**Vanguard** is known for its low-cost index funds that have consistently outperformed many actively managed funds.
**先锋**以其低成本的指数基金闻名，这些基金持续表现超过许多主动管理的基金。
The company's innovative strategies have placed it at the **
vanguard** of the tech industry.
公司的创新策略使其处于科技行业的**前沿**。
As a **
vanguard** of environmental activism, Greta Thunberg inspired millions to join the fight against climate change.
作为环保行动的**先驱**，格蕾塔·通贝里激励了数百万人加入对抗气候变化的斗争。
The research team is considered the **
vanguard** of genetic engineering, pushing the boundaries of what was once thought impossible.
这个研究团队被视为基因工程的**先锋**，不断突破曾经认为不可能的界限。
In the fashion world, Coco Chanel was a true **
vanguard**, revolutionizing women's clothing with her simple yet elegant designs.
在时尚界，可可·香奈儿是一个真正的**先锋者**，以她简洁而优雅的设计彻底改变了女装。
The **Vanguard** spacecraft marked the beginning of a new era in space exploration.
**先锋号**航天器标志着太空探索新时代的开始。
Tesla has been at the **
vanguard** of electric vehicle technology, introducing features like Autopilot and over-the-air updates.
特斯拉一直是电动汽车技术的**领头羊**，推出了自动驾驶和空中更新等功能。
The artist's work was so ahead of its time that it can now be seen as part of the **
vanguard** of the abstract art movement.
这位艺术家的作品如此超前于时代，现在可以被视为抽象艺术运动**先驱**的一部分。
The **
vanguard** of the army crossed the border under the cover of darkness.
军队的**先头部队**在夜色的掩护下越过了边境。
Investing in renewable energy companies puts you at the **
vanguard** of the transition to a sustainable future.
投资可再生能源公司使您站在向可持续未来过渡的**前沿**。
"Electric grid construction acts as the vanguard for driving local economic development.
“电网建设是推动地方经济发展的排头兵。
During the fourth quarter, the company further promoted its omni-channel innovation project through its collaboration with over 600 stores of China Resources Vanguard, one of China's largest retail chains.
第四季度，该公司通过与中国最大的零售连锁店之一华润万家的600多家门店合作，进一步推进了其全渠道创新项目。
Tech giants are in the vanguard of China's net-zero shift.
科技巨头是中国实现净零排放的先锋。
Wang Qian, Asia-Pacific chief economist at the United States-based Vanguard Investment Strategy Group, said China is expected to achieve full-year GDP growth of between 8.5 and 9 percent, as macro policy moderately loosens in order to boost the recovery in demand.
美国先锋投资策略集团亚太区首席经济学家王谦表示，随着宏观政策适度放松，以提振需求复苏，中国有望实现全年国内生产总值(GDP)增长8.5%到9%。
Suning Group ranks No 5 in China's retail market after Sun Art Group, Vanguard Superstores, Yonghui Group and Walmart Group, according to data from Kantar Worldpanel China.
根据凯度消费者指数(Kantar Worldpanel China)的数据，在中国零售市场，苏宁集团排名第五，仅次于大润发、永辉、沃尔玛和联华超市。
Dada Group, China's leading local on-demand delivery and retail platform, and supermarket chain enterprise group China Resources Vanguard announced on Friday that they have expanded their strategic partnership, with a focus on omni-channel fulfillment, product management, user operations and marketing.
For instance, JD Daojia will provide CR Vanguard with integrated fulfillment solutions, including full warehouse, half warehouse and store warehouse, while Dada Now, Dada Group's local on-demand delivery platform, will offer omni-channel delivery services to CR Vanguard's stores, including on-demand and intracity delivery services.
JD Daojia's smart product assortment and inventory management system will improve the efficiency of product operations and expand the reach of CR Vanguard's platform.
Dada and CR Vanguard initially established a comprehensive partnership in 2018 and have achieved significant momentum with more than 1,600 CR Vanguard stores having been integrated into JD Daojia, the local on-demand retail platform of Dada.
Since the partnership began, CR Vanguard's sales have grown rapidly, with a sevenfold increase in 2019 compared to 2018, and the company recently set a record for single-day sales on July 18 on JD Daojia.
"We recognize the impact improving efficiencies, reducing costs and expanding user base can have for our partners and we are excited to continue to advance how CR Vanguard serves its customers.
CR Vanguard tops the supermarket brands in China by sales of 95.1 billion yuan ($13.5 billion) in 2019, while Alibaba-owned retailer Freshhema witnessed the biggest jump in sales at 185.7 percent, according to the top 100 supermarket brands list released by the China Chain Store and Franchise Association on June 30, the Beijing News reported.
CR Vanguard, Yonghui, Lianhua, Century Mart and Chengdu Hongqi, the five supermarkets with the largest scale of business, owned more than 1,000 chain stores last year.
JD Daojia has partnered with almost all the leading supermarket chains, including Walmart, Yonghui and CR Vanguard.
JD Daojia has partnered with leading retailers and brands, including Walmart, Yonghui, CR Vanguard, Unilever and Pepsi Food, to offer coupons with a total value of more than 250 million yuan ($35.2 million) to consumers.
It will partner with Walmart, Yonghui, CR Vanguard, Unilever, Pepsi Food and other well-known retailers and brands.
Vanguard Group, the world's biggest provider of mutual funds, considers China as one of the most crucial and indispensable markets worldwide.
"Vanguard has firm confidence and determination about taking root in China in the long run, and the company is committed to participating in the opening-up of China's financial markets," said Charles Lin, CEO of Vanguard Asia and chairman of Vanguard Investment Management (Shanghai) Ltd.
"We are writing the future together and placing ourselves at the vanguard of technology and commerce," he commented.
“In addition to being at the vanguard of aviation services, Hainan Airlines regularly receives positive feedback from global travelers as the brand continues to enhance its position in the market.
"The role of our US office is kind of like a vanguard for new technology and a bridge to link China to the outside-China market," Grant said.
Out of the top six retailers in China, based on data from Kantar Worldpanel, only Carrefour and Vanguard remain independent from partnerships with online giants.
This made sure Ma's online behemoth secured control of a fast-growing company at the vanguard of its Southeast Asian expansion plans.
US-based investment company Vanguard Group Inc launched its wholly foreign-owned enterprise in the China (Shanghai) Free Trade Zone on Thursday.
The new entity enables Vanguard, which has assets worth $4.2 trillion under its management, to bring its investment philosophy to China's vast number of investors, the company said.
William McNabb, CEO of Vanguard, said the firm plans to triple its staff in Shanghai to 15 by the end of this year.
Charles Lin, managing director of Vanguard's China unit, said the firm believes that China's retail investment market will be a significant growth driver, given the fast-growing demand for retirement plans and pension funds.
The fresh move is just one of a series of innovative approaches that support Pudong's reputation as the country's vanguard in pushing reform and opening-up.
Specifically, analysts at United States investment manager Vanguard expect that the People's Bank of China, the country's central bank, may implement an RRR cut and slightly reduce interest rates in the coming quarters.
According to the Top 100 China Chains of 2022, released by the China Chain Store and Franchise Association earlier this week, over 50 percent of hypermarket chains in the survey experienced a drop in store numbers, with Walmart China shutting down 31 stores, YH Supermarket pulling down the shutters of 45, and CR Vanguard closing 115 outlets.
These industries have become the vanguard of China's economic development toward higher quality, said Pierre Le Manh, president and CEO of the PMI, a global professional organization in the sectors of project management, program management and portfolio management.
Wang Qian, Vanguard's Asia-Pacific chief economist, said that risks of a full-blown banking crisis appear small, given that US and European banks are well capitalized overall.
"Vanguard, a large investment company, said Chinese policymakers now appear determined to remove all COVID-19 controls.
That development and stronger-than-expected economic data led Vanguard to upgrade its forecast for China's full-year 2023 growth from 4.5 percent to 5.3 percent.
Wang Qian, chief economist for the Asia-Pacific region at the US-based Vanguard Investment Strategy Group, said, "If the spirit of entrepreneurship and innovation (of the Chinese people) can be fully tapped, the long-term outlook of China's economy is expected to be upbeat.
Policymakers are expected to ease macroeconomic policies in a targeted manner this year to spur high-tech and emerging sectors, while keeping cautious about launching broad-based, large-scale stimulus, said Wang at Vanguard.
Its current valuations do not truly reflect US economic picture, said analysts from US-based Vanguard Investment Strategy Group.
Xu Fei, head of alternatives and multi-asset strategies at Vanguard's Quantitative Equity Group, said that the US asset manager is increasing its exposure to emerging market assets to capitalize on the upside potential offered by Chinese A shares.
The world's top three asset management companies — BlackRock, Vanguard and Fidelity International — have all set up offices in Lujiazui.
Ecological accountingIn the longer term, the southern metropolis will build itself into a vanguard of sustainable development and a role model for "harmonious coexistence of humans and nature" by 2035.
Its top 10 shareholders include Ping An Insurance, BlackRock, Bank of New York Mellon, Vanguard, and other global asset management companies.
"The capital outflow pressure facing the Chinese economy is expected to remain controllable as many long-term investors could still scale up their strategic allocation in Chinese financial assets, which will buffer the outflow of short-term speculative money," said Wang Qian, Vanguard's Asia-Pacific chief economist.
"It deserves attention as it will influence how policymakers will adjust monetary policy and industry regulations, including in the property sector, in April to counter rising economic headwinds," said Wang Qian, Vanguard's Asia-Pacific chief economist.
Experts from US-based Vanguard Investment Strategy Group wrote in a note on Thursday that a number of Chinese companies, especially SMEs, are now confronted with much liquidity difficulty.
Wang Qian, Asia-Pacific chief economist at the US-based Vanguard Investment Strategy Group, said policymakers are expected to strengthen targeted supports for smaller manufacturers and other sectors hit by rising energy prices over the rest of the year and the first quarter of 2022.
Stimuli of a considerable scale, nevertheless, may only be rolled out later upon the easing in supply constraints such as energy use limits and disruptions of COVID-19 resurgences impacting economic activities, said Wang from Vanguard.
"Ultimately, emerging markets must rely on internal impetus to grow, which necessitates developing their own human capital and boosting technological innovation," said Wang Qian, Asia-Pacific chief economist at the US-based Vanguard Investment Strategy Group.
Wang Qian, Asia-Pacific chief economist at the United States-based Vanguard Investment Strategy Group, said rising factory gate prices in China are a reflection of higher global commodity prices and shipping costs.
Wang Qian, Asia-Pacific chief economist at the US-based Vanguard Investment Strategy Group, said it is important for China to ensure that production curbs in high carbon-emitting sectors, like mining and utilities, will not be so aggressive that they cause supply disruptions and rising commodity prices.
China's mild inflation prospects have provided the room for monetary policy strengthening support for the economy if downside risks bite, said Wang Qian, Asia-Pacific chief economist at the United States-based Vanguard Investment Strategy Group.
"Wang Qian, Asia-Pacific chief economist at the United States-based Vanguard Investment Strategy Group, said fiscal policy is expected to become more proactive in the coming months and this will boost domestic demand, helping the Chinese economy to achieve full-year GDP growth of between 8.5 and 9 percent.
The city is formulating a 10-year action program for basic scientific research, aiming to use the outcomes to position itself at the vanguard of technological innovation, said Xi Weizhong, an official of Shenzhen's technology innovation commission.
Wang Qian, Asia-Pacific chief economist with the US-based Vanguard Investment Strategy Group, said China's CPI growth is expected to further pick up and come in at about 1.5 percent to 2 percent for the whole of 2021, below the government's control target of 3 percent.
The country is also the vanguard of high-density urban planning, setting the standards for other countries to follow," said Keith Griffiths, chairman and global design principal of Aedas, the British architectural design firm.
US financial services firms BlackRock, Vanguard and JPMorgan have all increased their presence in China recently.
"Shanghai is China's largest economic center and a vanguard of the nation's economic development, and the city is also the cradle of China's shipbuilding industry," said Hao, explaining the place of the new headquarters.
With vanguard applications like helping people with disabilities, the technology has been a key technological battlefield for global competition.
Whenever any vanguard technology announces itself as "the first of its kind", there are typically plenty of questions, curiosity and speculation.
"As the vanguard of Great Wall Motors' overseas strategy, Wey will start first in Germany and then move to other parts of Europe," said Sun Bing, a senior executive in charge of the marque's operations in the European Union.
"As the vanguard of Great Wall Motors' overseas strategy, Wey will start first in Germany and then go to other parts of Europe," said Sun Bing, a senior executive in charge of the marque's operations in the European Union.
At the vanguard will be a new version of the 5, once Renault's stalwart produced between 1972-96.
They made the comments as a series of problems have appeared regarding the metaverse, including real estate speculation, virtual currency scams and copyright disputes, after the metaverse-which aims to combine virtual and real worlds through vanguard technologies-has become increasingly popular both at home and abroad.
Experts from United States-based Vanguard Investment Group agreed that there are signs of economic growth stabilizing in China, based on the better-than-expected data in trade, inflation and credit demand in previous months.
In their August forecast, experts from US-based Vanguard Investment Strategy Group expressed confidence that China will likely continue to adopt relatively moderate stimulative policies, including increasing policy banks' financing extended to high-end manufacturing and green industries.
The restriction on home purchases will be further relaxed, Vanguard said in its forecast.
Wang Qian, chief economist for the Asia-Pacific region at US-based Vanguard Investment Strategy Group, warned that the sell-off of US equities last year was not enough given rising interest rates.
As explained by analysts from Vanguard Investment Strategy Group, the extremely high market valuation of US stocks in 2021 did not last long.
Analysts from Vanguard Investment Strategy Group said they believe the central bank will maintain the MLF at 2.75 percent till the end of this year.
Wang Qian, Asia-Pacific chief economist at the US-based Vanguard Investment Strategy Group, said the necessity for China to prevent capital outflow risks amid tightening global financial conditions also points to limited room for interest rate cuts and a greater focus on structural monetary tools.
The average rate of return of Chinese equities is estimated to be between 6.6 percent and 8.6 percent in the following months, higher than the maximum 5.7 percent for shares elsewhere, wrote analysts from Vanguard Investment Management in a note to clients.
"Given that the rest of the world's economic growth will be slowing significantly throughout the second half of this year, China's economic rebound will take on greater importance for global growth," said Maximilian Wieland, an economist at Vanguard Investment Strategy Group.
Echoing Cheng's views, Maximilian Wieland, an economist at Vanguard Investment Strategy Group, said that modest monetary easing in China should have a less depreciating effect on the yuan than it has had so far as market expectations over an aggressive Fed tightening fade over the coming months.
In addition to lowering mortgage rates and other measures to stabilize the real estate sector, more infrastructure spending and tax cuts to boost consumption could also be announced which would help China's economy recoup its momentum in the coming months, said Maximilian Wieland, an economist at Vanguard Investment Strategy Group.
Maximilian Wieland, an economist at Vanguard Investment Strategy Group, said that the recent yuan weakness is mainly attributable to a strong dollar amid market expectations over aggressive tightening by the United States Federal Reserve and the impact on China's economy of a resurgence in COVID-19 cases.
Wang Qian, Vanguard's Asia-Pacific chief economist, said global investors' strategic allocation in Chinese financial assets will also help offset the depreciation pressure on the yuan.
According to the report on China's mutual fund advisory services jointly released by professional services provider KPMG in China and Vanguard Investment Advisory (Shanghai) in late January, the majority－80 percent－of Chinese mutual fund wrap users are a well-educated group aged between 25 and 35, with equal participation from men and women.
According to Zhang Yu, CEO of Vanguard Investment Advisory (Shanghai), advisers should help clients to understand and plan their personal accounts.
Wang Qian, Vanguard's Asia-Pacific chief economist, said that while most of the world starts to tamp down on economic stimulus to tame inflation, China is poised to add fuel to its economy, which will partially offset the impact on global markets of tightening in developed economies.
The Chinese bond market stands out from the global fixed income market that reported sluggish returns, said Wang Qian, Asia-Pacific chief economist at US-based Vanguard Investment Strategy Group.
"Further reductions in the reserve requirement ratio and interest rates are both possible in the first quarter of 2022," said Wang Qian, Asia-Pacific chief economist at the US-based Vanguard Investment Strategy Group.
Estimates from another global investment giant Vanguard showed that A shares are expected to offer long-term annualized market returns of about 6.3 percent, still modestly higher than the global level.
Wang Qian, Asia-Pacific chief economist with the US-based Vanguard Investment Strategy Group and global head of Vanguard Capital Markets Model, said the forecast is based on growth outlook and diversification benefits of the A-share market.
A recent Vanguard paper has found that the starting level of valuation, together with volatility in economic growth, explains a considerable share of long-term stock market return, meaning that a stretched A-share valuation will weigh on its return outlook, Wang told China Daily.
Holding a similar opinion is Wang Qian, chief Asia-Pacific economist at Vanguard Investment Strategy Group.
The relatively low correlation is conducive to diversified investment, which is also one of the major reasons for Vanguard's continued optimistic outlook on the Chinese market.
For the next decade, Vanguard predicts average returns on A-share investments will be 6.3 percent.
So domestic sentiment has really turned positive and global investors are pouring money into the China market," said Wang Qian, the Asia-Pacific chief economist at Vanguard Investment Strategy Group.
Shenzhen Cuizhu Store of CR Vanguard improved the store's checkout efficiency by upgrading its cash register devices to accept digital yuan.
Wang Qian, the Asia-Pacific chief economist at Vanguard Investment Strategy Group, said that China's equity market, which is already the second-largest in the world, will outpace the country's economic growth with direct financing playing a greater role in the economy.
Investment adviser Vanguard's president, Mortimer Buckley, said he expects more competition and more participants as the Chinese financial market further opens up.
Inc), BlackRock, Vanguard Group and so on.
Other industry big names such as Vanguard, Fidelity International, JP Morgan and Morgan Stanley have all expressed their willingness to apply for such mutual fund licenses in China.
The world's largest mutual funds provider Vanguard expects returns from the A-share market to be between 7.5 percent and 9.5 percent in the next decade, outshining all the other markets in the world.
Wang Qian, chief economist for Vanguard Asia-Pacific, said that China's economic development will be more stable in the next few years as the problem of overcapacity has been properly addressed and more supportive macroeconomic policies are in place.
US-based asset manager Vanguard and Ant Financial Services Group announced on Dec 14 they had established a joint venture to provide a fund investment advisory service to Chinese individual investors, as approved by the China Securities Regulatory Commission.
Ant Financial holds a 51 percent stake in the joint venture whose registered capital is 20 million yuan, and Vanguard holds 49 percent.
Back in 2017, Vanguard launched its wholly foreign-owned enterprise in China－Vanguard Investment Management (Shanghai) Ltd－in Shanghai free trade zone.
Charles Lin, chief executive officer of Vanguard Asia and chairman of Vanguard Investment Management (Shanghai) Ltd, said: "China's new round of opening-up of its financial sector provides foreign asset managers a rare opportunity to enter the Chinese market.
However, as far as Vanguard is concerned, investment and asset management capabilities lie at the core of asset management, Lin said.
"Vanguard is looking forward to bringing its experience and advantages in mutual fund product investment, research and development in the US and other developed countries to China, promoting practices to develop an enduring investment philosophy, and launching mutual fund products, which are suitable for long-term investment by individual and institutional clients, he said.
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