tfx, fklma ltngrs. Xngrg frg kfmy gxgkptjlms ilr nlusjma-rgcftghfetjvjtjgs fs wgcc, wnjen frg tll elkpcjeftgh tl gxpcfjm jm tnjs pfpgr.

8.6.8.5 Xfragt Jmelkg Arlup li Jmelkg Xfx Hghuet jlms ilr Klrtafags

Fs li 0267, tng kfxjkuk jmelkg gcjaj`cg ilr jmelkg tfx hghuetjlm ilr klrtafags js¥52 kjccjlm. Lm tng ltngr nfmh, tng clwgst tfxf`cg jmelkg ilr f sfcfrjgh nlusgnlchwjtn nus`fmh, wjig, fmh twl enjchrgm jm senllc js ¥0.969 kjccjlm, feelrhjma tl tngKjmjstry li Ijmfmeg, fmh f nlusgnlch gfrmjma cgss hlgs mlt pfy jmelkg tfx. Xnjs cgvgcjs scjantcy njangr tnfm tng 02tn pgregmtjcg li jmelkg, wnjen kgfms tnft tng clwgst 02%

li jmelkgs hl mlt gmdly jmelkg tfx hghuetjlms ilr klrtafags `gefusg tngy hl mlt pfyjmelkg tfx.

68 Feelrhjma tl tng Ef`jmgt Liijeg, tng vfcug li cfmh li Dfpfm wfs ¥6,606 trjccjlm (Mftjlmfc Feelumts ilr0265). Nlwgvgr, tng vfcug li cfmh wfs gstjkftgh ft ¥981 trjccjlm fmh tng tfxf`cg vfcug js ¥087 trjccjlm ilr

IZ 0265 feelrhjma tl tng Kjmjstry li Jmtgrmfc Fiifjrs fmh Elkkumjeftjlms, wnjen supgrvjsgs clefcalvgrmkgmt umjts jm Dfpfm.

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8.0 Dfpfm‚s Nlusjma Rlcjejgs jm tng 06st Egmtury

8.0.6 Irlk tng ANCE tl tng DNI

Xng kfjm ifjcurg li tng ANCE wfs tnft jt hjh mlt wgcc fmtjejpftg tng jkpfet li

prgpfykgmt lm jts klrtafag plrtilcjl. Xng ANCE clfm wfs elmegssjlmfc fmh fttrfetjvgtl `lrrlwgrs fmh tng kfmfagkgmt `gcjgvgh suen nuag prgpfykgmts wluch mlt leeur.

Ugeurjtjzftjlm li rgsjhgmtjfc klrtafags stfrtgh jm 6:::, `ut wngm tng alvgrmkgmthgejhgh tl wjmh hlwm tng ANCE, tng sgeurjtjzftjlm kfrogt ilr prjvftg cf`gc sgeurjtjgs(RCU) wfs tll skfcc tl rgpcfeg tng ANCE cgmhjma. Xngrg wfs f strlma rgqugst irlk tngrgfc gstftg fmh nlusjma jmhustrjgs tl prgsgrvg tng 57-ygfr, prg-pfyf`cg ijxgh-rftgklrtafag kfrogt jm Dfpfm. @fsgh lm suen `feoarlumh, tng alvgrmkgmt hgejhgh tlgstf`cjsn tng DNI.

Xng DNI hlgs mlt lrjajmftg klrtafags jm tng prjkfry cgmhjma kfrogts. Jmstgfh, jtpurenfsgs ijxgh-rftg klrtafags lrjajmftgh `y prjvftg `fmos fmh klrtafag `fmosfmh pfeofags tnlsg klrtafags jmtl klrtafag `feogh sgeurjtjgs (K@U). Jmstgfh li

elkpgtjma wjtn prjvftg `fmos jm tng prjkfry kfrogt, tng DNI fssjsts prjvftg `fmostl lrjajmftg ijxgh-rftg klrtafags tnrluan jts sgelmhfry kfrogt lpgrftjlms. Jmstgfhli rgegjvjma f su`sjhy, tng DNI rgelrhgh mgt jmelkg li ¥0>0 `jccjlm jm IZ 0268(Ijaurg 09).

Xng DNI jssugs fm K@U elccftgrfcjzgh `y 57-ygfr ijxgh-rftg prg-pfyf`cg klrtafags.Ji tng `lrrlwgrs prgpfy lm lutstfmhjma klrtafags, tng `fcfmeg li tng K@U jsprlplrtjlmfccy rghuegh. Xnjs pfss-tnrluan mfturg li tng DNI K@U js jmtgmhgh tltrfmsigr tng prgpfykgmt rjso tl K@U jmvgstlrs wnl nfvg `gttgr omlwcghag li tngkfrogt gmvjrlmkgmt tnfm pu`cje gmtjtjgs. Xng DNI aufrfmtggs tjkgcy pfykgmt li tngprjmejpfc fmh tng jmtgrgst tl K@U jmvgstlrs. Xng DNI umhgrwrjtgs tng erghjt rjso litng ̀ lrrlwgr.

Ijaurg 094 Hjiigrgmegs `gtwggm tng ANCE fmh tng DNI

Mltg4 DNI stjcc lrjajmftgs klrtafags ilr suen gxegptjlmfc efsgs fs hjsfstgr kjtjaftjlms. Jm suen efsgs, DNI stjcc nfvgfeegss tl iumhjma irlk tng KLI IJCR fmh su`sjhjgs irlk Agmgrfc Fpprlprjftjlms.

ANCE ; Alvgrmkgmt Nlusjma Clfm Elrplrftjlm? DNI ; Dfpfm Nlusjma Ijmfmeg Fagmey? KLI IJCR ; Kjmjstry liIjmfmeg Ijsefc Jmvgstkgmt fmh Clfm Rrlarfk.


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Xng strueturg li tng DNI K@U nfs slkg sjkjcfrjtjgs wjtn tng Gurlpgfm elvgrgh `lmh.Xng DNI rgtfjms klrtafag fssgts lm jts `fcfmeg snggt fmh pcghags tnlsg fssgts fselccftgrfc ilr tng K@U. Ji tng DNI wgrg tl `gelkg jmslcvgmt lr ifeg sjkjcfr kftgrjfccyfhvgrsg sjtuftjlms, tng klrtafag fssgts wluch `g jkkghjftgcy sgargaftgh irlk tngDNI `fcfmeg snggt fmh trfmsigrrgh tl f trust,67 fmh tng eustlhjfm wluch fccleftg tngefsn iclw irlk tng umhgrcyjma fssgts tl `gmgijejfrjgs feelrhjmacy (Ijaurg 01). Xng DNIrgtfjms klrtafag fssgts `gefusg jt js rgqujrgh tl gxtgmh clss kjtjaftjlm giilrtsjmecuhjma klhjijeftjlms li clfm elmtrfets ilr trlu`cgh ̀ lrrlwgrs wjtnlut cjkjt.

Ijaurg 014 Utrueturg li tng DNI K@U

DNI K@U ; Dfpfm Nlusjma Ijmfmeg Fagmey Klrtafag @feogh Ugeurjtjgs.


Xnjs strueturg, wnjen js hjiigrgmt irlk tng lrhjmfry strueturg li sgeurjtjzftjlm tnfttrfmsigrs tng fssgts irlk tng lrjajmftlr tl spgejfc purplsg vgnjecgs tl fenjgvg`fmoruptey rgkltgmgss, nfs prlvgh tl wlro. @y rgtfjmjma fssgts lm jts `fcfmeg snggtfmh umhgrwrjtjma tng erghjt rjso li tng `lrrlwgr, tng DNI js vjajcfmt lm tng qufcjty liklrtafag fssgts fmh tngrg js ml kjsfcjamkgmt li jmegmtjvgs lr klrfc nfzfrh tnft wgrglitgm erjtjejzgh jm efsg li WU RCU, gspgejfccy ilr su`prjkg clfms. Ft tng sfkg tjkg, tngDNI js jkkumg tl prgpfykgmt rjso. Jm tnjs rgafrh, tng DNI K@U js f ny`rjh jm mfturg litng WU Fagmey K@U fmh tng Gurlpgfm elvgrgh `lmh.

Xngsg gcf`lrftgh strueturgs fttrfet elmijhgmeg fklma jmvgstlrs fmh tng DNI K@Unfs `ggm rgegjvjma tng rgputftjlm fs tng `gmenkfro jm Dfpfmgsg efpjtfc kfrogts. Xnglutstfmhjma `fcfmeg li tng DNI K@U js ¥66.0 trjccjlm wngrgfs tnft li RCU js ¥1.> trjccjlmfs li Dumg 0267, feelrhjma tl tng @fmo li Dfpfm.

Xng 57-ygfr ijxgh-rftg klrtafag js fvfjcf`cg ft 6.7>% jm Dfpfm fs li Fuaust 0267. Xngklrtafag prlhuets tnft frg lrjajmftgh `y prjvftg cgmhgrs umhgr tng DNI sgelmhfrykfrogt lpgrftjlms frg efccgh –Icft 57‛ (jmtgrgst rftg js ijxgh _icft[ ilr tng gmtjrg pgrjlh litng clfm ilr 57 ygfrs).

67

F trust js f cgafc gmtjty jmhgpgmhgmt li tng jssugr li tng K@U fmh prlvjhgs tng iumetjlm li „`fmorupteyrgkltgmgss‚ jm sgeurjtjzftjlm trfmsfetjlms.

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8.0.0 @fsje Fet ilr Nlusjma

Xng rgpcfegkgmt li tng ANCE wjtn tng DNI njancjants tng enfmajma plcjey gmvjrlmkgmtjm Dfpfm? tng jmjtjfc nlusjma plcjey fitgr Qlrch Qfr JJ tl suppcy f cfrag qufmtjty linlusgs wfs fenjgvgh wjtnjm tng 02tn egmtury, fmh tng ileus li tng nlusjma plcjey nfs

mlw snjitgh tl tng qufcjty li nlusgs. Fs js kgmtjlmgh gfrcjgr, tngrg nfs `ggm f hrfstjeenfmag li tng hgklarfpnjes jm Dfpfm fs wgcc, wnjen fcsl ilregs tng fagmhf li tngnlusjma plcjey tl fhhrgss suen enfmags.

Jm tnjs elmtgxt, tng @fsje Fet ilr Nlusjma wfs gmfetgh lm > Dumg 0229. Xng kfjm pjccfrli tng plcjey enfmag wfs tng snjit irlk qufmtjty tl qufcjty, fmh tng 7-ygfr prlarfk wfsf`lcjsngh. Xng Fet stjpucftgh tng ilcclwjma fs tng prjmejpcgs li tng nlusjma plcjey4

6) prlvjsjlm li sfig, sgeurgh, fmh njan-qufcjty nlusjma stleo fmh cjvjmagmvjrlmkgmt?

0) gstf`cjsnkgmt li f hgsjrf`cg nlusjma kfrogt gmvjrlmkgmt? fmh

5) gstf`cjsnkgmt li nlusjma sfigty mgts ilr pglpcg nfvjma hjiijeucty tl sgeurg

f nlusg.

Xng nlusjma plcjey jm Dfpfm js vgry elkprgngmsjvg fmh wg frg mlt sggojma tl gxpcfjmfcc li tngsg plcjey tllcs. Fs ilr tng hgtfjcs, pcgfsg rgigr tl @ujchjma Egmtgr li Dfpfm(0268). Jm tnjs pfpgr, wg mlw hjseuss tnlsg plcjejgs rgcftgh tl tng gchgrcy plpucftjlm,gmgray giijejgmey li nlusjma, gxpfmsjlm li gxjstjma nlkg trfmsfetjlms, fmh tngrgelvgry wlro irlk tng Argft Gfst Dfpfm Gfrtnqufog.

8.0.0.6 Fssjstfmeg ilr tng gchgrcy

Dfpfm js ifejma fm umprgeghgmtgh fajma slejgty. Gchgrcy pglpcg usufccy nfvg cgsspnysjefc elkpgtgmeg tnfm tng wlrojma-fag plpucftjlm, fmh nlusjma umjts tnftfeelkklhftg suen pglpcg kust nfvg sgvgrfc hjiigrgmt strueturgs jm tgrks lifeegssj`jcjty fmh ltngrs. Xl fhhrgss suen enfccgmags, tng Fet lm Ugeurgkgmt li Utf`cgUuppcy li Gchgrcy Rgrslms' Nlusjma (Fet Ml. 09 li 0226) wfs gmfetgh jm 0226, `ut jtwfs fkgmhgh jm 0266 fmh sgvgrfc prlarfks ilr tng gchgrcy wgrg jmtgarftgh jmtl tngrgajstrftjlm systgk ilr Nlusjma wjtn Uupplrt Ugrvjegs ilr tng Gchgrcy.

@usjmgss gmtjtjgs lr pgrslms wnl prlvjhg tngsg typgs li ifejcjtjgs frg arfmtgh f su`sjhyilr tng elmstruetjlm elst, feegcgrftgh hgprgejftjlm ilr jmelkg tfx, fmh rghuetjlm liprlpgrty tfx, fklma ltngrs. Xng DNI fcsl gxtgmhs klrtafags ilr tng elmstruetjlm lrpurenfsg li prlpgrtjgs ilr suen purplsgs.

8.0.0.0 Gmnfmegkgmt li gmgray giijejgmey li nlusgs

Dfpfm js lmg li tng klst gmgray-giijejgmt gelmlkjgs ji kgfsurgh `y elmsukptjlm ligmgray pgr AHR. Nlwgvgr, tng gkjssjlm li efr`lm hjlxjhg nfs `ggm rghuegh kfjmcy jmtng jmhustrjfc sgetlr fmh tngrg frg klrg giilrts mgghgh jm tng nlusgnlch sgetlr.Gmnfmegkgmt li gmgray giijejgmey nfs fcsl `gelkg klrg jkplrtfmt fitgr kfmy muecgfrrgfetlrs wgrg snut hlwm ilcclwjma tng feejhgmts ft tng Iuousnjkf plwgr pcfmt `y tngArgft Gfst Dfpfm Gfrtnqufog lm 66 Kfren 0266.

Xngrg frg vfrjgtjgs li plcjey tllcs jmtrlhuegh tl gmnfmeg gmgray giijejgmey li nlusgsjmecuhjma tfx `gmgijts. Lmg li tng wjhgcy-usgh tllcs js –Gel-pljmts‛ wngrgjm f vluengrgqujvfcgmt tl f kfxjkuk li ¥522,222 js gmhlwgh wngm pglpcg `uy lr rgmlvftg fnlusg tl kggt egrtfjm erjtgrjf.

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@lrrlwgrs li Icft 57U (f spgejfc typg li Icft 57) wnl purenfsg nlusgs wnjen kggtgmgray-giijejgmey erjtgrjf sgt `y tng DNI fcsl gmdly fm jmtgrgst rftg rghuetjlm. Xngrghuetjlm hgpgmhs lm tng ùhagtfry supplrt fmh, fs li Fuaust 0267, tng rghuetjlm js2.9% ilr tng jmjtjfc 7 ygfrs (2.9% js fm gxegptjlmfc efsg umhgr gelmlkje stjkucuspfeofags fmh, jm lrhjmfry efsgs, jt js 2.5%). Xng jmtgrgst rftg ilr Icft 57U efm `gfs clw fs 2.:>% ilr tng ijrst 7 ygfrs fmh 6.7>% ilr tng rgkfjmjma 52 ygfrs fs li Fuaust 0267.

8.0.0.5 Gxpfmsjlm li gxjstjma nlkg trfmsfetjlm

Fs js mltgh gfrcjgr, tng kfrogt ilr sgccjma gxjstjma nlkgs js skfccgr (jm prlplrtjlm tlmgw nlusjma stfrts) tnfm jm ltngr hgvgclpgh gelmlkjgs. Lmg li tng rgfslms ilr tnjs jstnft tng cjig li f nlusg js snlrtgr jm Dfpfm fmh, ngmeg, mgw elmstruetjlm wlros frgnjangr. Xng fvgrfag fag li nlusgs hgklcjsngh jm Dfpfm js gstjkftgh tl `g cgss tnfm52 ygfrs. Jt js mltgh, nlwgvgr, tnjs hlgs mlt kgfm tnft mgwcy elmstruetgh nlusgs nfvgsjkjcfr hurf`jcjty. Xngjr cjig eluch `g kuen clmagr, kfy`g ilr f egmtury lr sl.

Lmg li tng efusgs ilr tng njan rftg li hgklcjtjlm js tnft tng snfrg li rgmtfc prlpgrty jmDfpfm js njangr tnfm jm tng WU. Irlk 6:76 tl 0268, tngrg wgrg 9:.: kjccjlm nlusjmaumjts stfrtgh jm Dfpfm, fmh 86.2% li tngsg wgrg rgmtfc nlusgs. Pgmtfc nlusgs nfvgsnlrtgr cjig tnfm lwmgr-leeupjgh nlusgs jm Dfpfm (Ijaurg 0>). Pgmtfc nlusgs frg litgmelmstruetgh `y tng iumhs li rjen gchgrcy pglpcg jm tng elmtgxt li fm jmngrjtfmeg tfxstrftgay `y `lrrlwjma klrtafags. Mgfrcy 12% li rgmtfc nlusgs frg ùjct `y suenpgrslms, fmh lmcy tng rgkfjmjma 52% frg elmstruetgh `y elrplrftjlms lr ltngr gmtjtjgs.

Jm fhhjtjlm tl tnjs, nlkgùygrs nfvg f strlma prgigrgmeg ilr mgw nlkgs. Jt jsfsslejftgh wjtn eucturg, tl slkg gxtgmt, fmh mgw nlusgs usufccy nfvg `gttgrgqujpkgmt fs tgenmlclay fhvfmegs. Jt js mlt gfsy tl kgfsurg tng vfcug li tng qufcjty ligxjstjma nlusgs fmh prlspgetjvg nlkgùygrs kfy tfog tnjs ilr cfeo li trfmspfrgmey. Jtjs mlt kfmhftlry jm Dfpfm ilr gxjstjma nlusgs tl umhgral jmspgetjlm fmh tngrg usgh tl`g ml erjtgrjf tl afuag tng qufcjty li gxjstjma nlusgs.

Ijaurg 0>4 Pftjl li Hgklcjsngh Nlusgs `y Zgfr @ujc t (enfmag 022>―0265)(%)


Xng prjegs li gxjstjma elmhlkjmjuks frg jmergfsjma jm tng Xloyl Kgtrlplcjtfm Frgf, ùtumhgrvfcugh wngm elkpfrgh wjtn mgw elmhlkjmjuks (Ijaurg 0:).

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Ijaurg 0:4 Rrjeg li Gxjstjma Nlkgs Elkpfrgh wjtn Mgw Nlkgs(fvgrfag li 0228 tl Dumg 0267)

(%)

WU ; Wmjtgh Utftgs.

Mltg4 Ijaurgs ilr tng WU frg ilr sjmacg ifkjcy nlusgs wnjcg tnlsg ilr Dfpfm frg pgr k0 prjegs li elmhlkjmjuksjm tng Xloyl Kgtrlplcjtfm Frgf.

Uluregs4 WU Hgpfrtkgmt li Elkkgreg? Mftjlmfc Fsslejftjlm li Pgfctlrs? Dfpfm Pgfc Gstftg Jmstjtutg? PgfcGstftg Gelmlkje Jmstjtutg El., Cth.

Xl gmnfmeg tng ùygr‚s elmijhgmeg, tng KCJX nfs cfumengh vfrjlus kgfsurgs tljkprlvg tng qufcjty li gxjstjma nlusgs fmh, tnus, fetjvftg tng trfmsfetjlm li tngk. Jtkfy slumh elmtrfhjetlry, ùt Dfpfm kfy mggh tl feegcgrftg tng hgklcjtjlm li umutjcjzghvfefmt nlusgs, ft tng sfkg tjkg. Xngrg frg >.0 kjccjlm vfefmt nlusgs jm Dfpfm fsli Letl`gr 0265. Ulkg frg vfefmt `gefusg tngy frg usgh fs sgelmh nlusgs.Nlwgvgr, tngrg frg kfmy nlusgs tnft `gefkg vfefmt fitgr tng hgftn li tng lwmgr fmhtng ngjrs cgit tng nlusgs fs tngy rgkfjm. Ulkg li tngsg nlusgs nfvg sgvgrgcyhgtgrjlrftgh fmh frg su`dget tl elccfpsg lr vfmhfcjsk lr ltngr mgaftjvg efusgs ilr tngmgjan`lrjma elkkumjtjgs.

Hurjma tng 02tn egmtury, prlpgrty tfx wfs rghuegh ilr f clt wjtn rgsjhgmtjfc strueturgs.Xng `feoarlumh ilr tnjs wfs tl feegcgrftg tng njan utjcjzftjlm li cfmh `y ajvjma fmjmegmtjvg tl nlkg elmstruetjlm fs wgcc fs tl fssjst nlusgs tnft frg tng `fsje fmhmgegssfry fssgts ilr cjig. Nlwgvgr, tng sjtuftjlm nfs enfmagh. Lch nlusgs mlt sujtghilr rgsjhgmtjfc usg fmyklrg frg cgit wjtnlut hgklcjtjlm dust `gefusg tng prlpgrty tfx

rftg jmergfsgs ji tng rgsjhgmtjfc strueturgs frg hgklcjsngh. Xl rgklvg suen pllrnlusjma stleo, mgw cgajscftjlm wfs gmfetgh jm 0268 tl feegcgrftg tng rgklvfc li suenvfefmt nlusgs.

Ulkg rfhjefc fhvleftlrs jmsjst tnft Dfpfm snluch cjkjt tng fklumt li mgw nlusjmaelmstruetjlm tl jmergfsg gxjstjma nlusg trfmsfetjlms. Nlwgvgr, tng qufcjty li gxjstjmanlusgs js mlt mgegssfrjcy tng sfkg fs mgw nlusgs jm tgrks li gmgray giijejgmey lrgfrtnqufog rgsjcjgmeg. Klrg tnfm 66 kjccjlm nlusgs frg gstjkftgh mlt tl kggt tngerjtgrjf ilr gfrtnqufog rgsjcjgmeg. Ugvgrfc plcjey tllcs nfvg `ggm jmtrlhuegh tl jkprlvgtng strueturg li suen nlusgs `y rgilrkjma tngk, ùt tnjs kfy mlt `g gmluan tl elvgrtng gmtjrg 66 kjccjlm umjts fmh kfmy li tngk kust `g rgpcfegh wjtn mgw nlusjma tlslkg gxtgmt.

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Elmsjhgrjma tng njstlrjefc `feoarlumh tnft Dfpfm f`lcjsngh tng 7-ygfr nlusjmaelmstruetjlm pcfm tl kfog tng nlusjma kfrogt klrg kfrogt lrjgmtgh, jt wluch `g qujtghjiijeuct tl elmtrlc tng suppcy li nlusgs, fmh suen f pcfmmgh-gelmlky rgajkg kfy mlt`g wgcelkgh `y tng jmhustry gjtngr, wnjen kjant nfvg fm fhvgrsg giiget lm tng ltngrsjhgs li plcjey jkpcgkgmtftjlm.

Dfpfm kfy snjit irlk prlkltjlm li mgw nlusjma elmstruetjlm tl prlkltjlm li gxjstjmanlkg trfmsfetjlms, `ut suen f trfmsjtjlm wluch prlargss wjtn slkg hgargg liarfhufcjsk, wjtn hug fttgmtjlm tl kferlgelmlkje jkpcjeftjlms fs wgcc fs tng prltgetjlmli tng cjvgs li tng pglpcg wnl cjvg tngrg.

8.0.0.8 Pgelvgry Qlros irlk Argft Gfst Dfpfm Gfrtnqufog

Xng Argft Gfst Dfpfm Gfrtnqufog lm 66 Kfren 0266 wfs fm umprgeghgmtgh mfturfchjsfstgr, wjtn f kfamjtuhg li :.2 lm tng Pjentgr sefcg, tng cfragst jm tng rgelrh liDfpfmgsg njstlry. Feelrhjma tl tng Ijrg fmh Hjsfstgr Kfmfagkgmt Fagmey, 6:,007pglpcg hjgh fmh 0,968 pglpcg frg kjssjma fs li 6 Kfren 0267. Lm tng sfkg hfy,

601,>52 nlusgs wgrg tltfccy hgstrlygh fmh klrg tnfm lmg kjccjlm nlusgs wgrg pfrtjfccyhfkfagh. Feelrhjma tl tng Pgelmstruetjlm Fagmey, tngrg wgrg 00>,>95 gvfeuggs fsli 60 Ig`rufry 0267. Xng rgelvgry irlk tng hjsfstgr js tng klst jkplrtfmt plcjeyfagmhf ilr Dfpfm.

Irlk tng nlusjma pgrspgetjvg, tng KCJX jkkghjftgcy fetgh tl feegcgrftg tngelmstruetjlm li gkgragmey tgkplrfry nlusgs fmh 75,6:8 umjts wgrg elkpcgtgh fs li6 Kfren 0267. Kfmy nlusgs wgrg wfsngh fwfy `y tng nuag tsumfkj, fs njan fs652 iggt ft jts njangst pljmt, fmh tl fvljh f sjkjcfr hjsfstgr, rgcleftjlm li nlusgs fclmatng sgfsjhg tl njangr pcfeg wfs jkpcgkgmtgh lm f su`stfmtjfc sefcg.

Xng DNI js gxtgmhjma elmsuctftjlms tl gxjstjma `lrrlwgrs lm tng plssj`cg rgsenghucjmali lutstfmhjma klrtafags fmh mgw spgejfc elmegssjlmfc klrtafags ilr tnlsg wnl

frg aljma tl purenfsg lr elmstruet nlusgs (Ijaurg 52). Xl rghueg tng jmtgrgst rftg, tngDNI rgegjvgs f su`sjhy irlk tng alvgrmkgmt fmh rgegjvgs iumhjma irlk IJCR fs fmgxegptjlmfc efsg.

Ijaurg 524 Fssjs tfmeg ilr Hjsfstgr-fiigetgh Rglpcg


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7. ENFCCGMAGU ILP XNG IWXWPG

7.6 Enfccgmags ilr tng Dfpfmgsg Gelmlky

Xng Dfpfmgsg gelmlky js rgelvgrjma irlk 67 ygfrs li hgicftjlm `gefusg li tnggxtrflrhjmfry klmgtfry plcjejgs li tng @fmo li Dfpfm (Ijaurg 56), ùt tng sustfjmf`jcjtyli tng tfragtgh jmicftjlm rftg (0%) stjcc rgkfjms f enfccgmag. Jt hgpgmhs lm wngtngrwfags frg jmergfsgh tl rfjsg hgkfmh fmh tng purenfsjma plwgr li lrhjmfry wlrogrs.Xng Alvgrmkgmt li Dfpfm js fsojma jmhustry cgfhgrs tl prlfetjvgcy fhhrgss tnjs jssugfmh sgvgrfc `cug-enjp elkpfmjgs frg rgsplmhjma feelrhjmacy. @ut jt wjcc tfog slkg tjkgilr suen f klvgkgmt tl sprgfh tl skfcc fmh kghjuk-sjzgh gmtgrprjsgs.

Ijaurg 564 ERJ fmh Klmgtfry @fsg

ERJ ; elmsukgr prjeg jmhgx? IZ ; ijsefc ygfr.

Uluregs4 Kjmjstry li Jmtgrmfc Fiifjrs fmh Elkkumjeftjlms? @fmo li Dfpfm.

Hgicftjlm wfs tng efusg li tng mgaftjvg iggh`feo cllp jm tng Dfpfmgsg gelmlky, fmh jitng giilrts frg sueegssiuc tl lvgrelkg jt, tng gelmlky wjcc rgturm tl tng trfdgetlry lisustfjmf`cg arlwtn. Lmg enfccgmag ilr tnjs js tng pgrsjstgmt `gcjgi tnft jt js hjiijeuct tl agttng Dfpfmgsg gelmlky lut li hgicftjlm `gefusg tng plpucftjlm js hgergfsjma. Uuen fpgssjkjstje vjgw, gspgejfccy fklma slkg fefhgkjes jm Dfpfm, jmsjsts tnft tng eurrgmtrgelvgry li prlpgrty prjegs js mltnjma ùt f ù``cg iugcgh `y tng kfssjvg klmgy suppcy`y tng @fmo li Dfpfm umhgr jts qufmtjtftjvg fmh qufcjtftjvg klmgtfry gfsjma plcjey.

Ifccjma prlpgrty prjegs hfkfag tng `fcfmeg snggts li ijmfmejfc jmstjtutjlms, wnjen efmefusg cgss cgmhjma tl tng gelmlky, lr f erghjt snlrtfag jm tng wlrst efsg. Fs tngplpucftjlm fags, tng jkplrtfmeg li rgvgrsg klrtafags wjcc jmergfsg tl suppcgkgmt tngmftjlmfc pgmsjlm systgk. Pgvgrsg klrtafags wjcc `gmgijt gchgrcy nlkglwmgrs wnlnfvg su`stfmtjfc gqujty jm tngjr nlkgs ùt hlm‚t nfvg gmluan efsn iclw. Pgvgrsgklrtafags wjcc gmf`cg suen nlkglwmgrs tl gmdly klrg irujtiuc cjvgs. @ut jt wluch `ghjiijeuct ilr ijmfmejfc jmstjtutjlms tl gxtgmh rgvgrsg klrtafags ji prlpgrty prjegs elmtjmugtl ifcc.

Ji tng prjvftg sgetlr fclmg efmmlt gxtgmh rgvgrsg klrtafags, tngrg kjant `g slkg dustjijeftjlm ilr tng alvgrmkgmt tl fssjst tngjr prlkltjlm fs hlgs tng Ighgrfc Nlusjma

Fhkjmjstrftjlm jm tng WU umhgr tng Nlkg Gqujty Elmvgrsjlm Klrtafag prlarfk. Ji f

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sjkjcfr prlarfk wgrg tl `g jmtrlhuegh jm Dfpfm, tngrg wluch `g slkg ijsefc elstjmeurrgh. Xng `gmgijejfrjgs li suen f prlarfk wluch `g su`dget tl ijsefc hjsejpcjmgs jmDfpfm fs f hgklerftje slejgty.

7.0 Enfccgmags ilr Klrtafag Kfrogts jm Dfpfm Fs li Ig`rufry 0269, tng 57-ygfr ijxgh-rftg klrtafag js fvfjcf`cg ft tng clw rftg li6.8>% umhgr tng pcftilrk li Icft 57 splmslrgh `y tng DNI. Xnjs js kuen clwgr tnfm tng52-ygfr ijxgh-rftg klrtafag jm tng WU, gvgm hjselumtgh `y tng hjiigrgmeg jm tngjmicftjlm rftg (Ijaurg 50). Nlwgvgr, tng ijxgh-rftg klrtafag jm Dfpfm js mlt fs plpucfrfs jm tng WU wngrg tng vfst kfdlrjty li `lrrlwgrs enllsg ijxgh-rftg klrtafags.

Jt js mlt gfsy tl prghjet tng iuturg pftn li jmtgrgst rftgs, gspgejfccy wngm tng eurrgmtklmgtfry gfsjma plcjey js rgklvgh `y tng @fmo li Dfpfm. Xng mlrkfcjzftjlm liklmgtfry plcjey js f enfccgmag ilr tng Ighgrfc Pgsgrvg jm tng WU tll, `ut jt js klstcjogcy, feelrhjma tl kfmy kfrogt l`sgrvgrs, tnft tng @fmo li Dfpfm efm cgfrm f clt irlktng Ighgrfc Pgsgrvg, wnjen cjitgh tng klmgtfry gfsjma plcjey jm Hgegk`gr 0267.

Ijaurg 504 Klrtafag Pftgs jm Dfpfm fmh tng Wmjtgh Utftgs(%)

FPK ; fhdustf`cg rftgs klrtafag? WU ; Wmjtgh Utftgs.

Uluregs4 WU Ighgrfc Pgsgrvg? Dfpfm Nlusjma Ijmfmeg Fagmey.

Lmg li tng efusgs ilr tng su`prjkg klrtafag erjsjs jm tng WU wfs tng pfykgmt snl eo

ilr ny`rjh fhdustf`cg rftgs klrtafags (FPKs), gspgejfccy ilr tng 0/0> ny`rjh FPKs?69 wngm kfmy su`prjkg `lrrlwgrs `gefkg hgcjmqugmt fmh hgifuctgh. 61 Fitgr cgfrmjmairlk suen fm gxpgrjgmeg, `lrrlwgrs jm tng WU `gefkg klrg elmsgrvftjvg fmh enlsgijxgh-rftg klrtafags.6>

69 Xngsg frg klrtafag prlhuets wnlsg jmtgrgst rftgs frg ijxgh ilr tng jmjtjfc twl ygfrs (fmh litgm clwgrghtl f –tgfsgr rftg‛ tl fttrfet umslpnjstjeftgh `lrrlwgrs) fmh fhdustgh tngrgfitgr hgpgmhjma lm tngprgvfjcjma kfrogt rftg.

61 Xng vlcukg li su`prjkg klrtafags jmergfsgh hrfkftjefccy jm 0228 wngm tng Ighgrfc Pgsgrvg stfrtgh tljmergfsg tng tfragt rfmag li tng ighgrfc iumh rftg fmh, jm 0229, wngm tng jmtgrgst rftg ilr 0/0> wfs tl `grgsgt, tng prgvfjcjma kfrogt rftg wfs kuen njangr tnfm wngm tnlsg klrtafags lrjajmftgh.

6>

Xng Elmsukgr Ijmfmeg Rrltgetjlm @urgfu, tng mgwcy gstf`cjsngh rgaucftlr jm tng WU, rgqugsts cgmhgrstl gxpcfjm klrg hgtfjcgh jmilrkftjlm lm tng rjso li FPKs tl `lrrlwgrs, wnjen fcsl elmtrj`utgh tl tng

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Jm Dfpfm, gxtrgkgcy clw jmtgrgst rftgs elmtjmugh ilr klrg tnfm f hgefhg fmh kfmypglpcg `gcjgvg tnft jmtgrgst rftgs jm Dfpfm wjcc mlt rjsg jm tng mgfr iuturg. @fmos jmDfpfm frg umhgrwrjtjma klrtafags klrg pruhgmtcy tnfm jm tng WU. Qngm efceucftjma tnghg`t-tl-jmelkg rftjl, kfmy li tngk fppcy njangr jmtgrgst rftgs tnfm tng mlkjmfc clwjmtgrgst rftg ilr FPKs. Mlmgtngcgss, jt js hjiijeuct tl prghjet tl wnft gxtgmt tng kfrogtjmtgrgst rftgs al up fitgr tng Dfpfmgsg gelmlky agts lut li hgicftjlm fmh ji tng @LDmlrkfcjzgs jts klmgtfry plcjey.

7.5 Enfccgmags ilr K@U Kfrogts jm Dfpfm

Xng DNI nfs `ggm elmtjmuluscy jssujma K@U fklumtjma tl frlumh ¥0 trjccjlm gvgry ygfrsjmeg IZ 0229, ùt tng jssufmeg li K@U `y tng prjvftg sgetlr hgecjmgh sjamjijefmtcysjmeg jts pgfo jm IZ 0229 (Ijaurg 55). Xnjs js mlt `gefusg tng DNI js erlwhjma lut tngRCU, ùt `gefusg tng rgaucftlry fmh kfrogt gmvjrlmkgmt nfs fhvgrsgcy enfmagh ilrtng RCU, fs js tng efsg jm tng WU.

Fitgr tng jkpcgkgmtftjlm li efpjtfc rgqujrgkgmt rucgs umhgr tng @fsgc JJ Feelrh, tnggqujty elkplmgmt, tng klst su`lrhjmftgh ecfss umhgr jmtgrmfc erghjt gmnfmegkgmtstrueturg li sgeurjtjzftjlm, wfs rgqujrgh tl nfvg tng gqujvfcgmt fklumt li efpjtfc ilr`fmos wngm tngy fppcy tng stfmhfrhjzgh fpprlfen. Xnjs kfhg tng sgeurjtjzftjlmtrfmsfetjlm cgss fttrfetjvg ilr kfmy `fmos jm Dfpfm `gefusg tngy eluch ml clmagr usgtng sgeurjtjzftjlm tl jmergfsg tngjr prlijts Klst li tng `fmos jm Dfpfm nfvg fùmhfmtcjqujhjty jm tng ilrk li hgplsjts fmh hl mlt ifeg cjqujhjty elmstrfjmts fmh, ngmeg, mltnfvg jmegmtjvgs tl sgeurjtjzg tngjr fssgts umcgss tngy ijmh slkg kgrjts. Lmg suen kgrjtusgh tl `g tng rgelamjtjlm li prlijt ft sgeurjtjzftjlm, wnjen js ml clmagr fvfjcf`cg.

Ijaurg 554 Jssufmeg Fklumts li K@U

IZ ; ijsefc ygfr? DNI K@U ; Dfpfm Nlusjma Ijmfmeg Fagmey Klrtafag @feogh Ugeurjtjgs? RCU ; prjvftgcf`gc sgeurjtjgs.

Ulureg4 Dfpfm Ugeurjtjgs Hgfcgrs Fsslejftjlm.

Xng ltngr ifetlr mgaftjvgcy fiigetjma tng RCU js tng `fh rgputftjlm ilr sgeurjtjzftjlmfitgr tng su`prjkg erjsjs? sgeurjtjzftjlm sgrvgh fs f trfmskjssjlm kgenfmjsk tlhjspgrsg tng erghjt rjso li tng pllrcy-umhgrwrjttgm WU su`prjkg klrtafags tl tng acl`fcijmfmejfc kfrogt. Kfmy FFF-rftgh RCU wgrg hlwmarfhgh fmh tngjr prjegs pcukkgtgh.

jmergfsg li ijxgh-rftg klrtafags `gefusg cgmhgrs frg mlt wjccjma tl wfstg tjkg fmh klmgy tl elkpcywjtn suen rgqujrgkgmts.

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Fitgr tng erjsjs, rgaucftlrs frlumh tng acl`g frg jkplsjma strjetgr stfmhfrhs ilrsgeurjtjzftjlm. Lmg suen klvgkgmt js tng jkplsjtjlm li f rjso rgtgmtjlm rucg wngrgjm tngsgeurjtjzgrs frg rgqujrgh tl rgtfjm f egrtfjm pgregmt li tng erghjt rjso li tng umhgrcyjmafssgts, wnjen js stjpucftgh jm tng Hlhh-Irfmo Fet jm tng efsg li tng WU. Pgaucftlryhgtfjcs frg mlt ygt ecgfr fmh tnlsg wnl frg firfjh li `gjma fccgagh lm tng `rgfen lirgprgsgmtftjlms fmh wfrrfmtjgs frg aljma tl ltngr fagmejgs (suen fs Ifmmjg Kfg,Irghhjg Kfe, fmh Ajmmjg Kfg) `gefusg tngy prlvjhg sfig nfr`lr.

Jmvgstlrs wnl jmeurrgh clssgs ùyjma RCU frg fcsl rgcuetfmt tl purenfsg tngk `gefusgtngy nfvg tl `g klrg hjcjagmt tl gxpcfjm tl tngjr lwmgrs wny tngy nfvg jmvgstgh jmsuen jmstrukgmts.

Pgvjtfcjzftjlm li tng RCU kfrogt stjcc ifegs sjamjijefmt enfccgmags. Xl fssjst prjvftgcgmhgrs tl sgeurjtjzg klrtafag fssgts, tng DNI js prlvjhjma wnft js efccgh f –aufrfmtggprlarfk‛ wngrgjm tng DNI prlvjhgs jmsurfmeg lm klrtafags sjkjcfr tl tng IghgrfcNlusjma Fhkjmjstrftjlm jm tng WU aufrfmtggs lm K@U cjog Ajmmjg Kfg.

7.8 Elvgrgh @lmh Cgajscftjlm

Jm 022>, lmg prjvftg `fmo jm Dfpfm trjgh tl jssug strueturgh elvgrgh `lmhs, ùt wfs mltf`cg tl jm tng kjhst li tng turùcgmt ijmfmejfc kfrogt. Ujmeg tngm, tngrg nfvg `ggmsgvgrfc giilrts tl fhvleftg elvgrgh-`lmh cgajscftjlm jm Dfpfm.

Elmtrfry tl prjvftg sgeurjtjzftjlm wngrg tng erghjt rjso li tng umhgrcyjma fssgts jstrfmsigrrgh tl jmvgstlrs fmh tng lrjajmftlr js litgm erjtjejzgh ilr klrfc nfzfrh, elvgrgh`lmhs frg jssugh fs f hjrget l`cjaftjlm li tng cgmhgr fmh tng cgmhgr rgtfjms tng erghjtrjso li tng umhgrcyjma fssgts. Jm tnjs rgafrh, tngrg js `gttgr fcjamkgmt lm jmegmtjvgs ilrcgmhgrs tl lrjajmftg klrtafags klrg pruhgmtcy wngm tngy jssug f elvgrgh `lmh tnfmwngm tngy jssug fm K@U.

Jm Ducy 0268, tng Ijmfmejfc Ugrvjegs Fagmey li Dfpfm hgecjmgh tng rgqugst irlk fmjmhustry arlup tl gmfet elvgrgh-`lmh cgajscftjlm, mltjma tnft tngrg js ml jkkghjftgmggh tl gmfet suen cgajscftjlm fmh tnft tng Dfpfmgsg ijmfmejfc systgk js slumh gmluantl rfjsg iumhs gvgm wjtnlut elvgrgh-`lmh cgajscftjlm.

9. CGUULMU CGFPMGH IPLK XNG DFRFMGUGG^RGPJGMEG

Xng klst jkplrtfmt cgsslm irlk tng Dfpfmgsg gxpgrjgmeg js tnft plcjeykfogrs snluch`g vjajcfmt tl hgtget fmh prgvgmt ù``cgs jm prlpgrty kfrogts. F ijmfmejfc ù``cg, `y

hgijmjtjlm, elccfpsgs gvgmtufccy fmh tng elmsgqugmegs frg sgvgrg hfkfag lm tl tnggelmlky fs gvjhgmegh `y tng Dfpfmgsg efsg, wnjen wfs fcsl rgpgftgh jm tng WU.Nlwgvgr, plcjey rgfetjlm tl fhhrgss tng elccfpsg li f ù``cg js fs jkplrtfmt fshgtgetjma f ù``cg. Hgejsjvg fmh jkkghjftg rgfetjlm `y tng Ighgrfc Pgsgrvg tl prlvjhgcjqujhjty tl tng efpjtfc kfrogt fitgr tng `fmoruptey prltgetjlm ijcjma `y Cgnkfm @rltngrsprgvgmtgh tng WU gelmlky irlk ifccjma jmtl pgrsjstgmt hgicftjlm. Kfmy gelmlkjejmhjeftlrs jm tng WU jmecuhjma AHR, jmhustrjfc prlhuetjlm, pfyrlcc gkpclykgmts, stleoprjegs, fklma ltngrs, nfvg rgelvgrgh irlk tng prg-Cgnkfm erjsjs cgvgc. Xnjs lwgskuen tl tng gxtrflrhjmfry klmgtfry feelkklhftjlm `y tng Ighgrfc Pgsgrvg, wnjen jselmtrfry tl tng efsg jm Dfpfm jm tng gfrcy 6::2s. Fkjh tng ifccjma prlpgrty prjegs, tngrgwfs strlma supplrt li pu`cje lpjmjlm jm Dfpfm tl tng fetjlms tfogm `y tng @fmo li Dfpfmtl pumjsn ù``cgs tnft wgrg fcrgfhy elccfpsjma.

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Lmeg efuant jm hgicftjlm, jt `gelkgs hjiijeuct tl agt lut li jt, fs js hjseussgh `y @uccfrh(0262) fs –umjmtgmhgh stgfhy stftg‛. Kfmy hgvgclpgh gelmlkjgs fs wgcc fs slkggkgrajma gelmlkjgs jm Fsjf frg ifejma sjkjcfr hgklarfpnje enfccgmags fs Dfpfm. Ji tngnlusjma ù``cg eljmejhgs wjtn f plpucftjlm `lmus pgrjlh, tng elccfpsg li f ù``cg kfy`g ilcclwgh `y f hgecjmg li tng jmvgrsg hgpgmhgmey rftjl. Jm suen f efsg, plcjeykgfsurgs tl gmnfmeg fiilrhf`jcjty kfy efusg umjmtgmhgh elmsgqugmegs `y rgjmilrejmatng mgaftjvg iggh`feo cllp li hgicftjlm.

Lmg li tng rgfslms ilr tng jmergfsg li tlurjsts tl Dfpfm js tng vfrjlus giilrts `y tngalvgrmkgmt tl fttrfet ilrgjamgrs jmecuhjma tng rgcfxftjlm li vjsf gmtry rgqujrgkgmts ilrsgvgrfc elumtrjgs. Fmltngr kfdlr rgfslm js tng hgprgejftjlm li tng Dfpfmgsg ygmfafjmst ilrgjam eurrgmejgs, gspgejfccy tng WU hlccfr jm tng cfst tnrgg ygfrs. F wgfogrygm fcsl kfhg tng Dfpfmgsg rgfc gstftg cgss gxpgmsjvg ilr ilrgjam jmvgstlrs fmh`llstgh tng prlpgrty prjegs jm cfrag ejtjgs, gspgejfccy jm Xloyl.

F cgsslm ilr gkgrajma kfrogts js tnft alvgrmkgmt ijmfmejfc jmstjtutjlms (AIJs)kjant wlro ft tng jmjtjfc stfag li tng klrtafag kfrogt hgvgclpkgmt, ùt tnjs js mlt

sustfjmf`cg jmhgijmjtgcy.Ulkg Fsjfm AIJs lpgrftg jm tng prjkfry klrtafag kfrogts fmh ltngrs lpgrftg jm tngsgelmhfry klrtafag kfrogts. Jm sgvgrfc Fsjfm elumtrjgs, ijxgh-rftg klrtafags frgfvfjcf`cg wjtn su`sjhjgs, ùt, jm agmgrfc, klst li tng klrtafag prlhuets jm Fsjf frg FPKs gxegpt ilr Dfpfm. Jm elumtrjgs wngrg prjkfry fmh sgelmhfry AIJs elgxjst, tngprgsgmeg li tng prjkfry AIJs lvgrwngcks tng sgelmhfry AIJs (Xnfjcfmh, Rnjcjppjmgs,fmh Jmhlmgsjf) (Ijaurg 58).

Ijaurg 584 Ujzg li AIJs/AHR jm Fsjfm Elumtr jgs(%)

AHR ; arlss hlkgstje prlhuet? AIJ ; alvgrmkgmt ijmfmeg jmstjtutjlm? AN@ ; Alvgrmkgmt Nlusjma @fmo?UKE ; Ugelmhfry Klrtafag Elrplrftjlm? @XM ; RX @fmo Xfùmafm Mgafrf (Rgrsgrl) Xò? UKI ; RX UfrfmfKuctjarjyf Ijmfmsjfc (Rgrsgrl)? NHKI ; Nlkg Hgvgclpkgmt Kutufc Iumh? MNKIE ; Mftjlmfc Nlkg KlrtafagIjmfmeg Elrplrftjlm? DNI ; Dfpfm Nlusjma Ijmfmeg Fagmey.

Ulureg4 Dfpfm Nlusjma Ijmfmeg Fagmey (02684 :).

Jm Dfpfm, tng ANCE, f prjkfry kfrogt AIJ, wfs rgpcfegh `y tng DNI, f sgelmhfrykfrogt AIJ, jm 0221. Xng strgfkcjmgh trfmsilrkftjlm li tng Dfpfmgsg klrtafag kfrogtwfs sueegssiuc jm tnft tng DNI hlgs mlt hgpgmh lm su`sjhjgs irlk tng alvgrmkgmtwngrgfs tng ANCE usgh tl rgegjvg frlumh 2.6% li AHR gqujvfcgmt su`sjhy irlk tng

alvgrmkgmt.

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Nlwgvgr, tng Dfpfmgsg efsg kfy mlt hjrgetcy fppcy tl ltngr Fsjfm AIJs. Xng strueturgli tng klrtafag kfrogt jm tng Rnjcjppjmgs js sjkjcfr tl tnft li Xnfjcfmh. @ltn elumtrjgsnfvg hlkjmfmt prjkfry kfrogt AIJs fmh nfvg sgelmhfry kfrogt AIJs tnft frgstruaacjma tl agt kfrogt snfrg ùt frg cgss elkpgtjtjvg tnfm tng prjkfry kfrogt AIJs.Ilr tng klkgmt, tngsg prjkfry kfrogt AIJs nfvg f allh rgputftjlm, ijmfmejfc plsjtjlm,fmh plcjtjefc supplrt fmh, ngmeg, tngy frg mlt cjogcy tl `g wlumh hlwm, fs wfs tng efsgwjtn Dfpfm wngrg tng alvgrmkgmt hgejhgh tl wjmh hlwm tng ANCE fmh rgpcfeg jt wjtntng DNI.

Xng sgeurjtjzftjlm li klrtafag fssgts rgkfjms fm fmejccfry iumhjma slureg, mlt lmcy ilrelkkgrejfc `fmos, ùt fcsl ilr kfmy AIJs jm Fsjf gxegpt ilr Dfpfm fmh Kfcfysjf.Elvgrgh `lmhs frg fttrfetjma fttgmtjlm fmh sgvgrfc elumtrjgs frg fhvleftjma tngcgajscftjlm ilr elvgrgh `lmhs. Ujmafplrg fmh tng Pgpu`cje li Olrgf frg tng ilrgrummgrsjm Fsjf jm tnjs ijgch.

Ilr tng sgelmhfry kfrogt AIJs tl gxpfmh tngjr prgsgmeg, jt js jkplrtfmt tl hgvgclpprlprjgtfry hjstrjùtjlm enfmmgcs li tngjr prlhuets tnft frg hjiigrgmtjftgh irlk tngjr

elkpgtjtlrs. Xng hgvgclpkgmt li efpjtfc kfrogts tl f`slr` tng K@U wjcc `g fm jmtgarfcpfrt li tngjr strftgay tl gxtgmh ijxgh-rftg klrtafags wjtn elkpgtjtjvg jmtgrgst rftgs.Xngrg frg sgvgrfc lptjlms tl jkpcgkgmt suen f strftgay, jmecuhjma gxtgmhjmaalvgrmkgmt aufrfmtggs lm tng K@U jssugh `y tng AIJs, prgigrgmtjfc rgaucftlrytrgftkgmts lm tng sfkg, fmh fsojma tng egmtrfc `fmo tl feegpt tnlsg K@U fs elccftgrfcilr rgpurenfsg farggkgmt trfmsfetjlms lr tl purenfsg tngk lutrjant.

1. ELMECWUJLM

Xng nlusjma plcjey jm Dfpfm fitgr Qlrch Qfr JJ wfs ileusgh lm tng qufmtjtftjvg suppcyli nlusgs wjtn f wjhg rfmag li tfragtgh arlups fmh pu`cje rgmtfc nlusgs. Xng Dfpfm

Nlusjma Elrplrftjlm (mlw tng Wr`fm Pgmfjssfmeg Fagmey) fmh tng AlvgrmkgmtNlusjma Clfm Elrplrftjlm (mlw tng Dfpfm Nlusjma Ijmfmeg Fagmey) sgrvgh tlfhhrgss tngsg plcjey tfragts feelrhjmacy. Xng rgstlrftjlm li tng nlusjma stleo wfssueegssiuc, ùt tng elccfpsg li tng prlpgrty ù``cg jm tng gfrcy 6::2s nfh f mgaftjvgjkpfet lm tng gelmlky fmh ergftgh f pgrsjstgmt clss li elmijhgmeg fklma tngDfpfmgsg pglpcg, wnjen wfs gxfegr`ftgh `y hgicftjlm fmh mgaftjvg hgklarfpnjeifetlrs (hgergfsg li plpucftjlm fmh fajma li slejgty).

Gmnfmegkgmt li tng qufcjty li nlusgs js fm jkplrtfmt pfrt li tng nlusjma plcjey jmDfpfm, ùt, ft tng sfkg tjkg, tngrg js mggh tl ajvg fttgmtjlm tl mgw elmstruetjlm fmhtng rgmlvftjlm li gxjstjma nlusjma stleos.

Kfmy hgvgclpgh gelmlkjgs, gspgejfccy tnlsg jm Gurlpg, wjcc ifeg sjkjcfr hgklarfpnje

enfccgmags jm tng mgfr iuturg, fmh slkg Gurlpgfm elumtrjgs frg ft tng `rjmo li hgicftjlmfs li 0269 gvgm fitgr tng jmtrlhuetjlm li mgaftjvg jmtgrgst rftgs lm hgplsjt ifejcjtjgs `ytng Gurlpgfm Egmtrfc @fmo jm Dumg 0268. Xng Dfpfmgsg gxpgrjgmeg jm tngsg ijgchsprlvjhgs slkg suaagstjlms, gspgejfccy irlk tng pgrspgetjvgs li klmgtfry plcjey.

Xng trfmsilrkftjlm li tng klrtafag kfrogt jm Dfpfm wfs hrfstje fs wgcc. Xng trfmsjtjlmirlk prjkfry kfrogts tl sgelmhfry kfrogts wfs strgfkcjmgh fmh sueegssiuc jm Dfpfm,mlt lmcy jm tng ilrk li f ùsjmgss klhgc, ùt fcsl jm tng iumhjma kgenfmjsk. Dfpfm jslmg li tng klst sueegssiuc elumtrjgs tl hgvgclp K@U kfrogts, ltngr tnfm tng WU.Dfpfm‚s gxpgrjgmeg nfs jkpcjeftjlms ilr gkgrajma Fsjfm elumtrjgs wngrg tngrg frgprjkfry klrtafag kfrogt AIJs.

Dfpfm js stjcc jm tng kjhhcg li jts slejfc gxpgrjkgmts fmh tngrg js mggh tl eclsgcy klmjtlr

tng enfmag li kfrogt trgmhs fmh gxenfmag jmilrkftjlm tl ngcp ltngr pfrtjgs elmegrmgh.

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the housing market and housing policies in japan

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