Global Economic Report: April 2011

Monday, April 25, 2011

This move was the first ice-breaking global aoyangxing tide surge

According to the Shanghai Securities News report: at the exit policies of battles, Australia's Central Bank has taken the lead in action: Tuesday announced increases in interest rates by 25 basis points. This indicates a round of intense interest surge is the end. As the financial crisis since the outbreak of the first group of twenty Member States of the increasing interest in, Australia this initiative led to the advent of global interest rising tide. Yesterday, the latest interest rate decisions made two major central banks in Europe is on track to announce, I think.

Two rows of continuous watch

United Kingdom Central Bank yesterday announced as scheduled maintenance 0.5% benchmark interest rate unchanged; the same day, the ECB also continue to wait and see attitude, not its current 1% of the benchmark interest rate level changes.

In spite of the stock market began to rise, but the economic recovery remained weak entity. Recent economic data suggests, the United Kingdom economy may already be in the third quarter from the recession, but this week it announced August decline in industrial production data from accidental, caused 2.5% recovery may require more time. The Finance Ministers of Sweden also stated that the previously Burg European economy is to recover the "interim", but he stressed that the policy "in the future" must remain very dilated.

The European Central Bank in September monthly reports that benefited from the gradual recovery of exports situation as well as the Central Bank and Government incentives, the third quarter of the euro area economy to stabilize. The EU Executive Committee will be published in early November to all EU countries economic growth forecast. The European Commission responsible for economic and Monetary Affairs Committee Almunia said that only get these projections until May when to take exit strategy for more detail.

Aoyangxing ice's road

Australia seems to always be on the "head" Suoo remain keen interest. 7 October last year, Australia's Central Bank has taken the lead in interest. But the Central Bank, the second this week announced that US interest rates by 25 basis points, to 3.25%, again opened the Group of twenty Member States. This is since March 2008 for the first time since the rise in interest rates.

Australia Bureau of statistics announced Thursday, the unemployment rate in September, Australia from August 5.8% to 5.7%, better than the market expected. Affected by this boost, the benchmark S & Thursday Australia P/ASX200 index closed up 1.6% to 4768.6 points, after the publication of the employment data were touching the 12-month high of 4780 points.

Australia's Central Bank Governor Stevens in the interest of the Declaration after the publication, "as in the implied interest rate increasingly normalization, today's decision could be opened a series of interest rate increase action. "He said, as economic growth in the coming year may be close to trend, the inflation rate near the target, Australia economic risk of severe contraction is also has been eliminated, the Central Bank's monetary policy Committee is of the view that, from now on the gradual abolition of irritant monetary policy is a wise choice.

Global Central Bank delicate Steering

The challenges in Australia's Central Bank, the World Bank has also started facing upheaval. Although in the just concluded the Pittsburgh g-20 Summit, the countries reached an agreement, however leave early, but there are some signal display, national approach to monetary policy wording may appear delicate steering.

Fed Vice Chairman Kohn 28 last month that monetary policy makers in consumer spending and business investment before it began to move. Troubled by inflation expectations are clearly more than United States a country. Norway's Central Bank also expressed similar concerns, global liquidity will stimulate India, Korea and other Asian economies asset prices. Market is expected in these economies will rise early next year, but the interest rate decision in Australia, they might want to advance the action.

Of course, there are also some countries still in a recession, Russia's Central Bank last month 29, announced that its refinancing interest rates by 50 basis points to 10%. This was Russia's Central Bank since April 7th downward since the interest rates. But before that, the Bank announced that Hungary will Hungary Bank benchmark interest rates by 50 basis points, to 7.5%.

North Korean currency reform intended to control the market economy

Most of the experts said that the purpose of the Korean currency reforms by reducing residents held cash in hand to stop inflation. Of course, cannot be denied that the regime which does have such a purpose. But from an objective point of view, the inflation is not serious to require implementation of currency reform. Korea 2002 "7-1 improvements have appeared since the" serious phenomenon of inflation, but recently has been basically back to normal. It can therefore be said that, compared to control inflation, monetary reform more inclined to other purposes.

The currency reform as weakened over the past 15 years to challenge national economic domination system measures of market forces is more appropriate. Although the Administration tried to maintain highly planned economic system, but the spontaneous growth of the community still has a number of market forces, they become the elites mortal enemy. Korean cadres are most worried about the "enemy" is to rely on the market for a living people. For the ruling class, in the home do tofu or sewing clothes for aunt were better than "American imperialism" and "puppet" more fearful of South Korea.

This is because market forces towards the cadre of power and privilege. Bazaar is available on virtually change the consciousness of the Korean people. The spontaneous formation of the market makes the inhabitants understand, even if they do not rely on things that can be assigned its own survival. In addition, the fair is also a channel for the free flow of information.

Due to the Korean Peninsula North-South economic disparities, and in the case of splitting the situation, if you take the Chinese reform and open policy is likely to be the same as East Germany caused system crash and the consequences of being unified. Korean rule classes cannot be arbitrary control, finally forced to suppress the market forces only. Therefore, they implement the currency reform, this policy will be to many individuals and small and medium-sized enterprises a mortal blow.

The 2005 recovery after the distribution system, the rule of the Korean domestic scene in short is "anti-reforms". In the past four or five years, the North Korean regime has been working to limit or suppress the spontaneous formation of market trends and attempt recovery of Stalin's regime in the era of Kim Il Sung. Monetary reform is leading to this goal.

(Korea of the North Korean Journal article 8 December)

United States bank failures and continued at the beginning of the tide

See also the bankruptcy, bankruptcy. When Goldman Sachs, JP Morgan, some large transnational financial groups began to prepare for the coming end of the "red packets" to celebrate, the financial crisis caused by the virus remains in the United States financial banking system rooms spread.

At minus 10 degrees cold weather, the United States has since 2010 the first bank bankruptcy. Recently, the United States federal regulatory bodies officially controlled the Horizon of the 18 branches of banks. As far as I know, Washington Federal savings and loan Association will take over the Horizon bank deposits. As at September 30, 2009, these savings amount to 11 million. Meanwhile, Washington Federal savings and loan Association Bank will purchase the Horizon all assets total $ 13 billion. Expected to spend around $ complete merger 5391.

Since the 2008 financial crisis, the United States of some large banks clients Government and survive, and those in small and medium-sized bank continuously encounter failures. 30 October last year, a day with California National Bank 9 banks collapse. Information display, full-year 2009, the United States a total of 140 bank failures. While these bank failures, most because of credit default. Some experts predict that the future will have the United States of small and medium-sized banks appear to fail.

The Earth at the other end of the banking sector to various scenes in the banking sector is the most vivid of textbooks, as well as our Bank provides a good opportunity to strike, but at the same time full of risk.

"We don't have to go swimming in the sea inside, or is still a long way away from the water, so we could not have drowned, but does not mean that our swimming is very high quality," China Merchants Bank Governors Ma weihua faces in the near future when attending the Beijing Guanghua Forum said so. He believes in the internationalization of the road, the Chinese banks to take the opportunity of risk because many phenomena, many toxic assets we haven't realized.

Minsheng Bank Hong Qi in the same activity, shared his bank going out some experiences in the process. Hong Qi that, to the foreign bank's failure to absorb lessons, powerful himself. At the same time to go out before another legal, corporate governance, and other details do complete understanding.

An expert on the daily news said that the United States Bank continually goes bust, particularly small and medium-sized banks of bankruptcy, our banks take. Especially the "unbalanced" small and medium-sized banks, but also in each process and strict checks, the prevention of credit risk.

Russia's central bank announced a 25 basis point rate cut.

29, Central Bank of Russia announced that starting from April 30 Jiangzai financing interest rate from the current 8.25% to 8%, other market interest rates were also reduced to different extents. .Analysts say the move is to stimulate economic recovery. . This is the third time this year the Russian central bank cut interest rates, interest rates are the first two in February and March at a rate were 0.25%. .Russia's central bank cut interest rates last year, a total of 10 times, the cumulative rate cut of 4.25 percentage points. . Russia's central bank said that the level of future interest rate will be considering further adjustments to the consumer price index, industrial production, credit and other indicators. . 28 Russian Economic Development Ministry figures released show that a quarter of Russia's GDP grew 4.5%, but other aspects of investment and consumption have shown that Russia's economic recovery is still not stable. ..

Vale said the Department denied manipulating the price of iron ore market supply and demand.

According to the British Financial Times reported that high iron ore prices for Chinese made the allegations, the Brazilian ore giant CVRD (Vale), said yesterday that "CVRD did not manipulate the price: the price is market manipulation." steel manufacturers and Chinese officials that the global iron ore market power is too concentrated, CVRD, Rio Tinto and BHP Billiton mastered the pricing power. . 罗杰阿格内利 Vale chief executive said in Shanghai is the supply and demand determine price, not the big iron ore miners. . previously said the three iron ore giants such as iron ore and coking coal, steel making commodity prices further. .The second quarter iron ore prices have risen by 90% to 100% of coking coal prices also rose by 55%. .The third quarter average price of iron ore is expected to rise 30% to 35%, coking coal prices will rise 10-15%. . iron ore and coking coal prices eventually will inevitably pass through the steel to a variety of commodities, which sparked concerns about inflation in emerging countries. ..

International observation: "China alone show": the hidden evil of the "kind words".

Recent years, Western public opinion from time to time all sorts of absurd arguments about China, for example, the "China threat theory", "China's responsibility" and so on. .Recently, the "China alone show on" and in some western media take out. . the so-called "China's show of independence," is nothing more than that in the world financial crisis, the Western economic difficulties, while China is singing all the way, China has received the most benefit, China is the biggest winner. . international analysts pointed out that advocating the "China alone show of" people appear to be "kind words" China, in fact, their sleeve is harmful Chinese medicine. .They tried to pressure China by this argument assumes the international obligations incompatible with their capacity, affect both China and other countries, especially developing countries relationship. . not thriving in the international financial crisis, China's "independence show" it? .This "flattery" China's argument holds water it? . this, the Brazilian Institute of Economic Research economist Marco Sixin practical Tel 16 In an interview with Xinhua News Agency reporters Cai Fangshi and Yong Shishi gives the answer. . Sintra noted that some developing countries due to the implementation of the correct tax and monetary policy, not only by the financial crisis to a lesser extent, but is ahead of the pace of global growth to development, such as Brazil .In the first quarter of this year, an increase of 9% achieved a rare high speed. .Similarly, India and China also achieved a higher growth rate. . "So, as we expected, developing countries are leading the global economy back to prosperity," Sintra emphasized. . can be seen from the words of Sintra, in addition to China, Brazil and India, at least in response to the international financial crisis is also doing well. . coincidence. .World Bank Vice President and Chief Economist Justin Yifu Lin pointed out that although China's economic performance is better, but other countries such as India, Brazil, and Nigeria in Africa and other countries, growth is faster. . Facts show that China take measures to respond to crises in other countries to promote economic recovery. . as a long-term focus of China's development economists, Sintra pointed out that despite China's own industrial structure can largely meet internal needs, but it still imports a lot from the zero-region .components. .Therefore, China's development has two benefits, on the one hand it implements its own development, on the other hand it led to the development of the region. . he stressed: "In the process of recovery of world economy, China plays a key role." Lin, in a process of globalization, a country developed .better, will be to create better conditions in other countries. .Relatively fast economic growth in China, import demand will be more demand for resources also increased. .Therefore, the relevant South Korea, Japan and Taiwan Province of China, the recovery is relatively strong; other resources are relatively affluent as Australia, some Latin American countries, China's development has created many opportunities to them. . "Chinese and world economy are closely linked. Can be said that the world has entered a multi-polar pattern of growth," Lin said. . facing many challenges In fact, China is also one of the victims of international financial crises, as well as to deal with this crisis and achieve economic recovery cost. .From the future perspective, China's economic development also faces enormous challenges. . Lin pointed out that this time the international financial crisis on developing countries have much impact on China as well. .Originally, Chinese economy can grow more than 10%, but only 8.7% last year. . Brussels Institute of Contemporary China Heer Si La, director of the view that China's economic development over the past few decades has made tremendous progress, it can be said to leap, but this is more a leap " .quantum leap ", then China needs to achieve a" qualitative leap ", the task for China will be very difficult. . Heer Si Rugby said: "The use of cheap labor from China, rely on exports of high technology in the development model to increase the proportion of economic development, develop new economic growth point in the direction of transformation. .In this transformation process, China will face enormous challenges. " He also pointed out that China's GDP growth, how to make this growth to the benefit of ordinary people to bring more .and realize the harmonious development of society is China needs to solve. . Heer Si La stressed that the current international environment for China, it is not good, mainly because of China's major export markets are facing difficulties, such as the U.S. faces its own financial problems, Europe is deep .depression sovereign debt crisis, making them China's export-oriented economic development and sustainability of this mode of worry and doubt, some countries have even adopted some interested in China's foreign trade growth for protectionist policies. . , deputy director of Far Eastern Studies Russian Academy of Sciences, Russian-Chinese relations, director of research and forecasting with Heer Si Ya Kefu quarter Rugby Ball has a similar view. . "As China's leaders have said the financial crisis on China's economic growth not only have external influences, in essence, the economic growth model is also sounded the alarm. China has recognized that changes in growth patterns around the corner .must change for the intensive development of extensive, increase high-tech, enhance innovation capacity, "Boer quarter Ya Kefu said. . He pointed out that the growing Chinese economy into the international market, demand for external resources and markets on the rise. .This is a "double-edged sword." .On the one hand, other countries, for the revitalization of its economy and restore its growth objective, the introduction of China's capital; the other hand, against China's anti-dumping investigations are more and more, many countries raise tariffs on Chinese products. .This is China in the international market challenges. . "flattery" What is the purpose why some people advocate that the West "China alone show on?" . Boer quarter Yake Fu pointed out that there is no doubt that China's rapid economic development has caused a lot of the country's "jealous", many countries attempt to own anti-crisis policy failures and domestic problems attributed to China and China .Government. . He pointed out that the Western media present the existence of such a public opinion: what problems if the global economy, the finger points to China; when they need to undertake international obligations, but also point to China, "the global economic situation seems to .better depends entirely on what measures the Chinese. " . long-term economic and social development issues Boer quarter Yake Fu also said that the so-called China's economy thriving, the biggest beneficiaries of the financial crisis, China's economic development so that damage to the views of other national interests ., one of its purposes is to pressure China to take on more international obligations. . "However, just as China has always emphasized that China can not afford the burden of practical abilities. Moreover, China has many internal problems to be resolved," he said. ."For example, we all know, the earthquake in Yushu in Qinghai Province in China this year led to heavy casualties, and in 2008 the loss is more devastating Sichuan earthquake. For earthquake relief, China must invest a lot of financial and human resources." .Pol quarter Yake Fu stressed that the recovery of the global economy is not just the more prominent economic performance of countries such as China, the responsibility of the international community should make joint efforts of all countries. . Heer Si la that other countries need to enhance mutual trust with China, strengthen cooperation and to avoid mutual suspicion and prevention. .(Integrated Xinhua News Agency reporter Chen Weihua, Zhao Yan, Jacky Lau, Liu Xiaoyan, Liu reported) .

France and Germany urged the Group of Twenty more to reach an agreement of international financial regulation.

French President Nicolas Sarkozy and German Chancellor Angela Merkel sent a letter 21, Canadian Prime Minister Stephen Harper called the Group of Twenty summit in Toronto on international financial regulatory measures to achieve more global agreement. . Nicolas Sarkozy and Angela Merkel said that France and Germany on a global scale in favor of levying tax on banks and financial transactions tax to ensure fair competition in the financial industry to prevent the financial system risks and enhance crisis management. .They hope to reach agreement on the Toronto summit. . two leaders believe that the need to strengthen bank liquidity and capital adequacy ratio, to ward off possible financial risks. .The situation to ensure the transparency of bank assets, the bank regulators should stress test their results made public. .They said the EU at the latest will be announced in late July this year, the banking sector stress testing results in order to calm the market for health of European banks suspicion. . Nicolas Sarkozy and Angela Merkel said they would promote the Toronto summit to take strict control of financial derivatives instruments, such as transaction information required to report all transactions, all transactions in the framework of regulating the market or .electronic form, clearing organizations and settlement of transactions. .They called on the parties to coordinate their positions, credit default swap market should bring the financial risks. . , they say, twenty leaders of the Group should continue to crack down on "tax havens", the fight against corruption, money laundering and the financing of terrorism and other criminal activities, punishable violation of the rules of the international financial prudent behavior. .They stressed that since the Group of Twenty summit in London since 2009, the international number to reach an agreement to share tax information, and now need to implement these agreements. .French and German Economic Cooperation and Development invited the States to inspect the implementation of the agreement and announce the results. . Nicolas Sarkozy and Angela Merkel said that the financial stability of the Council's survey shows that Member States impose tax on banking bonuses different action undermines fair competition in the world's financial industry. .To this end, they called for the Council to impose financial stability, the banking industry to develop guidance standards for tax money to facilitate the implementation of national unity. . two leaders also called for strengthening international credit rating industry regulation and standards. .They believe that this industry is the lack of competition, the Group of Twenty International Organization of Securities Commissions should be required to take measures to introduce competition. .In addition, practitioners in the international credit rating industry should be increased in the rating criteria should be considered the result of public methods and the possible impact on the market and other related terms. .<!-- end_ct ->.

Iran UN sanctions so that a large gas field development slowdown.

The United Nations sanctions, Iran's South Pars gas field were forced to delay construction. . against Iran's nuclear program increasingly severe international sanctions, has significantly delayed the biggest economic projects in Iran - after the completion of annual sales is expected to reach 130 billion U.S. dollars in natural gas projects. . to cut off oil projects in Iran's energy sector financial and technical support, the U.S. push for tougher sanctions against Iran. .According to "Washington Post" reported that out of this concern, Shell, Total and Halliburton and other international energy giant, has pulled out of South Pars gas field development. .South Pars in the Persian Gulf, Iran and Qatar, the underwater junction of 3.5 km. .This is the world's largest gas field, an area of around 9,500 square kilometers, reserves over 90 trillion cubic meters. .38% in the Iranian territorial waters. . on Saturday, the same in the United States and United Nations sanctions against Iran under the two state-owned companies, RevolutionaryGuard companies and Khatamol-Anbia suddenly pulled out of two key natural gas refinery projects. .Pars Iranian state-owned oil and gas company's technical adviser, said Mohammed Hassan Mousavi Zadeh, their company has pulled out of bidding on the South Pars gas field. . "in the present case, if it continues to ... ... likely to endanger the national resources," Khatamol-Anbia after the withdrawal, said in a statement. . news that the reason behind the progress of the project, foreign banks no longer provide financing. .The source said, RevolutionaryGuard hopes to withdraw to avoid further delays. . China Petroleum & Chemical Corporation (Sinopec), and Malaysia's SKS investment has taken over some of the projects, but most of the work now is a little-known local consortium to do, some belonging to banks and national .. . addition to financing, the company also faced difficulties in purchasing machinery and drilling rigs, the industry said. .Therefore, Iran wants to become a major producer of liquefied natural gas target has been delayed. .Iranian officials said it was due to "the worldwide decline in demand." 2008, the joint ownership of this gas field with Iran, Qatar, exported 62 billion U.S. dollars worth of natural gas. .Iran's gas export only 60 million. .But the project manager said that Iran's potential profit is huge. .They estimate that Iran could be a year natural gas sales by up to 130 billion U.S. dollars, far exceeding the 53 billion U.S. dollars in 2009 crude oil exports. . site in the South Pars gas field, the number of workers has grown from nearly 10 million people during the peak period reduced to 2 million. . "roads, bridges and airports have been completed," 穆萨维扎德 said. ."Best of all, these are our own doing." However, Iran's nuclear program and the subsequent international sanctions, has changed the South Pars gas field project. . access to the host city of Assam Luye the signs, the past is always the slogan "Welcome to Iran's economic capital." .Now, visitors see is the "South Pars is the embodiment of national commitment!" Assa Luye if we visit, you can see a small group wearing a blue shirt, is welded pipes .and the pouring of concrete workers. .Large posters can be seen dimly far away, "we can." Luye port in Assam, and only a boat dock. . Ahmadinejad government has to break Iran's South Pars gas field as a symbol of sanctions capacity. .June, Ahmadinejad visited the Asa Lu Ye, requires that all projects must be completed within 35 months. . "If there is involvement of Western companies, we certainly can do faster," Chief Engineer Sukhbaatar Gaza, the Seoul Club, said. ."But at least now, we are teaching their young engineers." However, some of the young engineer, working in South Wales is no longer possible. ."In the South Pars work means the superior wages and interesting work," a work here, said an engineer for two years. .However, with the withdrawal of foreign companies, the rapid decline in wages, housing conditions of the Persian Gulf has become intolerable. ."I am disappointed to leave," he said. ."There is so much potential, but we can not use." .

Ending war intensified global exchange rate there are no winners joint responses.

Rate war has started worry about the exchange rate is now too late for the war, because war has begun. .Held on the weekend, finance ministers and central bank governors worldwide failed to reach any resolution. .The world's major economies, exchange rate differences on the issue of an unprecedented large. .China accused the United States to pursue ultra-loose monetary policy, so a lot of money, such as flood flows to emerging economies, undermining the stability of the latter, while the United States insists that the International Monetary Fund (IMF) should strengthen attention to exchange rates and foreign exchange reserves .accumulation. .The final result of the lack of substantive agreement, and the parties with respect to the edge of the proposed reform policy of IMF, the Group of 20 may be (G20) summit in Seoul increase the month before the exchange rate volatility. . relevant reports: 1, the United States is ready to fly or secondary quantitative easing policy space to squeeze in China 2, American director "currency war ."combined to suppress the rise of China 3, Southern Metropolis Daily: The United States is difficult to win the global currency war 4, seven western countries RMB Japan hesitated aphasia siege embarrassed < .P> U.S. loose monetary policy to prevent hot money influx of Asian countries to promote side of the Fed to take further easing of monetary policy, want to "overshoot" stimulate the economy, there Japan, South Korea, Thailand and other Asian countries join forces against Europe .influx of hot money. .High unemployment, can not see the downward trend in the short term, and the market economy can not rely on its own strength to obtain a strong recovery in the case taken by the ultra-loose monetary policy, will aggravate the financial situation in Asia tide. .For such a situation, Japan, Korea, Thailand and other Asian governments have large inflows of hot money shot blocking, inhibiting their currencies appreciate. .World Economy Research Institute of Fudan University in China and China to accept the "International Finance," an interview, said: "If the Fed does not act, then can not change the current state of the economy, but also to stimulate the economy before all the measures proposed will .come to naught. " relevant reports: 1, the odds against hot money in emerging markets of war geometry 2, emerging market experience hot money" attacks " .improper handling easily the asset bubble 3, capital inflows, Asian central banks troubled 4, the first Thai hot money pouring cold water on hot Sahuan straight Western "Unemployment disease" can not be .Three economists underestimated the occasion winning 2010 Nobel Prize in Economics was awarded this week, the occasion to study the problem of unemployment of three economists, underlines the West "Unemployment disease" has been .should not be underestimated, three scholars attempt to explain the theory of market transactions, the conflict exists, the theory can not only for the labor market, for solving a variety of policy issues will also help. .For example you can apply to the entire real estate market in economics and family economics. .In addition, this year's winners of the theory have also greatly improved the theory of the relevant market. . relevant reports: 1, this year's Nobel Keywords: unemployment job vacancies government intervention 2, "Nobel Prize" Dance .Sword intended employment 3,2010 Nobel Prize in Economics "Whispering three" 4, Xu Bin: Nobel Prize Winner Theory to practical .reference domestic central bank raised the deposit reserve rate of six banks to curb the momentum to further expand domestic inflation, this week the central bank raised bank reserve requirements six large banks deposit reserve ratio .reserve ratio, to suppress new loans, managing the liquidity of the banking system. .According to bankers and analysts said this six banks within the next two months will be turned over to the respective central bank deposits of more than 0.5%. .They estimate that this will make the inter-bank system to reduce about 2,000 billion yuan (30 billion U.S. dollars) funds. .The six banks account for about half of China's total deposits. .Some analysts said the central bank to raise part of the bank deposit reserve ratio (RRR), was issued a warning to all banks that will not tolerate excessive loan growth. . sudden tightening of monetary policy in Singapore a global "currency war" add another variable in Asian countries, Singapore has taken the first tightening of monetary policy, as a response to this exchange rate war. .Singapore 14 October The HKMA announced unexpectedly tightened monetary policy, so that the overall rise of Asian currencies against the dollar, but also to the growing "currency war" added to many variables. .Monetary Authority of Singapore announced that Singapore will slightly increase the currency trading band against a basket of the slope, the mid-point range unchanged, the exchange rate policy will also expand the range of small, This shows that the HKMA will lead the Singapore dollar appreciated slightly to speed up the pace .. .Affected the U.S. dollar against Asian currencies fell overall. . relevant reports: 1, Xu NZ Monetary Authority of Singapore to speed up the appreciation of the dark interference countries have exchange rate 2, Bank of Korea to keep rates unchanged for three consecutive months ..

Unfounded claims ROK-us free trade agreement reached on the substantive consistency

According to Chinese voice the yangguang news "reported that as far as hanlianshe reports, Korea and the United States 3, morning ROK-us free trade agreement reached on the substantive consistency. Thus, in June 2006, the ROK-US launches free trade agreement negotiations lasted 4 years, 6 months and finally dominance, the two countries will proceed with the National Congress approved the program. The following wiring CCTV reporter Cleveland:

Moderator: this US-ROK Government negotiated between append? what are the two countries is expected to pass Congress?

Reporter: ROK on 07 June 30, the time had signed a free trade agreement, but this Agreement relating to the field of automobile and beef is met with the opposition of the United States Congress, it has yet to be approved.

That this time under hanlianshe, ROK is made in the automotive sector is relatively large concessions, because we see the United States will further production of automotive Korea collected five years at the rate of import duty 2.5% instead of the original provided immediately abolish the customs duties. Besides Korea allows each United States automobile manufacturers as well as to the standard to the United States Korea export 2.5 million vehicles, this number is 07 years of conventions of 4 times. In addition the immediate abolition of Korea decided not on United States production car charge 8% of the import duties and taxes collected in four years is 4 percent import duty, 4 years after the tariffs will be cancelled. In the area of agriculture, Korea in 2016 to cancel on the part of the United States production of pork products, customs duties, but does not accept United States Korea expand beef imports from the United States.

United States President Barack Obama's statement was welcomed by his main think this agreement to increase the United States on Korea's exports and create jobs. He calculates the early next year to Congress on the modified version of this free trade agreement. Now we know the background of the United States is the momentum of economic recovery has been slow, high unemployment, domestic new massive fiscal stimulus difficulty is also very large, the Obama administration is now an urgent need to boost exports to spur the development of the domestic economy. On the other hand Korea free trade agreement in China Congress might not have imagined that simple, Korea officials said that intergovernmental negotiations and of the appended Korea Congress's approval is not a thing, once you have the latest negotiating the details published, then Congress which will launch an in-depth discussion will take into account the views of Korea and the United States Congress to reflect, as far as United States Chamber of Commerce in Korea Seoul branch prediction, this free trade agreement is expected to come into effect in July next year.

Friday, April 15, 2011

OECD composite leading indicators show economic recovery

According to the OECD website on October 9, according to the report, OECD August comprehensive first index shows, major economies continued to recover, France and Italy's economic growth potential.

OECD Member States in August 2009 in advance of the exponential growth of integrated 1.5 points higher than in August 2008 a comprehensive first index 0.6 points. While the United States last August's comprehensive first index increased 1.6, than a year ago low 1.6; eurozone comprehensive month August first index increased 1.7, than the last August high 4.1; Japan August comprehensive first index rose 1.3, than a year ago dropped 3.9. France last August's comprehensive first index increased 1.3, than a year ago 6.6; Italy last August's comprehensive first index increased 2.0, than a year ago 10.4.

According to OECD figures show, China in July 2009 the exponential growth of comprehensive advance 1.5, lower than a year ago; 0.7 India August comprehensive first index increased 0.9, than a year ago increased 0.1; Russia August integrated to exponential growth by 1.1, than a year ago reduced 10.2; Brazil in August of this year has integrated to exponential growth, more than a year ago 0.4 reduces 8.5.

OECD says, will be held on 6 November announced new comprehensive first index.

Viet Nam and Russia signed a nuclear power plant construction, and other agreements

According to Viet Nam "labor newspaper reported on December 17, December 15, Hanoi, Viet Nam, Viet Nam's Prime Minister Tan Dung, Prime Minister Vladimir Putin and Russia hold talks in Moscow, after the two Prime Ministers attended the parties agreement signing ceremony. Including: Viet Nam power group and Russia Rosatom energy group in Viet Nam to build the first nuclear power plant in the framework of the cooperation agreement; oil and gas group and Viet Nam Russia Gazprom, InterRAO group cooperation agreements; Viet Nam investment Development Bank and Russia Foreign Trade Bank of Viet Nam investment fund established by the cooperation agreement; Viet Nam Ministry of industry and trade and Ministry of economic development of Russia's cooperation agreements; and military cooperation memoranda, etc.

Japan stay what it means for the Indian Ocean

With the new anti-terrorism special measures Japan method to 15 may usher in a period of validity of the last day, Japan Defense Minister Kitazawa handsome 15, publication orders, to withdraw in the Indian Ocean in the United States and other countries to fuel supply ships activities of self-defense fleet. It is not on the Japan-US relations have practical effects, but Japan domestic re-throw the overseas dispatch of self-defense.

Overseas lull "fuel"

For the second world war and Japan's post-war launched peace Constitution, imposed exclusively defensive policy, to the overseas dispatch of self-defense has been a topic of concern.

Indian Ocean refueling activities have special properties. This activity is the United States in 2001 to "9 · 11" event as an opportunity to begin after the "war on terror" in support of the United States and Japan. The dispatch and 2004 dispatch to Iraq SDF Japan after the war, became the first in time of war to the overseas dispatch of self-defense and the first overseas combat zone dispatch SDF Japan after the war, marks a major turning point in the defense policy. This has triggered in Japan domestic is unconstitutional, etc., are also affected by suffered aggressions of Asian countries Japan.

Dispatch to Iraq SDF has completely finished in 2008. Since then, the self-defense forces in the Indian Ocean for oil activity is especially outstanding. KITAZAWA 15, evacuation order for up to 8 years for oil painting a full stop.

Does not affect the Japan-US relations

To representatives of the Democratic Party (Democratic) Hatoyama as Prime Minister of Japan new Government after taking office last September, a change in the past Liberal Government's position, declared "not simply extend" self-defense in the Indian Ocean for oil activities. But the United States Government has repeatedly expressed the hope that Japan will continue to fuel supply. Indian Ocean oil problems became and Okinawa futenma effect together with the transfer of the Japan-US relations, one of the key issues.

However, the United States in dealing with oil and the attitude of the futenma issue. For futenma issue, the United States is strongly call on the Japanese side as scheduled transfer futenma base; for oil, the United States is generally expressed their wish to continue. This difference in late October last year, the United States Defense Secretary Gates interview day become very obvious. For futenma issue, gates was not only emphasize the existing plan is the only viable option, but also that there is no transfer of futenma base has no US military integration. But for the oil problem, he just said, the United States looks forward to Japan on Afghanistan and Pakistan to conduct effective aid, for which the assistance is the Japan Government decide things.

14 November last year, the United States President Barack Obama in Japan a new regime took power after the first visit to Japan. Prior to this, the Japanese side on the same month 10, introduced new on c-aid policy. Under this new program, Japan will be in 5 years on Afghanistan implementation up to total 50 billion in aid to replace the previously the Japan Government has pledged 20 billion dollars aid; for Pakistan, the Government of Japan will be implemented over the next two years the total amount of up to $ 1 billion in aid.

Obama's visit, time of day on this scheme, this statement actually recognized a Japanese side to this assistance plans to replace the oil supply in the Indian Ocean.

Continue to think about "politics" in International Affairs

Of course, announcing the end of oil activity does not mean that the Democratic Party is opposed to the overseas dispatch of self-defense.

Previously, as the largest opposition party of the Democratic Party opposes oil activities more out of political struggle. It is due to the Democratic Party-led opposition parties opposed to oil activities are based on anti-terrorism special measures law in November 2007 the 4th could not be postponed and fail, the Government of Japan had withdrawn from the Indian Ocean at a self-defense. January 2008, the then ruling LDP and new komeito party by virtue of the House of two-thirds majority to second voting through new anti-terrorism special measures law, allows for oil activities be sustained for a year.

It is precisely because the Democratic Party in fuel issues consistently opposed position, coupled with joint ruling Social Democrats also hold the same position, to the Democratic Party as the core of the new Government took office, before taking a withdrawal of self-defense.

But on the other hand, the Democratic Party took power in the overseas dispatch of the SDF's attitude changed significantly. For example, for the LDP era began contributing to Somali waters self-defense against the pirates, the Democratic Party has accepted it.

For the Government stops oil activities, Japan had different assessment of the country. Some media have all sorts of critical remarks, such as oil activities cost far less than the new c-aid policy and new policy "price" is too low; new aid policy only "checkbook diplomacy", in other countries appear to be punished; stop fuel will allow Japan to exit a line in the fight against terrorism and cooperation of other States, loss of counter-terrorism intelligence sources, etc.

However, should strengthen the contribution of the "international Japan", Japan political consensus. Hatoyama 15, issued a statement said that Japan will continue to serve the international community to make a positive contribution to the fight against terrorism. KITAZAWA indicated that the Ministry of Defense will make the future "international contribution to the" research "on". In the ruling coalition of Social Democrats on the overseas dispatch of self-defense remain cautious attitude, Hatoyama regime in military contribution to strengthen the "international" deserves attention.

Debt crisis in Europe could hardly stop funding risk preferences into the new darling of commodity funds.

As of April 28 in the week, surging euro zone debt crisis, Greece, Portugal and Spain's sovereign credit ratings have been lowered. .However, monitoring of capital flows, according to professional organizations EPFR (emerging market investment fund research company) Statistical data show that investor risk appetite has not been blocked crisis. . EPFR said that investors are still to riskier emerging market equities and bond funds make new investments. .At the same time, commodities including gold fund is a debt crisis in Europe and the new darling of hedge funds. . risk preference shares are still sought after new base from EPFR data show that as of April 28 in the week, the company re-absorption of bond funds tracked by 67.3 billion dollars .funds, equity funds are absorbed by 48.6 billion dollars. .At the same time, the relative safety of money market funds continue to flow 3.8 billion. . emerging markets, gold is still the big smoke. .Equity funds in the region attracted 14.8 billion U.S. dollars of net capital inflows, which fund in Asia outside Japan net inflow of $ 465,800,000. .In contrast, a net inflow of U.S. equity funds 2.49 billion, the Japanese stock funds again to attract 111 million capital inflows. . At the same time, Western European equity funds remain troubled by the debt crisis in Europe, suffered the twelfth consecutive week of net redemptions, the net outflow of $ 408,400,000. .Latin American stock funds suffered net outflows of another main plate, a $ 176,400,000 net outflow of funds. . EPFR said the signs, even if the temperature in the European sovereign debt concerns the occasion of risk will remain active and maintain a good level. .The company's global market analyst Cameron Brandt expressed, "In my view, largely explains the data does not reflect cash flow real-time anxiety for Greece." EPFR also .that investors in China real estate prices government efforts to stabilize the efforts agreed. .Therefore, as of April 28 in the week, the Chinese stock funds attracted to 1.32 billion U.S. dollars of net inflows. . return rate of U.S. debt in April turned positive despite signs the U.S. economy appears to accelerate growth, but due to the debt crisis of the European concerns, in part as investors sought a safe haven will remain .invested capital is considered the most secure U.S. Treasury bonds. . EPFR data showed the U.S. net inflows of all types of bond funds $ 2,398,000,000, but the performance bond is more seductive. .10-year Treasury prices rose in April occurred, return rate turned positive the first time since January of this year. .According to Merrill Lynch bond index, as of April 29, the U.S. Treasury rate of return of 0.7% in April, compared to negative 0.9% in March. . At the same time, emerging market bond funds continue to attract capital inflows during the year trend, as of April 28 in the week, a net inflow of 1.22 billion, which was the third-best single-week record for .performance. .So far this year, investors have been net investment in emerging market bond funds, 128 billion dollars. . favorite commodity funds into hedge funds and U.S. Treasuries as a hedge fund for commodities attractive. ."There are a lot of money into commodity funds, of which about half of the inflow of gold and precious metals funds," Brandt said, these funds want to wait for this market turbulence triggered by the Greek end. . EPFR available data show that as of April 29 in the week, commodity stock fund net inflows of 995 million U.S. dollars, hitting 21 weeks high. .Data show that international gold futures prices the week rose 2.8%. . However, the financial fund continued investigation by the SEC and Goldman Sachs are sovereign credit crisis and concerns about the impact that ended April 28 in the week appeared 183 million outflow. .Energy sector funds are subject to the impact of increased U.S. crude oil inventories, the third time in four weeks in the net outflow of funds. .In addition, health care, biotechnology, utilities and telecommunications sector, a net outflow of funds of funds are there, but the emergence of consumer goods, 242 million fund inflows. ..

Market value has shrunk by a criminal investigation or to have been drowned BP.

a "Green Peace" organization volunteers had almost dried grease on the two big letters wrote - "BP". .Referred to the British oil company BP, is the Gulf of Mexico "oil spill" the first place. . as British Petroleum (BP) announced that the Gulf of Mexico oil spill for the closure of the "top kill" project has failed, the stock opened on June 1 after plunging nearly 17% .to the lowest point in more than a year. .U.S. Department of Justice announced on June 1, BP has launched the dual civil and criminal investigations. .Analysts predict that the oil giant may collapse. . market value has shrunk dramatically BP, June 1 statement, which suffered heavy losses due to oil spill in the Gulf of Mexico, "Business has so far cost about 990 million U.S. dollars, oil spill response, containment .pollution, such as the payment of compensation ", the other is still difficult to estimate potential losses. . after the opening day of the company's stock plunging nearly 17%, which means that only compared with the previous trading day, BP's market capitalization fell to 135.8 billion U.S. dollars from 112.4 billion U.S. dollars, has shrunk as high as .23.4 billion. .If you start with the Gulf of Mexico oil spill six weeks ago, the company will shrink the market value of more than 1 / 3, that is $ 67,000,000,000. . British Petroleum has the largest market capitalization companies in Britain, but also one of the world's largest oil company. .The company's credit rating to AA-level, close to the non-sovereign debt credit rating of the most advanced. .But the BP oil spill incident debt default protection costs have risen sharply. .BP's five-year credit default swaps of debt (CDS) to expand the day of 71 basis points to 173 basis points. . some analysts say, in addition to direct economic losses, the firm may also face a record high fine. .It is learned that, even if the leak can be controlled immediately, the British oil company also faces fines of up to 480 million to 1 billion U.S. dollars. . Arbuthnot Banking Group, the UK oil industry analyst Dodge Jansen said: "For BP, this matter has not limited the impact of the dividend reduction and chief executive Tony .Hayward to step down, but the smell of death revealed. This enterprise may collapse. " subject to civil and criminal investigations U.S. Attorney Eric Holder June .1 announced the federal government has launched the Gulf of Mexico oil spill in criminal and civil investigation will be "comprehensive and positive." .Obama said the same day, if the oil spill in the Gulf of Mexico and the devastating consequences of casualties caused by the offense, he will represent the victims and people in the Gulf of Mexico requires the offender to justice. . day, Obama met with spill 席鲍勃格雷 Commission Co-Chairman Graham and Weilianlaili. .Obama said that the Committee to fully investigate how the operation of oil and gas companies, government how to regulate them. .He asked the Committee to complete its investigation within 6 months of the report suggested. .Obama also pointed out that "if the existing laws not enough to prevent such oil spills, must revise relevant laws; if the problem is not fully in the supervision of law enforcement agencies, these agencies to be reorganized." Hall .German said the investigation will involve all aspects of oil spill, including the death of 11 workers. .He also disclosed that the Justice Department will investigate whether the violation related to the "Clean Water Act", "Oil Pollution Act" and "Endangered Species Act" and other laws and treaties. . BP said in a statement, the Justice Department the company will actively cooperate with any investigation, as the company has expanded in other surveys done. . According to U.S. government estimates that British Petroleum in April this year, the use of "Deep Horizon" rig explosion caused by the oil spill has so far led to 20 to 44 million gallons (U.S. 1 gallon equals 3.785 liters) .crude oil into the Gulf of Mexico waters. .AP reviews, this most serious environmental disaster in U.S. history to tremendous pressure on the administration, Obama is stepping up its response. . still try new methods the injection of high-density liquid plugging the "top kill" already failed, BP 1 June to introduce new measures to contain the spill: .submersible robot to send the damaged oil pipeline cut off point, with a funnel-shaped device covering the leakage of crude oil, and then breathe through a siphon crude oil on the sea for collection. . Robert Dudley, managing director of the company the same day in an interview with NBC television, said the new program's success rate in the "top kill", and the risk is relatively low. .Although the program can not completely block the leak of crude oil, but it can recover most of the oil spill. . U.S. Coast Guard commander, commander of the oil spill disaster, said Thad Allen 1, BP was the first major day of cutting, the new facility is expected to be completed and begin recovery of oil requires approximately .3 days. . British Petroleum High Tors for Humanitarian Hargeisa that the "top kill", the new technology used in the program has never been the location of the spill point --- more than 1500 meters under the sea .Department used the results can not be guaranteed. .However, he said, because from the failure of "top kill" the lessons learned in the program, the program "very promising" success. ..

Copper rose in London to promote foreign exchange reform due to China or to boost demand.

Copper futures rose on Monday, but pared some gains slightly before the whistle, as China announced that it will improve the RMB exchange rate flexibility, boost market demand for industrial metals in China optimism. analysts said that with the .the conduct of day trading, down from a high level of industrial metals, due to concerns about the RMB exchange rate probably will be little changed, while the yuan will be significantly stronger in the long term a significant impact on commodity markets. mainstream thinking that China .RMB exchange rate will likely increase of about 2-3%. Three-month lead closed up 88 dollars, 1,833 dollars a tonne, after touching U.S. dollars per ton 1,837.75 highest level since May 28. Third .months, 17,800 tonne of tin / 17,900 U.S. dollars, after hitting 18,250 U.S. dollars per ton, also the highest since May 28 points Friday to close at 17,450 dollars per tonne. London Metal Exchange ( .LME) three-month copper futures hit a high of 6,729.75 dollars per tonne, followed by 6,595 dollars a tonne, USD 6,435 a tonne on Friday. COMEX-7 for July delivery rose 5.80 cents, or 2 .%, to close at $ 2.9420 per pound. China announced measures to improve the RMB exchange rate flexibility, in terms of most commodities rose is extremely good news, because of China's purchasing power of copper and other metals and materials imports .will increase. three aluminum 1,963 dollars a tonne on Friday to close at 19.45 dollars. Earlier the dollar had hit a high of 2,019. three-month nickel .USD 19,850 per tonne, USD 19,595 a tonne on Friday. Zinc was 1,775 dollars a tonne, higher than 1,725 dollars per tonne on Friday. China's refined copper imports in May compared .April decreased 9.7%, to 279,690 tons of news, the widespread euphoria about the market pressure. But traders and analysts said the reduction in expected within. .

20 summit in the United States urged countries to continue to stimulate the economy.

United States plans to the Group of 20 summit in Toronto urged other participating States, asking them to tighten fiscal policy to advance their care plans, as global economic recovery remains uncertain, the United States worried about rush to promote these programs go the way of the United States Hu .Buddha (Hoover) government in the last century, 30 years in the past. . Geithner President Barack Obama (BarackObama) is still worried about the fragile world economy could slip back into recession, as the United States 30 years of last century when President Hoover was the case in power, so .He planned for this weekend's G20 summit to urge the leaders of other participating States, the economic stimulus spending should continue to maintain a certain level, and accompanied by other policies, in order to maintain sustained economic growth. .But at this moment, the world's politicians are starting a new fiscal austerity will. . European leaders were more cautious about spending, Greece is their negative example, the country appeared a mountain of debt and the possibility of debt default shattered the confidence of investors, prompting the European Union and the International .nearly a trillion dollars out of social commitment of funds to help Greece. . in China, officials are worried that continued economic stimulus may produce unsustainable asset bubbles. .Economists speculate that the reason for China on Saturday promised to improve the RMB exchange rate flexibility, one of the reasons is to resist by reducing import prices to inflation. . China announced a relaxation of the RMB against the U.S. dollar trading range program to make the RMB exchange rate that had become the G20 to discuss the hot topics out of the summit's agenda, so as to participants .States in fiscal policy, paving the way for confrontation, while Germany and Japan, weak domestic demand and the huge trade surplus with the Toronto summit will also become a more important issue. . Canada because it is the host of the summit, so it's weight within the Group of 20 to be enlarged, it will urge States to reduce the fiscal deficit, fiscal deficit in 2013 will be reduced by half. .Canadian Finance Minister Jim Flaherty (JimFlaherty), said at the meeting that he would urge countries to develop specific debt and fiscal deficit reduction targets. . Japan is also inclined to tighten fiscal, to get rid of the last two decades of economic stagnation, Japan has been saddled with huge debts. .June 8 this year, just became the Japanese Prime Minister Naoto Kan (NaotoKan) hope, within a few years Japan's current 5% sales tax increase twice, and to control the next year's national budget in this year's level. . Naoto Kan said in his inaugural speech, excessive reliance on debt issuance to cover the deficit by fiscal policy is unsustainable, he also cited the example of Greece to support his point of view. . Obama, a senior government official said the Group of 20 leading world countries there is a difference only just signs. .The official said the Group of 20 industrialized and developing countries within the much the same style is to act in one hand, they gradually reduce government expenditures, while efforts to allow the market to convince voters that the Government will in the next three to five years of fiscal .the deficit down. . flow rate of government spending is critical to the global economy, the world economy is currently in a moderate recovery from a deep recession. .In this weekend's G20 summit, the participating countries are expected to discuss: the gradual declining demand and increasing debt, which is on what the greatest threat to global economic growth. . Harvard economist Rogoff (KennethRogoff) said that the summit will be the number one topic to more fiscal stimulus measures should be quickly withdrawn. .Served as the International Monetary Fund (IMF) chief economist Rogoff said the U.S. economic growth in the most positive, while the rest of the world's approach to stimulate the economy much concern. ..

Basel "magic" and then relaxed banking stocks led the global equity markets.

Intensive global markets are coming good. .Local time on July 26, the Basel Committee on Banking Supervision has finally made concessions and agreed to the proposed relaxation of certain of the original capital and liquidity requirements, banks once again welcome breathing space. .In addition, the same day the United States in June announced better-than-expected new home sales data shows that the U.S. housing market is getting out of the doldrums. . favorable in a double boost, the 26, three major U.S. stock indexes all rose about 1%. .Among them, the Dow recovered the lost ground this year. .27 Asian markets and European markets in early trading, the major indexes were generally higher, the day before the opening of U.S. stock index futures showed the three major stock indexes rose 0.6% or so. .Bank shares led the stock market has become global plate, or generally more than 2%. . "Basel III" and then relax Basel Committee on Banking Supervision issued a statement saying 26 members, including banks held by other financial institutions, some assets, including minority interest ., can be included as capital. .However, the Committee also said it would limit the size of debt of financial institutions to control the bank survived the dangerous act. .It also provides for the first time one of the global banking industry leverage ratio applicable to the earliest entry into force in 2018, but still depends on the manner in which bank assets calculated to further adjustment. . the Commission announced in December last year, "Basel III" of the draft reform, the draft requires banks to increase capital and improve the quality of capital to make the banks do not need to provide assistance to taxpayers once again the premise is also .able to withstand possible future shocks. .Previously, the Commission has set up additional capital for the banking industry for ten years grace period. .In this regard, the investment firm KBW chief equity strategist Frederick calorie farmers that "Despite the compromise, the banking industry will not be the escape of more stringent capital and liquidity requirements." However, the global .Bank stocks are still excited for this news. .European financial industry in the U.S. stock market traded in American Depository Receipts (ADR) 26 日 up. .Bank of New York Mellon ADR Index rose 0.89% to 125.84 points, which increased by 1.4% of China Finance Online, South Korea's Woori Finance Holdings rose 2.83%. . In addition, research by the U.S. credit derivatives Ltd 14 major banks for the preparation of the global credit default swaps (CDS) index fell to 12-week low of 26, CDS prices and investors often .proportional to the expected default. .European banking industry on Friday announced the results of stress tests show that the European banking sector total capital increase to € 3.5 billion (about U.S. 4.5 billion), equivalent to only one-tenth of analysts predict the lowest. .The company's counterparty risk index fell 4.4 basis points the day reported 128.6 basis points, to the lowest since May 3. . In addition, Deutsche Bank and Swiss Bank second quarter net profit of 1.2 billion euros, respectively, and 20 million Swiss francs, higher than expected. .27 European markets in early trading, the European banking stocks in general rose, Deutsche Bank, Societe Generale, Credit Agricole have risen from 2.7 to 5.4 percent range. .UBS rose about 8% more. .In Asia, Mizuho Financial Group, Sumitomo Mitsui, Mitsubishi UFJ and other financial institutions were also more than 2% increase. . housing data boost global rally addition to banking stocks rally on global stock markets to contribute to the recently announced ten-earnings and economic data has also contributed. . 26, the U.S. Commerce Department data released showed U.S. new home sales in June and in May a substantial increase compared to the historical low of 23.6%, well above market expectations. .Annual rate of 330,000, since 1963 the second lowest on record. .Although the June new home sales is still relatively weak in absolute point of view, but worth noting is that the report shows that in June a drop in new home inventories, which the market plays a more significant boost effect. . In addition, FedEx raised its earnings forecast the day. .As the company's performance is generally considered a measure of the U.S. economy an important indicator of the level of activity, and therefore further support the stock market played a role. .So far, nearly half of the S & P 500 companies have reported second-quarter earnings report showed that over 70% of company performance than expected. . At the close, all three major indexes rose about 1%, the Dow Jones index fell as the year 2010 turn up. .This year, the Dow rose 0.9% to achieve the Nasdaq index rose 1.2%, but the S & P 500 Index closing level is also slightly lower than last year. . 27 Asia-Pacific stock markets were generally higher, the main stock index rose 0.03 to 1.57% in the range between. .European stock markets do not show weakness, 27 early trading, the major European stock indexes also rallied. .Britain, France and Germany in the three major stock indexes rose between 0.3 to 0.5 percent range. . hedge fund manager, said Biggs, 26, has begun to overweight stocks, positions from the 35% earlier this month rose to 75%. .Biggs told foreign media that "the degree of risk, I certainly change my mind. The last ten to two-week economic data has been transferred, with significantly less risk of a downturn." In addition, analysts ."Data Explorer" that global investors in general to take an empty one covering the recent measures and empty single rate of more than a single has climbed to 2-year high. . approximate two-month high of EUR rally in global equity markets also again made investors return to risk appetite, with a safe-haven yen fell, the euro rose to regain .potential. . which the euro-dollar exchange rate rose slightly in Asian trading to $ 1.3 near the top of the two-month high; the euro against the yen touched 113.64 yen exchange rate is a seven-week high. . "last week, the market is very pessimistic about the U.S. economy, causing investors to expect that monetary policy will be relaxed, but now that pessimism has faded." Brokers in Ueda Harlow .Tokyo senior currency analyst, said Toshiya Yamauchi, "The market tends to major currencies except against the yen dollar rose outside." euro also contributed to the rally the dollar index dropping as low of 81.94 months. .Deutsche Bank is scheduled to announce the company's local time, 27 second-quarter earnings. .A bank, traders said speculation that if the profitability of Deutsche Bank to bring to market surprises, the euro or have more room to rise, the euro will benefit from such speculation. .In addition, some technical analysts said the euro-dollar exchange rate will be the next target level hit last week high of $ 1.3029 for two months, and then 12 months to June decline of 38.2% Fibonacci pullback .bit $ 1.3125. ..

BHP Billiton and Rio Tinto iron ore joint venture plans to cancel the form.

The morning of Oct. 18 Beijing Time, according to foreign reports, the global mining giant BHP Billiton (BHPBilliton) and Rio Tinto (RioTinto) has invested 116 billion U.S. dollars to cancel a joint venture plan. .The plan met with regulators, customers and investors in some of the major opposition. . abortion of the scheme means that BHP Billiton three years trying to obtain high-quality iron ore assets of Rio Tinto's second effort failed. . Rio Tinto and BHP Billiton has sought to bring the two sides in Western Australia's iron ore business combination, of the reasons is that the scheme will help them save 100 billion dollars in expenses. . Rio Tinto CEO Tom Albanese (TomAlbanese) said in a statement, "In the past 16 months, the two companies work together to actively promote the program and the program will bring for display .positive effects of market competition, but the regulators ultimately be rejected, I am very disappointed. " 2009 年 6 months, Rio Tinto agreed to the merger plan was a time when iron ore market downturn .Rio eager to cut up to 400 billion dollars in debt. .Since then, Rio has significantly reduced debt burden. .Meanwhile, the market rebounded sharply as iron ore, iron ore, Rio Tinto shareholders of the joint venture plans to build less interested, and that the transaction is conducive to the pile BHP Billiton side. . after European regulators said it would veto the deal, so Rio Tinto and BHP Billiton to cancel the merger basically meet the market expectations. . Rio Tinto and BHP Billiton agreed to cancel the joint venture plans, and not to pursue the 276 million in termination fees. ..

Goldman Sachs "three TU" capital markets is not "Wolf Grandma" is also "the Vampire"

Prelude

2010-December 3, closing in on a stock index, and a point of 2842.43 of 3 December 2009, the Shanghai composite index you sink to 3264.63 points. If only to index up on the success or failure, have been battling a year domestic investors, this year's investment account is sure to pull out of a long line of yin.

Indeed, this year's harvest is not good. In addition to the half-sized panels and GEM stocks due to high dividends theme to go with a bull, the large majority of the remaining time is basically the wind falling over. Since October of this year, along with the domestic price increases caused by the inflation expectations and the United States dollar spam and lead to the introduction of the dollar revaluation expected RMB passive, A stock market began to prosper: monthly stock index 3000 points on the touch, and pull out a line of zhongyang. Investors see this year's new hope.

Legitimate investors ready at the end of the year "in a" market qiaowei mindsets, stock market like June day "baby face", "said variable changed.

November 11, in this fashion to ridiculed as a "Bachelor Festival" day, suddenly quanzhonggu China Petroleum forcibly pull up the big list. The strong rise in oil pushing unit rapid rise in the stock index: on the day of the stock index up to a point, close to 3186.72 3147.74 point, recovered from this year's "4.16" since all of the decline of the landless. The face of the record high of stock, a little investment experienced investors did not feel very surprise, it was floated a concern. The reason is very simple, in oil-driven stock index rising day, most of the stock has not followed the rise in oil together, but turn down. Some agencies use a lever to pry in oil big disk and sheltering escaped suspicion Tsukudani. In fact, investors ' concern the following day, November 12, basic have been verified. On that day, the Bank became the main new elevating object, industrial and commercial bank up 6.84%, while the Shanghai composite index has plummeted by 5.16%, to close at 2985.44 points, 3000 points to disappointment. Next, a few short days, the Shanghai composite index fell in July even over 100 points of great long Yam, will the market once again down relentlessly to 2700 points or so.

There is no doubt that lead to Bachelor Festival big surface of plummeting prices naturally non-petroleum fuels. Many financial media on the big crash, jokingly "two barrels of oil is thrown the catastrophe", bear witness. Incredibly, in five departments of the China Securities Regulatory Commission is determined to eradicate the tumor of the insider trading day following the strike at the insider, who can so accurately draw on such a large scale of funds in the same time period the market short so huge to profiteer of dyskinesia? had to make people think deeply.

Similar to previous stock market crash, in oil pulled high, other stocks have highboard diving, one by one the sensational bad rumors rife market:

November 11, market rumors is China going to rise in interest rates and rates of stamp duty.

November 16, the market was outgoing domestic fund industry big-character — China asset management company, who were asked to fanyong macro.

At the same time, as the most famous Investment Bank, Goldman Sachs company look empty rumors of A unit in the wide dissemination in mainland investors.

……

"Bachelor Festival" big protagonist of plummeting prices seem to be slowly surfacing!

"Duplex" Goldman

We all know, from November of this year reached 4.4% of CPI and reaching 25 months new high, the mainland US interest rates in the future, should be a high probability of the event. But we also know that the interest rate is, at present the Bank one-year interest rates 2.5%, relative to the CPI, remains negative interest rates. If you want to make people of wealth is growing catch up with the speed of the CPI to rise as people one had to invest into one of the options, so the interest rate on the stock market's decline in influence, effect. As regards the increase of stamp duty, even somewhat funny. Current stock index in 2800 points nearby shocks, blue chip's p/e ratio of only 10 times, the market does not exist "speculative to overheat" signs, how about the rise of stamp duty? as outgoing mainland Fund big-character Mr. Fanyong macros were news, more somewhat funny. Mr. Fanyong macro as domestic fund industry leaders, their messages were naturally raises concerns in the market, thereby triggering A significant market share. In fact, the Shanghai composite index has plummeted 3.98%, to close at 2894.54 points. Rumors of people already have. Although China asset management company spokesman, Mr. Zhang after November 17 quickly took clarified that this market rumors, purely out of nothing. But the rumor on the negative impact of market is is done.

Worth pondering, Goldman at empty rumors of A unit. If we then refer to 1 December rediscovers published an article entitled "Beware of and the fight against market manipulation of international capital predators, it feels more clearly. The article explicitly noted that the rates of stamp duty rumours and a world famous Investment Bank sold to investor group sends the message is in Chinese shares plunge of fuse. Article particularly pointed out that this long ago, it was the investment banks released positive optimistic about China's stock market investment prospects, policy reports, hand to hand as a rain cloud cover has a control unit means profit. Accordingly, Nanfang daily is also the author points out that article refers to the international well-known investment banks, by the fact that apparently refers to Goldman Sachs. No wonder there are media that crash in this round, Goldman Sachs company separately to China media and overseas customers with content different "Yin Yang" of the two studies, one for the public to the Mainland of China's stock market sings; another is to sell its customers to issue directives to cover its customers from Hong Kong and the mainland capital markets sell.

Why this time appeared in Goldman's shadow? why mainstream financial media often questioned Goldman, in

State-owned major policies or adjustment time is the "accurate" bet that customer and its own large Mu? Goldman is China's capital market played a kind of role? "Wolf" or "Vampire Grandma?", let us through one of live examples, take a look at Goldman Sachs in China's capital markets, is what kind of role play!

A TU financial capital

As an international investment bank, Goldman Sachs to earn a captivating capital market's "fast money" has always been positive, thus raising its international political and economic situation of high sensitivity. In 1984, the country held a Grand nation 35 anniversary let Goldman sees momentum of China's economic rise, in order to facilitate the study of the nearest observation of China's economic development dynamic, easy to develop China capital markets strategy, Goldman Sachs was established in Hong Kong headquarters in the Asia-Pacific region.

In 1990, the establishment of domestic securities markets, to Goldman Sachs smell scent of opportunity. To this end, Goldman has its in the United States political, business, finance, and other aspects of personal resources, to pave the way for China's financial capital markets open. Goldman's efforts were not in vain, in 1994, Goldman Sachs was allowed in Beijing and Shanghai representative office. Meanwhile, Goldman Sachs became the first allowed in Shanghai stock exchange transactions in China B shares of foreign investment bank. To enter the Chinese capital market "pass" with no delay that Goldman Sachs "fall from the sky," pie, its investment in China's capital market in the first step towards its most familiar financial markets: in June 1994, the United States Morgan Investment Bank and Goldman Sachs equity insurance items to officially over net assets per share 6 times the price achieved peace 13.7% of the shares, including Goldman Sachs investment US $ 35 million. In 2005, HSBC capital contribution of $ 81 million acquisition of Goldman Sachs, Morgan hand 9.91% of ping an equity. Goldman Sachs transfer ping an insurance co., the 10 year investment income of up to 30 times more. Interestingly, March 1, 2007 China ping an IPO, Goldman shares of Goldman Sachs Gao Hua securities company as the primary dealers participated in the China IPO of peace has been issued, as is the making of the sink full bowl of Goldman Sachs and dedication.

Kill the Chinese financial capital of the first knife that Goldman Sachs taste to China's capital market and delicious meals, 30 times the ROI that Goldman Sachs taste the pleasure of the "Vampire". The resulting malice, Goldman Sachs to cut the financial capital of blade grinding more sharp. In 2002, Goldman Sachs acted as BOC Hong Kong IPO of underwriters. In 2003, Goldman Sachs and huarong asset management Corporation, a joint venture and the financing of the joint venture acquires value 19 billion yuan of bad loans and real estate portfolio. At the same time, in view of the international investment bank Goldman Sachs at the captivating, position, Goldman has become the first access to the Chinese Government issued licences for qualified foreign institutional investors, the investment of financial institutions in China a-share market amount to us $ 50 million.

In 2005, playing for Goldman Sachs in China financial capital markets "killer" in this role, is undoubtedly a very busy year. Goldman Sachs has served as the Bank of h shares worth $ 21.6 million IPO project of joint global co-ordinators, Temasek Holdings to 14 billion stake in China Construction Bank acted as financial advisor in your project, in Scotland to 16 billion stake in Bank of China project served as a financial adviser, acting as the Carlyle Group acquired China Pacific life 24.9% shares of financial advisors. And this year's most compelling play is Goldman Sachs to 18 billion stake in ICBC.

With the domestic economy and financial system reform, domestic banks landing capital markets development is already an irreversible trend, Goldman is also very optimistic about domestic bank listing opportunities. However, in order to reduce the cost of shares of ICBC, increase their prices in shares of ICBC's right to speak, Goldman is quite. First use of rating agencies said, Fitch was a copy of the evaluation report of the Bank stated that the emergence of improvements can be long sustained remains to be seen. Fitch believes that ICBC's asset quality is still unsatisfactory, the end of December 2004, its non-performing loans to total loans 4.7 per cent is a proof. In this context, to Goldman Sachs International investors requirements proposed listing of domestic banks to improve the quality of their assets. To this end, four State-owned bank in the listing, the Government established by administrative means four asset management companies, following the banks split 2.5 billion non-performing assets, this not only makes the Bank significantly "downsizing", assets quality significantly improved overnight, to "overseas strategic investors" got rid of a historical burden, good Bank equity assets, enabling countries to assume the significant costs of Bank reform, has also led to ICBC price slump. 28 April 2006, Goldman Sachs to 25.822 billion total subscription 164.76 million industrial shares. While at Goldman Sachs successfully to a relatively low price of shares, interests in ICBC drive makes Goldman for domestic banks eulogizing, ICBC also overnight from an asset condition of banks became the "world's most profitable banks". But when people drunk with the "world's most profitable banks" title, Goldman is whisper flush fortune, his holding of shares in 4 years profit ICBC nearly $ 12 billion, assets 4.65 times. Goldman Sachs in June last year, selling about 30.32 million, billion has been cashed.

Through equity participation in domestic financial institutions generate fruitful harvest, Goldman Sachs has also pushed away to a butcher's knife has become the "world factory" of domestic industrial capital, using capital advantage and personal resources, excellent enterprise of China launched a new round of "shearing" movement.

The second slaughter industry capital

Goldman Sachs International investment banks in the same position as its domestic enterprises to develop investment banking offers unparalleled convenience. A lot of large State-owned enterprises to seek overseas listing financing due to a lack of understanding of the international capital markets, a lack of international capital communication channels, such as Goldman Sachs "cut the ends of a turnip."

Internal and external communications practices of opening the door to eat.

From 1997, Goldman Sachs acted as China Mobile raise $ 4 billion IPO of underwriters to 2006, Southern Airlines, China Petroleum, China Netcom, SMIC, Dongfeng Automobile, beiqi, Grand, Tencent, ping an, ZTE, TCL, Lenovo Group, CNOOC, focus media and advanced semiconductor financing listing are Goldman Sachs involvement. In 2006, once again to the people of Goldman Sachs shows its great capital "Vampire" playing skills.

April 26, 2006, Goldman Sachs as shuanghui 20.1 billion yuan, equity auction bid for 100% of the equity group with pepper, indirect holding shuanghui development 35.715% stake, after the adoption of the assignee to master 60.715% shares. 1 June 2006, Goldman Sachs raised a comprehensive offer. Goldman Sachs equity shuanghui development, through the development of this "shuanghui the goose that lays" hen, increase profit ratios to quickly recover the cost of equity graphs, with 2006 and 2007, the most programme, dividends are distributed for every 10 shares, of which 8 Yuan in cash dividends in 2006, 2007 41084.4 million cash dividend 48479.59 million respectively had merged reports net profit of 88 per cent and 86 per cent. Percentage decline in 2008, for every 10 shares were $ 6, but still accounts for 52% of net profits. Maximum bonus amount to net profit amount of up to 88% in the proportion of domestic dividends of companies listed in the absolute is unprecedented. Moreover, as the domestic stock market bull market of 2007, Goldman Sachs in crazy Thom shuanghui development dividends, quietly to hold equity transfer to CDH investments as well as other companies that are not in the development of information disclosure in shuanghui has prompted until Dec. 14th, 2009 release only shuanghui development clarification announcement, development therefore influenced by China shineway Commission supervision.

20 July 2006, Goldman Sachs to $ 3 per share price from the former shareholders of Dongfeng West mining company transferee 3205 million shares. 2007 April 8, Western mining holding the 2006 annual general meeting of shareholders, to 31 December 2006, the total number of shares in the company as cardinality 32,050 million shares to capital reserve per 10 unit increase 12 unit to statutory fund increase per 10 unit 3 unit, etc. larger proportion to all the shareholders increase to undistributed profit by 10 to 35 ratio sent stocks. Increase and get bonus, Goldman Sachs holds shares soared West mining to 1 million units. March 5, 2009, announcement of Western mining industry, said August 7, 2008 to March 2009 3 days goldmansachsstrategicinvestmentsl.l.c. centralized trading system through the Shanghai sale by Western Mining Corporation 119,150,000 shares, the company's total holdings of shares representing the share capital of 5 per cent. If the stock market price during the 8.67 element calculation, Goldman Sachs accumulated cash 10.3 billion. Goldman Sachs holding Western mining 1.923 million of total investment cost only $ 9610 to stock market and stock costs, ROI 974.3 percent. Goldman Sachs on Western mining of this investment have been in the industry there are clearance violations, accusing the interests of the transportation, related party transactions, suspected of manipulating the market.

2007 September 3, Goldman Sachs Harbour gdepri replenishment 491.76 million, the number of shares increased to 1125 million shares, occupy 12.5% stake in proportion. In 2009, Goldman Sachs holds foreign shares changed to 4500 million shares at an average cost of holding shares about 1.57 Yuan/unit; to sea gdepri 148 Yuan issue price calculation, Goldman Sachs profit 93.27 times.

In the ensuing days, New Oriental, Alibaba, GOME, focus media, China agri-industries holdings, xiansheng pharmaceutical, Yingli new energy resources, Ningbo, China aluminum industry, Beijing holdings, Ocean, yurun food, SOHO China, longtop, bosideng, Sheung Tak power, China want want, Ocean, maoye international, Pacific maritime, Geely automobile listing financing road, see Goldman Sachs this capital predators. The nuggets after domestic financial and industrial capital, Goldman Sachs has also extended to the capital shadow just Al "subsistence" entered the "well-off" of domestic small and medium-sized investors.

Three slaughterhouses and small capital

This year's stock market so many small and medium-sized investors extremely depressed, because few of the quotes in the stock market is haste to, to rush, straight up, straight down "elevator". From November 11 till now, Prev close single-point of the rise and fall of more than 50 large changes more than 5 times, makes it more accustomed to band operation investment veteran struggling.

Leading stock index straight straight down a number of factors, there is no denying the fact that, in the stock index futures pull back the curtains, the Chinese stock market has entered a hedge age, entered a short-or you can make money in the stock index arbitrage times. Variety of signs that this a time of the crash are macroscopic surfaces of reasons, however, the market in a not as investors are aware of the abundant capital, the use of domestic indices based on defects and financial derivative instruments by manipulating public opinion index and impact in the market to short-term profits drastically changes. In the market with such a strong capital strength and ability to influence public opinion of major players have Goldman in May.

Introduction of the precision from Goldman Sachs and abroad "Yin Yang" study report, the introduction of timing and market changes, since the timing is able to see the precise study of Goldman Sachs are large institutional investors at home and abroad, when these institutional investors accept a Goldman Sachs investment ideas, with its capital strength, it is easy to create in the market plunge steeply rising trend, as Goldman Sachs "troubled water" plunder and small investors of the fragmented capital big on "green". These follow the Goldman Sachs investment of capital is La high quanzhonggu attract follow the trend of disk, the index-high progressive layout index futures short position, through the spread of bad panic caused stock index fell in the trilogy. Due to the small and medium-sized investors funds limit constraints cannot participate in the vote of the stock index futures

UGC, become a "human foibles, I fall prey to fish".

Goldman Sachs "Tu", so that just 20 years old to enter adolescence of domestic securities markets numerous injuries. But Goldman was in domestic capital markets "cross" to walk, not by relying on a piece of the world's leading investment banks "painted skin"?, rely on is the Fed officials and the United States Treasury Department officials are born from Goldman Sachs political resources in the United States?, therefore, the domestic capital market regulators and investors, in the domestic securities market entered a 20-year-old, our capital markets are also should play a young people's "aggressive" and the spirit of innovation, exploration and embark on a path for the Chinese market development of characteristic way. Walk the road of capital with Chinese characteristics, so that Goldman Sachs the domestic capital market should be captivating, earned interest, not profits!

Friday, April 8, 2011

Japan Government increases in economic growth in the first quarter of

Cabinet Office 11, Japan announced amendments to the data displayed in the first quarter of this year, Japan's GDP annualised real decrease 14.2%, although longer published last month statistics of catches by 1 percentage point, but is still the biggest drop after the war.

Correction data show that in the first quarter of the Japan economic decline in the actual QoQ 3.8% prior to preliminary statistics released by 0.2 percentage increase. Where civil equipment investment ring than drop from 10.4% upward 8.9%; residential investment drop from 5.4% 5.5%; personal consumption drop still 1.1%; exports and imports drop will remain unchanged at 26% and 15%.

Domestic demand on economic growth in the contribution from the original negative 2.6 percentage points to negative 2.3 percentage, foreign demand for economic growth in the contribution remains negative 1.4 percentage points.

Japan's Cabinet Office 20 may announce preliminary statistics show that in the first quarter of this year, netting out the impact, after seasonal adjustment, Japan's GDP quarter actually declined 4%, according to the rate of conversion of 15.2%.

8 month EU trade deficit of € 121 million

According to Eurostat (epp.eurostat.ec.europa.eu) notice that the initial calculation, in August, the EU 27 countries trade deficit of € 121 million, and has been seen in July 7 billion euro trade surplus, last August the EU trade deficit 28.7 million euros. Total EU exports and imports decreased 4.2 ring 1.4 percent. That same month, 16 countries in the euro area trade deficit with 40 million euros, while the month of July in the euro area has been a trade surplus of € 123 billion, last year the trade deficit in August to 113 million euros. Euro area (via seasonal adjustments) exports and imports decreased 5.8 separately ring 1.3 percent.

Hungary's Central Bank cut interest rates by 25 basis points

The Central Bank of Hungary Hungary 21-the National Bank decided to benchmark interest rates by 25 basis points to 6.25%. The line said that international financial environment improved uncertainty persists, the Central Bank cuts benchmark interest rate increases should not be too large.

In October last year, the International Monetary Fund (IMF), the EU decided to Hungary respectively provide 150 billion, billion loan to Hungary's economic stability, avoiding Hungary economic collapse affected the stability of the EU economy. For block appears on the speculative currency HUF Hungary, Hungary National Bank Monetary Committee on 22 October last year decided to benchmark interest rate by 8.5% to 11.5%. Since then, the Central Bank has lowered interest rate 10 times.

The Monetary Committee of the National Bank of Hungary considered that Hungary's economy in the wake of the recession this year, next year may enter the growth track, next year's inflation rate may be lower than the Central Bank of 3% target.

Goldman Sachs commodity trend this year promising

Corey at Goldman Sachs in London investment meeting demand in emerging markets and supply most of the metal most optimistic prospects for this year. He said, lead producer currently close to full-load operation, copper and zinc producers operating rate is close to 95%, so the best from 2010 to profit of demand.

At the same time, aluminum and nickel are the least optimistic about Goldman Sachs. Corey, currently aluminum smelting enterprises operating rate of only 75% nickel ore businesses will be affected by a number of emerging economies, low nickel pig iron impact brought about by technological development.

Iceland's central bank cut interest rates by 0.5% during the third.

According to the Central Bank of Iceland announced on May 5, again from today the central bank reduced the benchmark interest rate by 0.5% to 8.5%. .Meanwhile, the corresponding current account deposit rate fell to 7.0%, the highest 28-day certificates of deposit rate to 8.25% bid, 7 days a secured loan rate to 8.5%, the overnight lending rate fell to 10.0%. .This is the third time this year the central bank cut the ice, after the two were in the January 27 and March 17, were 0.5% rate. ..

BMW deadlock.

Luxury car market in China, contests, BMW appears to fall into a passive. . 2009, Audi sold 157,188 Chinese, 90,536 BMW, Mercedes-Benz 68500. . compared Yiqijuechen Audi in the Chinese market, long occupied the first global luxury market, BMW has not been found in the Chinese market due status. . conservative price There are signs that business in China lags behind the BMW, the Group has incurred the resentment. . 2010 Beijing Auto Show media day, had arranged an intensive media • BMW Group Chief Executive Norbert Reithofer (NorbertReithofer), the ground suddenly ill and gave up with a number of Chinese media .dialogue. .Reithofer doing so, then the presence of a significant number of BMW employees nervous. . a close relationship with the BMW marketing department of China's trade day on the "Financial State Week," told reporters, Reithofer leave, or the excuse of "BMW China Business Erzhi miss the long-term conservative ."emotional expression of discontent. . 6 9, vice president of China Machinery Industry Federation, Zhang Xiaoyu, to accept the "Financial State Week" interview, said, "Localization of the BMW brand in China - BMW cars, as factories in Shenyang .collinear with the Chinese car production and the formation of capacity constraints. the domestic market 'blow', the import of BMW production capacity is difficult to effectively alleviate, and toss the factory BMW 3 two years before the elections finalized Dalian, Shenyang, abandoned. So .BMW misjudgment of the situation on the Chinese market quite significantly. " this, Christoph Stark, president of BMW Group Region China June 11 to accept the" Financial State Week "interview, admitted that" now, no matter .BMW imported or domestically produced BMW, BMW 4S shops are out of stock. " for this situation, and Christoph Stark explained that the BMW business in China," relative to other markets, but not easy to do a .good balance between the expected and. "2003 years ago, the personal auto market in China is also lower than the commercial vehicle market sales volume. .At this time BMW is expected to do the Chinese market has been relatively low. ."Said Christoph Stark," after this market 'blowout of the' market was too fast, far beyond our expectations. ." misjudgment of the market, Christoph Stark, will be part of the responsibility to the media." From 2003 to today, the media full of reports related to excess capacity. .Today, there is still the media talking about stocks and overcapacity issues, such as vehicle inventory on the market this month and an increase several times. ."Christoph Stark, which to some extent, that also interfere with the business plan. For BMW, China's second plant construction delays, said Christoph Stark," build a factory, it normally takes 3 to 4 years .planning time. .Not only to consider the plant location, size and other issues, but also consider what the introduction and production models. .Therefore, it is possible you had the time to do planning, it has been conservative; another or, conversely, an ambitious corporate plan to do, but the result of market development has not grown as expected. ." " German car to enter the Chinese market earlier. .However, with the development of the times, the introduction of early, technology becomes more and more behind. .Such as Santana, Santana 2000,3000 development to the time when compared to this time one step behind the Japanese cars to enter the Chinese market, technology has significantly lagged behind. ."Said Christoph Stark," So, we have been paying attention to balance. .But the Chinese auto industry, or many other industries, have similar problems and advance planning. .Either conservative or aggressive. ."123 .