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  • the year of 2008

    2008-07-14 17:57:51

    Back again

     

    Hello, the blog-visitor, for certain long time I have not come back here to talk something about economics and politics that I show in my title announcement with everyone!  In fact because of money-care work tied, I have no so much time to manage the blog. Well I will take effort to spare some time from my endless work to be back here for sharing my viewpoint about home and abroad economic and political event in 2008 full of great events: heartbreaking earthquake, magnificent event, turbulent economic development!

     

    For China, 2008 is eventful, sorrowful as well, but meanwhile also makes rest of country see the greatness of Chinese nation. From the disastrous snowstorm at the beginning of this year to the catastrophic earthquake that has happened not long time ago, Chinese nation shows unprecedented persistence and cohesion in front of great natural disaster. 

     

    But in respect of economy and finance, in general China still keeps robust and rapid but not steady development. And for many foreign far-sight businessmen, China is still their favorable investment destination, which is main pillar to her dynamic development, confronting with tiring natural disaster impact though. But unfortunately, it seems that government did not do a good job in curbing hateful inflation that was triggered by global energy crisis last August, but anyway the government really has made effort to do that under such complex international economic environment.  And stock market suffered large slow-down: bear market showed in Shanghai Composite Index jumped down the level of around half thousand points.  Well, the energy resource, the economic developing drive, sees turmoil that crude oil price had surged $147 one barrel in this July from about $70 one barrel last year. However, what rends people mind worry about is oil crisis has been leading world food crisis. Specifically it is reported that American are producing and buying food: corn, peanut full of eatable oil for biochemical oil production as replacement of less and less crude oil reserve supply.

     

    Well let’s go back our home to hear what happened. I thought May 12 quake is a regretful day for some Chinese people, esp for those Sichuan because this quake resulted in 80,000 people died over 100,000 people injured, several million people homeless and direct economic damage no a precise statistic until but at least several trillion dollars, I presume. In this quake Chinese show a great courage and braveness to crash difficulties and fight against natural catastrophe.  Here what have to mention is Chinese government quick response and efficient relief work: Almost no sooner  did break the earthquake in Wenchuan county the epicenter of 5.12 quake than Chinese centre government took quick response to dispatch the PLA garrisoned locally Sichuan to quake zone. Meanwhile the government also promulgated update news to public, organizing various relief work team: medical tem, firefight team, and other working group to rush in quake-seized area for relief, and even Premier personally came to onsite to direct relief work at same time without consideration of personal safety.  Additionally, Chinese social group, and international body and group, and foreign country’s government and non-government organization also gave their hand to help the quake-hit people through different ways: to be a volunteer, donation money or various equipments required in relief work.  With home effort and abroad help, Sichuan quake zone now has got through most difficult time, gradually recovering their normal life!

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  • The Surging Fuel Price Impact the Economic Impulse

    2007-12-17 12:23:47

     

    NERVOUS BEIJING RAISES FUEL PRICES AS SHORTAGES BITE

     

     

    The murder of a man who jumped a petrol queue in China's central Henan province on Wednesday is the stuff of nightmares for the authoritarian Chinese government.

    Faced with worsening fuel shortages across the country Beijing raised petrol, diesel and jet fuel prices at the pump by almost 10 per cent yesterday, in an effort to boost domestic supplies and exorcise the spectre of social unrest.

    The policy reversal came as shortages spread to the capital, which is usually immune from the country's periodic supply crunches.

    But the government is unwilling to allow prices to rise too much because of a morbid fear of spiralling inflation, which has a history of toppling governments in China and is currently running at a 10-year high, above 6 per cent.

    In announcing the price increase the government said it would not allow rising fuel prices to be passed on to transport and other fuel-dependent industries but would provide direct subsidies to these sectors instead.

    Soaring global crude oil prices, which were pushed above $96 a barrel in Asian trade yesterday – partly in reaction to China's increase – pose a serious dilemma for Beijing, which last raised its tightly controlled fuel prices in May 2006.

    China is the second-largest crude oil consumer after the US and although it was a net exporter as recently as 1993 it now relies on imports for nearly 50 per cent of its crude supply.

    The current shortages, particularly of diesel, result from a combination of high global oil prices and strict government controls, causing huge losses for Chinese refiners that must pay more for oil but cannot raise prices at the pump.

    Even after this week's rise, wholesale petrol prices are equivalent to only about $76 a barrel in China, compared with the international average of $102, according to analysts.

    The one-off price increase therefore appears to be a stopgap measure made by an administration that is betting falling international prices will eventually allow it to loosen its the FT in a recent interview.   (For continuity)

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  • The Surging Fuel Price Impact the Economic Impulse

    2007-12-17 12:23:41

     

    NERVOUS BEIJING RAISES FUEL PRICES AS SHORTAGES BITE

     

     

    The murder of a man who jumped a petrol queue in China's central Henan province on Wednesday is the stuff of nightmares for the authoritarian Chinese government.

    Faced with worsening fuel shortages across the country Beijing raised petrol, diesel and jet fuel prices at the pump by almost 10 per cent yesterday, in an effort to boost domestic supplies and exorcise the spectre of social unrest.

    The policy reversal came as shortages spread to the capital, which is usually immune from the country's periodic supply crunches.

    But the government is unwilling to allow prices to rise too much because of a morbid fear of spiralling inflation, which has a history of toppling governments in China and is currently running at a 10-year high, above 6 per cent.

    In announcing the price increase the government said it would not allow rising fuel prices to be passed on to transport and other fuel-dependent industries but would provide direct subsidies to these sectors instead.

    Soaring global crude oil prices, which were pushed above $96 a barrel in Asian trade yesterday – partly in reaction to China's increase – pose a serious dilemma for Beijing, which last raised its tightly controlled fuel prices in May 2006.

    China is the second-largest crude oil consumer after the US and although it was a net exporter as recently as 1993 it now relies on imports for nearly 50 per cent of its crude supply.

    The current shortages, particularly of diesel, result from a combination of high global oil prices and strict government controls, causing huge losses for Chinese refiners that must pay more for oil but cannot raise prices at the pump.

    Even after this week's rise, wholesale petrol prices are equivalent to only about $76 a barrel in China, compared with the international average of $102, according to analysts.

    The one-off price increase therefore appears to be a stopgap measure made by an administration that is betting falling international prices will eventually allow it to loosen its the FT in a recent interview.

    Yanshan, which provides 60 per cent of Beijing's petrol, expects to lose more than Rmb1bn ($130m, £65m,

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  • The icon of Chinese Financial Center: Shang Hai Finance Centre

    2007-09-18 12:18:39

     

    When Minoru Mori first came to Shanghai in 1994, the Japanese real estate tycoon was reminded of the dynamism of postwar Tokyo. He promptly bought a large plot of land in Pudong, the area designated by the government to become Shanghai's international financial centre.

    Thirteen years later, his trophy project is finally taking shape. Workers laid the last beam on Friday of the 1,614-ft tower, which is now the tallest in a country becoming addicted to tall buildings.

    Called the Shanghai World Financial Centre, Mr Mori believes the skyscraper will become an icon for the new-found confidence of China's financial markets. When construction started on the first floor in mid-2005, the Shanghai market was touching 1,000 points: as workers complete the 101th storey, it is above 5,000 points.

    “The timing is just about the best it could be,” said Mr Mori. The $1bn building will eventually host a string of international banks, he said, and become “the pride of Shanghai”.

    To get this far, Mr Mori has had to plough through some formidable obstacles. After initially breaking ground in 1997, the project's financial backers began to pull out when the Asian financial crisis devastated demand for office space. The company says there are now plenty of potential investors and Morgan Stanley has agreed to take a 10 per cent stake in the project.

    The tower also found itself caught up in the complex politics of Japan's relationship with China. The initial design included a large hole at the top of the building, where Mr Mori hoped to install a Ferris wheel. The developer said the hole was based on the Chinese symbol of a moon gate: angry Shanghaiese, who remember Japan's wartime occupation of the city, claimed it resembled the sun at the centre of the Japanese flag.

    In the aftermath of angry anti-Japanese demonstrations in Shanghai and Chinese criticism of visits by politicians to the Yasukuni shrine in Tokyo, Mr Mori quietly changed the design to a square in 2005. “We were never bullied for being Japanese,” he insisted.

    The Shanghai building is only surpassed in height by Taiwan's Taipei 101 tower and the Burj Dubai skyscraper. Yet tall buildings have not always been the best allies of financial market confidence. Construction of the Empire State building began in 1930, just as the Great Depression was taking hold, while the Twin Towers in Kuala Lumpur was topped out in 1997 as the Asian crisis was breaking.

    One of Mori Building's most ambitious projects was the Ark Hills in Tokyo, which was completed after two decades of work in 1986 – just a few years ahead of the prolonged slump in Japanese stocks. Mr Mori admits it took at least another decade before the building fulfilled its goal of becoming a centre for the international financial industry.

    Indeed, some analysts have drawn parallels between the Shanghai market today and “bubble” Japan of the late 1980s. Not only are valuations worryingly high, but a large part of Chinese corporate earnings this year have come from equity investments – just as speculation once boosted Japanese corporate profits.

    And while Japan rode out the 1987 crash after an initial fall, the Shanghai market has been oblivious to the global credit crunch since its February correction.

    Low clouds over Shanghai on Friday made it difficult to see the top of the new tower. Mr Mori will be hoping his prized skyscraper becomes the symbol of a market that has come of age instead of one that has already reached its peak.

     

    Undoubtedly, the completion of Shang hai Finance Center Tower is not only the symbole of Chinese skyscraper but the sign of Chinese Finance  position across the world.  We hope that the Tower as the tallest building in China construction history will play a critical role in the rise of the Finance Industry of China. Personally I thought what the Finance tower towering above the Jingmao Contruction which is rightly left hand of it just is similar to the World Trade Centre of New York in U.S.A that is the tallest tower in American continent but unfortunately one of them was tumbled straggledly in the 9.11 Attack from Al-qaida. Now both Shanghai and New York enjoy the title of world Financial Centre and exactly speaking the Lujiazui Zone will develop into a finacial tycoon like Manhattan of New York city.

    In any event we lay great expection in this icon tower in majority of Chinese that will lead China's finance industry to great prosperity.

     

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  • Economic Globalization Crisis

    2007-07-27 19:17:17

     The occasional rhetorica; flourish  by political leaders notwithstanding, the policy for agenda for global trade is paralyzed. This endangers everyone, but especially Asicans. Asia's outstanding growth is to a very considerable extent driven by trade;indeed, a key feature of the early 21st century is the degree to which many Asian economies have become truely globalized. Asia has a lot to lose from a reversal or retardation of open policies, globally, regionally and domestically.

    As part of a growing blackash against globalization, protectionism, driven by a widespread fear of competition and job losses is flourishing in many places and in many forms. Policies concerning trade, investment, and labor mobility, the key factors of economic integration, are increasingly conceived as defensive mechanisms rather than instruments creating opportunities. There is a deepening chasm between global econmic imperatives and domestic political constraints.

    At the regional level as well it seems increasingly difficult to progress, as highlighted by the obstacles met by the liberation of services in the European Union, the moribund state of the Free Trade Area of the Americas, or indeed in Asia where the concept of an Asian economic Community, as demonstrated in the Second East Asian Summit held in January In Cedbu Phililppines, is still little more than an embryo. Instead of common vision, ambitions and political will towards greater intefgration of markets and communities-and towards greater global prosperity-there are today many symptoms of a "globalization crisis". (Part I)

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  • Far East Asian Economy Review

    2007-07-18 09:31:47

    Just put forward a economic topic! (Part II) Globalization crisis In Econonmy

    Crisis may sound like an exceessively alarmist term when looking at the current situation. World trade grew by 9% in real terms in 2004, and by 6% in 2005 by 11% in this half year, or twice as much as global output growth. The value of world in 2005 exceeded $10trillion. Outward stock of foreign direct investment was over $10 trillion in 2005 as well. In 2005, there were more than 190 million migrants worldwide, about 15 million more than in 2000. The WIO, eventhough the current round of negotitations is installed, still attracts new members, such as Vietnam and Saudi Arabia most recently and probably Russia and Ukraine very soon.

    In addition, opposition to globaliztion is not particularly new, so why do we refer to a crisis? What we are seeing today is a new kind of anti-globalization that is increasingly friven by governments and diverse political  groups in assitiona to NGOS. In particular, there is a loss of support in favor of globalization  from those who initially embraceed it and created the framework after World War II, notably in the U.S across bipartisan klines. Marlet-led integration an only be self-generated up to a point: Collective Political will is needed to address difficult issues such as agricultural liberlization, migration, energy supply, or environmental; issues.

    On this issues, unilateral policies are often too inward-looking and bilateral measure in sufficient to tackle the challenges. Afailture to work on multilateral solutions today will have longterm effects This is likely to foster mercantitlist and protectionist attitudes, undermining the trust between members of the global community. Protectionism is likely to cause considerable havoc, considering that goals such as global security and global prosperity are unlikely to be achieved inthe absence od collective vision action.

    What are the implications and policy options for asia?If the North Atlantic(NorthAmerica and Western Europe, joined by Japan) was the great friver and beneficary of open trade in the corse of the first few decades following World War II, since the early 1990s the engines of global trade have rapidly moved to the Wewstern Pacific and Indian oceans, The benefits accruing to Asia include enormouse poverty reduction and the rise of a middle class. with China, india and Korea standing out as major global economic players, Malaysia and Singapore as key regional and global economic hubs, and other countries like Pakistan, and Vietnam jioning the ranks of the Asian Economic Tigers, While domestic and regional policies played an important role in those results, they could not have been achieved without fruitful ecnomic ties with the rest of the world.

    However, Asia's success has also made the continent a target of protectionism , esp, but not exclusively, inthe U.Sand EU; ther have also been frowing anti-Chinese trade attitudes and policies in Africa and Latin America. External problems are reflected in problems within the region; indeed Asia faces a quite daunting intergration challenge, which requires buildingtrust, longterm vision, leadership and genuine commitments None of these currently have a conspicious presence.

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