Social Security Fund do not offer your unrequited love

Large-scale rate cut did not trigger a positive market expectations, the National Social Security Fund Council, released the news of the stock market into another needle arm, the Social Security Fund, said: will initiate the expansion of the index of investment to strategic investors a stake in his capacity as listed on the State Bank and the Agricultural Bank, to Chongqing, and other high-speed projects such as trust loans to support financial reform and economic development.

Years in a bear market, the hearsay evidence of the positive hype can become a subject matter, following the 4 trillion invested, to cut interest rates sharply, the social security fund is the hope that the stock market.

I hope that the stock can rise to meet the urgent needs of China's economy to ease, but I think the Social Security Fund to rescue the market not only belongs to a fruitless approach, but also belong to the fuel. China social security fund in the stock market, has never had to assume the role of the rescue package, but those who pick the fruit. The reason why investors have not caught onto this, because the Department of Social Security Fund raising people's money order in his capacity as special, and that harm the social security fund is far less strong in the mixed-size, limit the size of the "PE -Bribery. "

Social Security Fund on the market do not offer your unrequited love, in fact Social Security Fund Council said the three-point. Index of the expansion of investment scale, that is, the ETF may invest funds, the current situation is likely to be 50ETF fund will be raised 50ETF in blue-chip stock market index fund and the difference between opening to the Fund and the blue-chip index arbitrage between the provision of Space, to induce the market pushed up blue chips, played an indirect role in propping up the market. On the other hand, if the stock index futures to follow after the introduction of margin trading and securities lending, the social security fund will be able to paving the way.

As for the "pay close attention to the State Bank and the Agricultural Bank to open joint-stock reform process, in order to prepare a stake in his capacity as strategic investors to support the country's financial reforms," White said, but it is going to be listed on the State Bank and the Agricultural Bank of the other major statements, This is "stepping up development of equity fund management approach, in order to further expand the equity investment funds to lay the foundation" of the social security fund is consistent with the established guidelines. 38,000,000,000 yuan in the past, through investment, the social security fund from the Bank, Bank of China and ICBC shares to get to the net proceeds of more than 50,000,000,000 yuan, which is the major income.

Bank of America so that their profits into, so that the social security fund might as well get huge profits. However, this is clearly not committed to save the market, there is no commitment to act as a secondary market stabilization fund.

Social Security Fund has said the "increase investment in key state projects and focus on issues related to people's livelihood-related projects, and strive to achieve on the central 'to promote the development of' strategic requirements; to Chongqing, and other high-speed 5 projects to provide a total of 5,000,000,000 Trust yuan loans to support infrastructure construction and economic development "- and this is in fact the current round of infrastructure investment bank to share the feast. Not even the social security fund, the economic down cycle, large and small banks will follow the large enterprises and projects.

Really has any practical effect in the secondary market is nothing compared with the following commitments - some of the additional equity investment in order to stabilize the market confidence in capital markets and the pursuit of long-term development of a stable income. The so-called additional investment is the same as Huijin additional investment of more than 2,000 million, or an additional 50,000,000? None of uncertainty. I believe that some investors will be subject to short-term speculation, pulled the relevant stock price and then high up in the retail pack on Gao Gang.

To reiterate once again that the social security fund is not a stabilization fund can not save the market; the social security fund, whether to enter a market or secondary market, can not solve non-small, limit the size of the problem. Only by reform-exploit the system to issue new shares in order to do so.

However, I agreed to 10% or more of the state-owned shares under the social security fund, which can be solved only 10% of the largest non-state-owned shares to reduce the pressure, but also to address some of the Chinese stock market has too many non-tradable shares, investors in small and medium-sized state-owned Holdings of listed companies aphasia, at least the social security fund can be a very important game market forces. Social Security Fund through the final performance of listed companies and stock prices rising profits in this regard, the social security fund in line with the interests of ordinary shareholders.

Unfortunately, because of the social security fund and the views of the conflict between the SASAC, the state-owned shares under the social security program for the delay in the dust settled, was replaced by the transfer of state-owned assets, rather than the transfer of state-owned shares, the shares for In the ascendant. Recently, the China Social Security Fund Council, Dai Xianglong, president of Phoenix Satellite TV in an exclusive interview again the old, said the state-owned shares reduction enrich the social security fund's policy is to promote, "I believe they will make public in the near future." I hope so.

10% of the state-owned shares into the social security fund, which means that 10% of the state-owned shares owned part of the property market means that this part of the state-owned shares can be taken from the people eventually, be used on the people, which is in the right direction. This is the basis for reform of the system, and can not take it as the size of the non-special fund for short-term opportunism of the rescue package.

Wong Kwong Yu involving manipulation of stock prices Beijing Eagle offense to have a major suspect

Wong Kwong Yu suspected of manipulating stock prices with the authority, Wong Kwong Yu triple suspected of trading (3.48, -0.23, -6.20%), Zhongguancun (3.74,0.00,0.00%) stock trading case was unusual inspectors. Since then, the group held by the triple triple 2276.56 million shares trading limit the sale of equity shares after 5 auction, and ultimately by the U.S. National close and cooperative relations between the Holy War Beijing Investment Company Limited.

Wong Kwong Yu suspected of manipulating stock prices with the authority, Wong Kwong Yu triple suspected of trading (3.48, -0.23, -6.20%), Zhongguancun (3.74,0.00,0.00%) stock trading case was unusual inspectors. Securities and Futures Commission in charge of departments were yesterday afternoon, said Wong Kwong Yu suspicion of the existence of stock price manipulation.

As early as April 28 this year, the SFC began trading on the triple, Zhongguancun, the stock started trading anomaly inspection, investigation found that the above-mentioned companies involved in restructuring, asset replacement and other major issues, Beijing Eagle Investment Co., Ltd. There are major suspected violations of laws and regulations, a huge amount of money involved, it has made in accordance with the law would be material evidence relating to the transfer of public security organs, Beijing Eagle Investment Company's actual control of man-made Wong Kwong Yu.

Wong Kwong Yu on market rumors, such as whether the alleged manipulation of Kim Tae-ST (2.31,0.00,0.00%) shares, the person in charge did not make a positive response.

Gome for the incident, relevant departments of China Securities Regulatory Commission said that the United States and countries belonging to the holding of listed companies outside its place of registration by the law and the law of the land market regulation, supervision by the Hong Kong side. If you need to put Hong Kong with the China Securities Regulatory Commission, Securities and Futures Commission will be based on the needs and provide necessary assistance.

According to the Access to Information, on February 14 this year, triple the Group was forced to auction its holding company triple the 2700 sale of shares of restricted stock, the United States through the Dragon's Back Shandong Island Construction Co., Ltd. was triple the company's controlling stake. Since then, the group held by the triple triple 2276.56 million shares trading limit the sale of equity shares after 5 auction, and ultimately by the U.S. National close and cooperative relations between the Holy War Beijing Investment Company Limited.

Rail boss also want any new tricks

27 held in the Ministry of Railways to adjust long-term railway network planning a news conference, Vice-Minister Lu Fu in reply to a reporter's question that the country's future will take into account the price of the passenger train market-oriented reforms. He said that the price of train tickets for the direction of the market-oriented reforms, the Ministry of Railways is the hope of "capital preservation profit" and "to achieve sustainable development of the railway, should be the protection of public services on the basis of the transportation business for the survival and development to create better Environment, if the long-term transport costs and prices deviate from, we will distort the allocation of resources for transport. "But did not give a timetable for reform.

Xu is the instinctive reaction of many friends and I have the feeling that the first message from the railway fares will not be long before the price increases. This is all very, vice minister of land and strategy, just put a little bit of tone and vague that to start the train fare to the market-oriented reforms, but did not give any specific method of operation, people can see Yunliwuli. This will see the wisdom of the Speaker, the first release of a balloon, to test and then re-Jianjixingshi. As Vice-Minister, he more or less clear, of course, the draft reform, but now that the impartial, so backfire. Rail boss really is a ghost.

Netizens pointed out, why not say prices. Yes, based on past experience, those who advocate a monopoly industry with international practice to be price or market-oriented reforms, it means that the consumers have to suffer. Nothing monopolized the industry because of its monopolistic nature, or is not called a monopoly. No change in rail transport monopoly before, it is impossible to implement market-oriented reform of the fare, even if implemented, it would not be thorough and reasonable. To manipulate the market because of the reform of monopoly power in the hands of the hands of industry, what change, how to, are not what they say goes by the monopoly sectors, public opinion is difficult to directly carry out the game.

Even in the reform of the public hearings are held before, the two sides of the game because of asymmetric information, the railway sector holds the operating costs, transportation costs and profit and loss situation and the relationship between fares and other core information, representatives of the game is destined to become vulnerable, The ultimate outcome of the hearing in favor of the railway sector. A similar situation, we see more. Therefore, the public found that the fare of the so-called market-oriented reforms, but the price is synonymous with nothing but put a little more than pleasant.

What is the "capital of the low-profit," as if the fare is now a serious departure from the transport costs. Even if it is, then please come up with specific data, a departure from how much. I just want to ask a, causing a loss of rail transport of the reasons it should be simply attributed to the low fares? Is not afraid of it. I think that more should be from the monopoly of the industry and long-standing mechanism to look at the reasons. If no mechanism to get rid of the drawbacks of monopoly industries, even if the fare jumped, but also a loss of the status quo railway die hard.

According to the current macroeconomic situation and the railway development plan in 2009 to complete plans to 600,000,000,000 yuan investment in infrastructure by 2020 will invest 5 trillion in new 40,000 km railway, when the country prepared to invest heavily in railway construction, the public hopes on the railway Department, the scientific and rational development of railway land development planning, corruption-free colleges and universities to make good use of every sum of money, since more and better carry out the responsibility to protect public services, without having to hurry to beat the fare idea. Information, which 5,000,000,000,000 Our funds are taxpayer money, that is, in the next 10 years, taxpayers will have to bear the construction of the railway more obligations and responsibilities, if they want to be as high up the train Vote to pay more hard-earned money, in addition to the monopoly under a ruthless oligarchy heart, other industries are set Yuxinburen.

632 meters high, "a new high of China" Shanghai Center started

China's first high-rise - the "Shanghai Center" in Shanghai Lujiazui Finance & Trade Zone starts in the hinterland, the ultra-high-rise buildings of the total will reach 632 meters high, with adjacent high-rise building, "Jin Mao Tower," "World Financial Center," a "tripartite" beauty, the picture shows a groundbreaking ceremony, the first Chinese and foreign guests to watch the "new Shanghai landscape." It is reported that the "Shanghai Center" with a total investment volume 14,800,000,000 yuan as much as expected, the appearance of the spiral shape of the symbol of Chinese culture, the spirit of harmony. 2012 is expected to cap the structure and part of the operation, in 2014 the completion of delivery. China issued photo Pan Suofei Copyright: Where are marked "cnsphoto" word pictures are copyright China News Net, without the written authorization of the use shall not be reproduced. The early morning on the 29th, next to the Jin Mao Tower and the Shanghai World Financial Center in Lujiazui Financial and Trade Zone in the hinterland, accompanied by five red-drilling machine at the scene one after another rumble Rotation, with a total height of 632 meters up the "Shanghai Center" building broke ground. Is expected to become the new "China's first high," the Shanghai Center since the early 1990s to start planning, Congress has set out today after making a formal construction. Ceremony, Shanghai Mayor Han Zheng sent a congratulatory letter said, "Shanghai Center" project will help to further improve the construction of Shanghai international financial center, the complex features, and promote the development of modern service industry concentration. As far as building construction and development center in Shanghai Co., Ltd., general manager of Jian-Ping Gu, "Shanghai Center" estimated total investment of up to 14,800,000,000 yuan, the first choice for the financial industry, positioning in the international standards of Grade A office 24 hours, five-star super - Class hotels and facilities, the theme of quality commercial, recreational and cultural tourism, conference facilities feature five major functions. The total building 632 meters high, can reach the main building structure to 580 meters high, with a total construction area of 576,000 square meters. According to the design of the building to the U.S. company Gensler, "Shanghai Center" spiral shape, symbolizing the harmony of Chinese culture, China and the world reflected in the connection; architecture cylinder in-house by nine each other constitute a stack; building, the facade Between the formation of the "air courtyard," It will provide a meeting place. Person in charge of the project, "Shanghai Center" to be built ultra-high-level Chinese "green building" model is expected in the 2010 Shanghai World Expo will be on the ground floor when part of the cap, the cap structure in 2012 and part of the operation, In 2014 the completion of delivery. The building will be built with the Jin Mao Tower (420.5 meters), the World Financial Center (492 meters), composed of high-rise buildings to form a Shanghai Lujiazui central area of the new skyline .

Currency Bond Fund Equity Fund is different: not something to

For you are not satisfied with the performance of the stock market? You have to think so: At least I still have a bond fund. Cut the rate again, also die hard in the short term macro-economic and stock market trends. Fund analysts were cautious and restrained, they said: the best selling stock funds have not yet come, now the focus of investment funds or low-risk product.

Currency Bond Fund which election?

This year's breakthrough role for low-risk fund is Bond Fund and the IMF. The sound and conservative investors, these two funds is to avoid the risk of stock market fell an essential tool. During the year, the first popularity of bond funds, dubbed "shock in the city of safe haven" of the title, no thunder at the two; so long ago, the IMF in all of a sudden blowout of income, sparked a wave of fever purchase, overshadowed much of the Bond Fund Potential.

To the problem, both as a fund which you can bear market in the allocation of key targets? Cut interest rates on the fund which is more favorable?

Galaxy Securities Research Center of the fund's Wang Qun aircraft earlier this year to investors, analysts recommended the IMF, the IMF is still far his support of the target. In his view, to cut interest rates 108 basis points is a major positive, but the rate cut is backed by the economic situation is not optimistic. It is in this case, "more money market funds highlights the value of the investment," he advised that investors "are least able to demand deposits into the IMF."

Investors need to note that in the central counting down interest rates and focus on floating cash surplus, the IMF's income has been falling. Wang Qun, including aircraft, including a number of analysts have agreed that the IMF tried to get a higher income is in fact the practice of the IMF's misunderstanding of the product is the best location and excellent cash flow management tools.

Tour de San Jiang fund is more optimistic about the spring of bond funds, although its earnings earlier than the same continues to grow. "Round up the largest bond fund has come to an end, but to cut interest rates to consolidate a good foundation to the bond market." Jiang tournament that spring, in the past three months, the central bank to cut interest rates a total of nearly 2%, is conducive to the maintenance of a strong bond market, and this One-time meeting will again cut interest rates sharply pushed up the bond market, reversing the recent rate treasury bonds and short-term debt market trend is also raising the national debt and long-term earnings expectations. Market Fund, the most direct benefit will be the Bond Fund.

Morningstar (China) researcher Rui believe that the positive short-term interest rates in the bond market, the current fund's investment strategy is still on for Conservative side, investors should be equipped with more than bond funds.

Equity funds: selling the best yet

Shares in the fund, the analyst's point of view should be more consistent, that is not the arrival of the best selling points, investors should also be patient and then wait for some time.

Compared to the bond market, interest rates on the impact of the stock market is more indirect. Rui said that the market has not gained momentum, macroeconomic and will not reverse in the short term and therefore not to buy equity funds.

Jiang is also the spring race of the view that a substantial rate cut shows that the Government's determination to promote economic growth, the central bank to relax the ongoing liquidity to stimulate the production of enterprises in investment, macro-economic targets in the short term, may boost market confidence, but it will not reverse the trend of the market. In the future the stock market will remain at the bottom of the shock to maintain the pattern. Only when determining the macroeconomic bottom, the best selling stock funds will come.

Wang Qun aircraft also continue to be the views of the high-risk products, investors should be "less is not qualified or equipped." The so-called "less equipped", he explained, referring to the ETF funds. Given the current market frequent small shocks, at the same time fell far smaller than the space up space for some of the more radical of the election when there is the ability of investors, Wang Qun aircraft that can be an ETF portfolio to obtain the band's earnings, the benefits of this strategy is the degree of difficulty Selection of low stocks, than the cost of general equity funds to buy low. He is given in a combination of three ETF, the Chinese are 50ETF, small and medium-sized panels and easy ETF Fonda Shenzhen 100ETF, based on the size of the disk is to take stock, both Shanghai and Shenzhen stock markets.

"Extension" in the breakdown of the merger of aluminum from the huge investment in Fukui

In recent months, the market has been the deterioration of Rio Tinto shares to fall sharply, 25, the world's largest mining group BHP Billiton announced the withdrawal of rival Rio Tinto 66,000,000,000 U.S. dollars acquisition offer. "Extension of the two combined to benefit the breakdown of the domestic steel prices, but a large number of holders of Rio Tinto shares of Alcoa China (601,600), but what is a good thing.

In recent months, the market has been the deterioration of Rio Tinto shares to fall sharply, 25, the world's largest mining group BHP Billiton announced the withdrawal of rival Rio Tinto 66,000,000,000 U.S. dollars acquisition offer. A message, Rio Tinto shares drop as it is, down to 15 pounds / share. Aluminum Corporation of China with 60 pounds / share of the purchase price has been compared to losses of 45 pounds, according to preliminary estimates of the market, Fukui has aluminum in more than 8,000,000,000 U.S. dollars.

"Extension of the two combined to benefit the breakdown of the domestic steel prices, but a large number of holders of Rio Tinto shares of Alcoa China (601,600), but what is a good thing." Joint network of metal iron ore industry analyst Hu Kai told our reporter, In fact, from Rio Tinto shares finished higher price, in the face of the aluminum on the left, "a Hua Shan Road" - only to promote the formation of two successful mergers and acquisitions, not only in aluminum losses.

Early last year, China Aluminum to about 7,000,000,000 pounds of the purchase price of a part of the shares of Rio Tinto.

Analysis of the industry, the aluminum in Rio Tinto with his hand on the two merger is expected to expand. Show that on November 1, 2007 extension of the two opened a prelude to mergers and acquisitions. February 1, 2008, China suddenly announced that the company Alcoa, through a wholly-owned subsidiary of Singapore, the United Alcoa, Rio Tinto gained 12% of UK listed company's existing shares  Rio Tinto shares equal to 9% , The total transaction value of approximately 7,180,000,000 pounds. Among them, as a result of investment in aluminum accounted for the acquisition of 90%, while Rio Tinto become the single largest shareholder.

"At the time of aluminum that could expand the two combined would be more chance of success, so do the investments. If Rio Tinto shares rose Qi Bashi pounds of hand when there will be a good return on investment." Hu said, However, Rio Tinto shares in M & A and in aluminum by buying short-term stimulus to Chonggao 70 pounds / shares after the international iron and steel market all the way down, has recently dropped 20 pounds / share about BHP Billiton is to give up to buy again Rio Tinto shares had hit.

There are foreign institutions, analysts said that the extension of the two failed mergers and acquisitions, Rio Tinto's share price continued to fall even if it does not, will be stagnant, would like to return to the sixties and seventies of the high dollar has been relatively difficult.

As for the breakdown of the merger of the two Rio, also in aluminum expressed concern and said that the market is considering its holdings Rio Tinto shares to 14.99 percent of the rumors, in the aluminum company has not yet held for the development of research and Rio Tinto Further equity stake in the plan. It is understood that in August this year, Australia's Foreign Investment Review Board approval of the aluminum holdings in British company Rio Tinto shares to 14.99 percent (that is, Rio Tinto 11% stake), it would, in aluminum Luo Jian-chuan, president of the media have said that "As long as the time is ripe, there is the next step in aluminum holdings of Rio Tinto shares may be." Despite its current holdings or make it clear that it does not, however, continue to believe that for aluminum in Rio Tinto's long-term investment value of Rio Tinto's Confidence in the future.

Chinese iron and steel industry analysts Mengqing Heng said that the network economy, the aluminum in Rio Tinto is a strategic investment in investment, but also help to strengthen domestic enterprises the right to speak, so should not be concerned about profit and loss. But the reason why there is such a huge aluminum Fukui also showed that domestic enterprises to invest in a serious psychological quick success and instant benefits.

"Enterprises in the industry have been reminded to buy sea mines should observe the industry cycle, but many companies do not have the patience to wait for the opportunity." Meng Qingheng said.

Standing disputes flight was "Waterloo" appears four sets of security errors

China Eastern Airlines announced last night that, as of October 31, 2008, China Aviation Oil hedging contracts fair value losses of about 1,830,000,000 yuan has not been any actual cash loss. Experts said that the futures companies, fuel hedging in the near future become the focus of the market, but can be seen in the market for business and enterprise have a lot of misunderstanding hedging.

China Eastern Airlines announced last night that, as of October 31, 2008, China Aviation Oil hedging contracts fair value losses of about 1,830,000,000 yuan has not been any actual cash loss. Prior to this, Air China announced that the company as a result of fuel hedging and Fukui took place 3.1 billion.

Experts said that the futures companies, fuel hedging in the near future become the focus of the market, but can be seen in the market for business and enterprise have a lot of misunderstanding hedging.

Misunderstanding one: less security is not a small loss but not loss

With Air China and China Eastern Airlines, Southern Airlines is also hedging in the loss. However, the three Southern Quarterly Bulletin shows that China Southern in the third quarter of this year, only a loss of 884,000,000 yuan. Securities analysts are of the view that China Southern is a relatively small loss due to less hedging.

Reporters in Air China's announcement, Air China Aviation Oil to do the highest hedge accounting for about 60% of the oil requirements, and have 35.9 percent of China Eastern Aviation Oil hedging to take the way, the number of China Southern and even less Almost negligible.

However, senior futures analyst at sea permit Nicheng group pointed out that if the companies that have hedging risk, no set of security there will be no big loss on special measures are wrong, "not to participate in a speculative hedge is a danger Highly speculative. " He pointed out that without hedging, the enterprise will be exposed to fluctuations in the spot market price of risk, "gambling" is the next time the spot price for business. Spot market prices due to extreme volatility of the possibility of the existence, it may bring disastrous consequences to the enterprise.

Second misunderstanding: futures set equal to a loss of security failure

During the interview, many analysts pointed out to reporters, the media always stressed that the derivatives business loss is not right, there are several aspects of hedging, need a comprehensive view.

Futures analyst at Everbright pleased to reporters, said: "Take Air China, Air China despite international oil prices in the short term due to the huge dive in serious losses on futures, but on the other hand, Air China in the spot market may be profitable The assumption that fuel prices of crude oil equivalent from 150 U.S. dollars fell to 50 dollars, 100 U.S. dollars so it can be counted as Air China's profit in the spot market. "

Now, more companies tend to use "hedge against inflation," the security package in order to futures markets, for example, in this way, the futures price in a management tool emerged with a great deal of flexibility. Enterprise adoption of the product cost and reasonable profit, as well as expected on the market factors of supply and demand analysis, can confirm a pre-market price is an "ideal price." In such an "ideal price" on the basis of the target, enterprises can be sold in advance through the futures market or futures contracts to buy futures contracts; into the question of the actual cash transaction cycle, and then choose the spot market or sell goods purchases, and In the futures market for hedging positions. This is the unique use of futures markets and hedging mechanisms to achieve a "hedge against inflation". In this way, to achieve the "ideal price", without affecting the stock purchase and sale plan, the price can be carried out in advance, no longer blindly Suixingjiushi.

The fundamental purpose of hedging against inflation is to avoid the risk of price fluctuations. Pleased to say: "So look at the success of security units, mainly futures study whether the cost of lock and not a single market or a loss of profits."

The two giants: oil has been in the implementation of the "maximum retail price"

"Business News" yesterday from the China National Petroleum [11.57 3.21%] Natural Gas Corporation (hereinafter referred to as "oil") and China Petrochemical Corporation ( "Sinopec") that were being drawn up in the finished oil Price reforms, with the two major oil companies have had to communicate.

Sinopec insiders who said the program Development and Reform Commission to seek their views fully, "the two companies is no exception." China National Petroleum Group, said that as the program does not launch, the company can not make any remarks.

Media reports yesterday said "the adjustment is in the refined oil pricing mechanism reform program, the company has tentatively set the current benchmark retail prices of refined oil allowed to float up and down the pricing mechanism was changed to the highest retail prices."

In the oil and petrochemical companies in the middle of this person said that the business has been in the implementation of the "maximum retail price." Under the current pricing mechanism, implemented by the Government of China for the provinces (autonomous regions and municipalities) and the central city of gasoline and diesel retail prices of the benchmark table.

"In short, we have seen retail sales of the listed price is a benchmark price plus 8 percent after the price per liter for the conversion price." PetroChina said one person, which is why the international oil price After the fall, private gas stations have the courage to cut the retail prices of reasons, "because there is room to drop."

Sinopec subsidiary, a sales person explained, "We are always in accordance with the requirements in the implementation of the National Development and Reform Commission, in other words, companies can lower oil prices, but can not be allocated on.

Li Cheng Hu 13,000,000,000 Regal IT rich list

Ma ranks seventh in the family; IT Regal collective net worth has shrunk by 13%

New Express (Reporter Zhang Yi) Report 2008 IT Rich List list yesterday in Hangzhou Jiebang, Robin Li Baidu to 13.0 billion won wealth Laurel, Tencent's Pony Ma, Ding Lei, Netease's second respectively in the third , Whose assets were 12.5 billion, 9.8 billion.

Ma family wealth to 5,000,000,000 yuan ranked seventh. Charles Zhang's wealth to 4.8 billion from last year, rose to No. 22 this year, the first 8-bit, back in the top ten IT Rich List. The average age of entrepreneurs on the list of 45-year-old.

Affected by the downturn in the stock market, the list of the threshold from 1.3 billion last year, dropped to 1.1 billion this year, Regal is also the collective net worth has shrunk by 13%. Last year, 50 of the total wealth of the rich IT is 180,400,000,000 yuan, with an average wealth 3,610,000,000 yuan; this year, 50 of the total wealth of rich IT is 156,300,000,000 yuan, an average of 3,130,000,000 yuan of wealth, has shrunk by 13%. IT industry to 6% of the proportion of Peregrine list down to sixth in the standings industry.

However, according to the share price on November 24, Robin Li wealth has shrunk to 45 billion yuan, Ma wealth of 8.3 billion to replace Li in the first place.

This is the sixth Hurun Report released "IT Rich List," the first "Report IT Rich List" on the list is only the threshold of 100,000,000 yuan. 5 years have passed, "2003 Report IT Rich List" on the Robin Li, Ma, Ding Lei, Chen Tianqiao family, the Ma family, Charles Zhang, Xu Yong, GU Yun-gyu family, Wu, Hua Xin This is still the richest 10 " IT Rich List Report 2008 "rich list. Hu said: "Compared to other industries, IT Rich List of the top ten rankings do not change." However, this year there are 15 people on the list. Among them, Wuhan where the Valley [15.50 4.38%] Meng Qingnan the family wealth to 4.6 billion into the top ten, ranking ninth. Long-day language of the beautiful young 4.2 billion wealth to the 11th ranking.

In addition, the headquarters of the enterprises in the ranking, Beijing, 16, ranked first, accounting for a list of the total number of 32%; Guangdong on 14 list, ranking the second. Entrepreneurs in the top place of birth, Jiangsu has 7 in the first place; 6 Zhejiang second. Guangdong, Shanghai, each of 4 third.

Early warning of macroeconomic index in October fell to 94.7 a 6-year low

yesterday the central bank reduced interest rates 108 basis points add radiance to each other, the latest statistics released by China's macro-economic index and the October consumer confidence index continued to drop for several months. ZHANG Yong-jun of the view that the consumer confidence index fell, reflecting the people's dissatisfaction with current income as well as the future revenue expectations are also down.

And the central bank yesterday reduced interest rates 108 basis points add radiance to each other, the latest statistics released by China's macro-economic index and the October consumer confidence index continued to drop for several months. The October index fell to 94.7 macro-economic early warning, a 6-year low.

The index of industrial production-"blue light"

Data show that China's macro-economic warning in October index of 94.7. According to the National Bureau of Statistics measured approach to early warning indicators of economic operation of the state is divided into 5-level, "red lights" that the economy overheating, "yellow"-hot economy, said, the "green light" that the economy has been operating normally, "blue light" That cool the economy, "blue light" that the economy cooled. The level of 94.7, still in the "green zone."

However, the index is still set in October 2002 to a record low since, in September of 105.3 has dropped by 10.6. China highlights of the current economic situation is not optimistic. It is worth noting that constitute the early warning indicators of the 10 sub-indexes, the deterioration of the index of industrial production. The September index is still in the "green zone", but in October has been "light blue light."

State Information Center, senior economist Yong-Jun Zhang told reporters, said: "This confirms the change in industrial enterprises, such as steel, cement industry investment, sales are not busy market realities."

The consumer confidence index falling in March

What is even more worrying is that the revenue showed a "blue light", that is, cooling, said. November 13 the Ministry of Finance released the latest revenue and expenditure shows that in October this year, the first time in our national monthly year-on-year negative growth in fiscal revenue last year fell 0.3 percent. The central financial situation was worse in the same period last year dropped by 8.4 percent.

Zhang Yongjun believe that the real estate market downturn to reduce the local fiscal revenue is bright "blue light" one of the reasons why. In addition, China's import market by the international financial crisis led to the import value-added tax, consumption tax are drastically reduced, the revenue is too cold even more important indicator of the root causes. "This may be our country next year to implement a proactive fiscal policy, must have a binding effect." Zhang Yongjun said.

Yesterday announced the consumer confidence index for 3 months decreased from 93.4 in September dropped to 92.4. In addition, the economic situation reflects the consumer's satisfaction with the satisfaction index from the Sept. 90 fell to 89.8, reflecting the consumer's economic prospects over the next few months is expected to expectations index, from 95.6 in September fell to 94.2. ZHANG Yong-jun of the view that the consumer confidence index fell, reflecting the people's dissatisfaction with current income as well as the future revenue expectations are also down.

Fuel tax will be imposed in public opinion

At 10 o'clock today at the Information Office press conference, National Development and Reform Commission Zhang Ping, director introduced the policy of expanding domestic demand and implementation.

After the introduction of fuel tax burden will be

Yesterday, Premier Wen Jiabao chaired a State Council executive meeting to study the deployment of the enterprise to solve difficulties and promote economic development policies and measures; consideration of the prices of oil products and fuel tax reform program, a decision made public for comment.

The meeting held that improving the refined oil pricing mechanism, the implementation of fuel tax reform, for expanding domestic demand and promote economic restructuring and regulating the fair tax to encourage energy conservation and protection of the environment, to maintain stable and rapid economic development is of great significance. The meeting decided that to the public and the prices of fuel oil tax reform program to extensively solicit opinions from all sides.

At today's press conference, Zhang Ping, the fuel tax reform, the general requirements of "fair, standard and savings, reducing the burden." Fair, that is, in the future to reflect the more oil, more affordable. Norms, that is, in the past to various types of fees or road maintenance, water management and conservation, management, the changing cost of fuel consumption tax, more taxes and more oil. Burden that the current level of oil prices at home and abroad, after the implementation of all aspects of tax reform is to reduce the burden, as international oil prices are really lower than the domestic. Through such norms, but also blocked the door and The way.

State Council executive meeting of the National Development and Reform Commission put forward by the relevant departments of the tax reform program was discussed and put forward some amendments, the National Development and Reform Commission is currently with the relevant departments to revise and improve the program, will be revised and improved as soon as possible to the public To listen to the public.

Hundreds of billions of investment plans have been implemented in 40%

As the international economic and financial environment of rapid changes in the current downward pressure on the Chinese economy is increasing and has become the principal contradiction in the economy. To ward off the international economic environment of the adverse impact of China to prevent economic growth and rapid decline in large fluctuations, the recent macro-economic policies of countries to make major adjustments to implement the proactive fiscal policy and moderate monetary policy. At present, then released to further expand domestic demand to promote economic growth, 10, decided to add the fourth quarter of this year, the Central 100,000,000,000 on investment in the people's livelihood, environment, infrastructure construction, speed up reconstruction work.

So far, it has 100,000,000,000 investment into the whole project, now plans to issue more than 40%. This 100,000,000,000 investment direction, including the protection of housing, livelihood projects and rural infrastructure, agriculture, railways, highways, airports and other infrastructure construction, education, health and other social cause, the ecological environment, independent innovation and structural adjustment, post-disaster The restoration and reconstruction.

The profits of state-owned enterprises in a row of negative growth in March

Ministry of Finance yesterday released the state-owned enterprises and state holding enterprises show that the first 10 months of state-owned and state-holding enterprises operating income growth rate dropped for three consecutive months, and there have been a profit for three consecutive months of negative growth, electricity, petrochemical and other industries Profit decline further.

To accept the "Business News" interview with the experts believe that this phenomenon may be due to the macro-economic downturn led to the increase in inventory, it may be related to the implementation of state-owned capital operation budget for the incentives to do business to reduce costs related to profits.

Statistics show that the first 10 months of the national state-owned enterprises to achieve a total operating income 18,070,000,000,000 yuan, and last year increase of 23.4 percent compared to the same period, an increase over the previous nine months fell 1.6 percentage point increase has dropped for three consecutive months.

State-owned enterprises and state-holding enterprises realized a total profit of 1,226,000,000,000 yuan, up 8.3 percent decline, decline over the previous September by 5.4 percentage points drop in three months in a row to increase. And the first eight months of the first nine months of the year-on-year decline in profit respectively 1.3 and 2.9 percentage points.

Decline in investment income is one of the reasons for the decline in profits, state-owned enterprises and state-controlled investment income 153,300,000,000 yuan, up 7.7 percent decline, following the decline for the first time in March this year, fell again. Investment income accounted for the proportion of the total profit was 12.5%.

An expert told reporters that the capacity itself has a larger surplus, export demand and macro-economic level, the recession led to a significant increase in inventory is a state-owned and state-holding enterprises profits and operating income decline of one of the important reasons .

To the steel industry, for example, experts in MYSTEEL iron and steel research institutes Xu Xiangchun "Business News" that is expected to reach capacity by the end of 600,000,000 tons. And the demand side, domestic demand this year is about 450,000,000 tons, and exports of about 60,000,000 tons, is expected to be the formation of 90,000,000 tons of surplus production capacity.

These experts believe that the profits of state-owned enterprises for three consecutive months of negative growth there is to do low-profit suspects. One of the evidence that corporate profits with the continuous negative growth of the business costs also increased.

Data show that although the rate of increase has declined, but the first 10 months, the cost of state-owned enterprises amounted to 16.54 trillion yuan, up 26.4 percent.

Experts said that the above-mentioned analysis, the state-owned enterprises and state-holding enterprises to do low-profit motive from the beginning this year, the implementation of the state-owned capital operation budget, in accordance with the provisions of the state-owned enterprises must be turned over to the national dividend, which will cost the cost of doing business incentives, Low profits do in order to reduce profits and dividends paid.

A few days ago in response to "the collection of state-owned enterprises operating profit as a source of funds to stimulate the economy", the China Center for Economic Research of Beijing University, Professor Zhou Qi Ren said that once the dividend paid to state-owned enterprises, the profits of state-owned enterprises will soon "disappear."

This year the state-owned capital operation budget 54,800,000,000

A SASAC of the State Council yesterday announced that in 2008 the central capital of the state-owned enterprises operating budget has been approved by the State Council, the SASAC to determine the state-owned capital operation budget of the total 54,780,000,000 yuan. SASAC, said that in 2008 the state-owned capital operation budget of the issue, coupled with the recent introduction of a major national macro-economic control policy, the central guide for businesses to resist the global financial crisis, the central enterprises to help tide over their difficulties will play a positive role.

It is reported that nearly 55,000,000,000 yuan in the budget for the people's livelihood and national economic security a central focus of the new enterprise and investment to add the state-owned capital expenditure budget of 270 billion yuan (about 49%), support for large natural disasters The heavy loss of the central business post-disaster reconstruction budget expenditures 19,630,000,000 yuan (about 36%) for the central enterprises to promote industrial distribution and structure adjustment, and other aspects of the budget expenditure 8,150,000,000 yuan (about 15%).

Related to the SASAC official said, the central capital of the state-owned enterprises operating budget has just started, the SASAC will further establish and improve the system of state-owned capital operation budget, guidance and supervision of central enterprises in accordance with the relevant provisions of the tube, and make good use of budget funds.

Last September, the State Council issued the "trial of the State Council on the state-owned capital operation budget of views", decided to try the state-owned capital operation budget, marking China's state-owned capital operation budget system. At present, in addition to the 2008 level of the central state-owned capital operation budget has been approved by the State Council, the local state-owned capital operation budget is also underway.

Ministry of Finance statistics show that currently, there are a total of 14 districts in the form of government documents in order to determine the beginning of the implementation of state-owned capital operation budget. Asked the Ministry of Finance has yet to carry out this work area, or the slow progress of the region should pay close attention to organization and coordination, the way out as soon as possible, to carry out pilot projects.

According to the Ministry of Finance is responsible for business people, in accordance with the requirements of the State Council document, the Ministry of Finance in 2009 will expand the state-owned capital operation budget of the scope of the pilot, in some areas and departments will be included in the units of the National pilot, the preparation of a summary of the central level and in some parts of the state-owned capital operation budget .

OPEC: a limited impact on prices geometry?

Organization of Petroleum Exporting Countries (OPEC) weekly average oil prices since July this year, a record high of 138 U.S. dollars a barrel after the beginning all the way down, the minimum fell to 45.4 U.S. dollars per barrel, OPEC is nearly 3-year and a half weeks to an average oil price The lowest point. As for the availability of an agreement to curb the drop in oil prices the expected results, but also on a number of other factors: First, OPEC's execution.

Organization of Petroleum Exporting Countries (OPEC) weekly average oil prices since July this year, a record high of 138 U.S. dollars a barrel after the beginning all the way down, the minimum fell to 45.4 U.S. dollars per barrel, OPEC is nearly 3-year and a half weeks to an average oil price of The lowest point. Recently, Venezuela and Iran, OPEC members once again called on the organization to take measures to cut daily output of at least 1,000,000 barrels per day. 24, the rotating chairman of OPEC, Algerian Oil Minister Khalil Abha Sha said that OPEC is likely in the December 17 held a special ministerial meeting to take further measures to cut. In fact, the recent OPEC has cut oil output by 150 million barrels, why in such a short period of time, a series of measures taken to cut?

Dong Xiucheng: At present, the loan-to-time by the United States triggered a crisis of the financial crisis has spread to the real economy, the global economic slowdown. Against this background, oil on the one hand, the decline in consumer demand, tight oil market supply and demand no longer exists; on the other hand, investment banks, hedge funds and other financial institutions in the financial crisis hit by the financial markets, including oil futures market The elimination of much speculation. These two factors led to the oil price in such a short period of time show all the way down the situation, has now fallen to less than 50 U.S. dollars a barrel, oil-producing countries that this is unacceptable to us. OPEC member countries of the economic structure of a single generally, financial dependence on oil revenue more. Long-term adverse oil price sluggish in its economic development and the realization of national interests and must take measures to stabilize oil prices.

Algeria in the middle of next month, OPEC held a special ministerial meeting is to reach a unanimous agreement of the production? If an agreement is effective in inhibiting the fall in oil prices?

Dong Xiucheng: The meeting reached a production agreement should be no problem. OPEC's mission is to be set up through the harmonization and unification of petroleum policies of member countries and to identify the most appropriate means to protect their respective and common interests. Under the present circumstances, a limited price is the inevitable choice. In November, OPEC has cut its daily output of 150 million barrels, but still could not contain the decline in oil prices. So they will certainly take another approach to reduction of supply and demand changes to make the pick-up in oil prices.

As for the availability of an agreement to curb the drop in oil prices the expected results, but also on a number of other factors: First, OPEC's execution. OPEC is a loose structure of the organization, to reach an agreement, there are a number of countries may not be strictly observed. Second, non-OPEC members will contribute to the achievement of price limits. In addition to the members of the OPEC countries, Russia, Mexico and Norway, and other major oil-producing countries of the coordination is also very important. Norway and other Western support for non-OPEC oil producing countries have always adopted a limited way to protect the price should not be co-ordinated efforts. Russia's drop in oil prices, Mexico's domestic economy against a lot of these countries may cut support. As the OPEC oil-producing countries and between non-OPEC oil producers have not yet established a coordination mechanism, limited the effect of price may be affected. But we must also recognize that if OPEC production again after the fall of the inhibitory effect of oil prices is not obvious, between the oil-producing countries likely to join hands together to find a mutually acceptable solution.

Please tell us about the OPEC member states. Rise in oil prices in the stage of the country to elevate the strength of Venezuela, Iran and other countries in the organization plays a role in what?

Dong Xiucheng: the use of oil resources in accordance with national attitude, OPEC is divided into two schools, one of the more radical "hawks" in order for the representative of Iran and Venezuela, before the Iraq war also belong to the faction. There is one more moderate "doves" to Saudi Arabia, Qatar and the United Arab Emirates and other countries represented. "Hawks" stressed that oil is a strategic weapon, "doves" is more the oil industry as a pillar of the national economy, compared with pro-US foreign policy. In recent years, as climbing oil prices, OPEC members increased revenue. "Hawks" is to make full use of their own oil-exporting countries, to expand the international influence in the political arena, and in the United States and other Western countries, the dialogue also made some of the initiative. However, OPEC, the two factions have been seeking to maintain a balanced relationship, especially now in the doldrums in the oil price on both sides of the adverse circumstances. Break the current plight of the joint is the primary task, it is difficult to say which faction gained the upper hand.

What do you think oil prices in the coming period will be how fluctuations?

Dong Xiucheng: In July this year, oil prices reached a high point, Goldman, Sachs & Co. will have inferred oil prices rose to 180-200 U.S. dollars per barrel. At that time, I predicted that by 2009, oil prices will fall back to between 80-100 U.S. dollars. In fact, the drop in oil prices beyond the range of everyone's expectations. At present, even though international oil prices hit a new low in recent years, but it will not be a normal low, the return of 80-100 U.S. dollars per barrel between the rational price is inevitable.

I think that the pick-up in oil prices for three reasons: First, although the financial crisis, the dollar rose adversity, the world's major currencies have rebounded, but the lack of economic fundamentals support a strong state is not sustainable , Once the weak dollar will drive pick-up in oil prices; the second, taking into account the economic costs of oil and oil-producing countries dependent on oil revenues, these countries will do everything possible to let oil prices remain at their acceptable Within the framework; Third, the world's major economies one after another to save the market, these funds to rescue the market is very difficult to guarantee full access to the real economy. With the inflow of funds of which a considerable portion of the resources products market, speculation will be further enhanced.

Paulson to save the market: new measures focus on consumption and employment

U.S. Treasury Secretary Paulson held a news conference to announce two new stimulus measures to rescue the new measures the amount of money involved 800,000,000,000 U.S. dollars.

The crisis escalated in the new version. From the origin of the real estate market in the U.S. sub-loan crisis, shocked the United States for the development of financial markets, credit crisis, whereas today it has developed into an Asian economic crisis. In response to the escalating crisis, the U.S. government has also adjusted its rescue measures.

This time, the Federal Reserve (FED) announced that it would set up a scale 200,000,000,000 U.S. dollars called "asset-backed securities lending tools" (TALF) institutions, consumer credit and loans to small and medium enterprises inject liquidity. In addition, FED will also buy up to 600,000,000,000 U.S. dollars of mortgage-backed securities (MBS).

Ministry of Finance to adjust the means to rescue the market is obviously taking into account the real economy is currently weak consumer demand and shrinking of the current situation. Focus on consumer credit and loans to help small and medium enterprises, but also reflects the boost consumption and employment of a clear purpose, the previous water to the soil cover emergency move seems to be different.

The new measures focus on consumption and employment

Paulson 25, said at a news conference, "the Ministry of Finance and the Federal Reserve is attempting to support small and medium enterprises and consumer lending, which our economy is very important."

Paulson straight to the point that the city put out a policy of adjusting the main focus on "small business loans and consumer loans, such as car loans, student loans and credit cards."

Consumer credit, mortgage securitization is (ABS) financial institutions, consumer credit financing for the primary means of financial institutions after the release of loans packaged into asset will be proceeding with the sale of ABS. As the credit market this year, the situation was deteriorating, especially in the Lehman Brothers bankruptcy in September triggered an unprecedented panic in the market, close to the freezing of the credit market.

Since September, the size of the 2.8 trillion-dollar market, ABS only once 50,000,000 U.S. dollars of new consumer credit ABS issuance.

Federal Reserve data show that in September of credit card debt constituted 971,000,000,000 U.S. dollars in outstanding revolving loan of a considerable portion. In these outstanding loans, business loans are in the hands of 511,000,000,000 U.S. dollars, the securitization of 4,600 million.

Devoted to the acquisition of non-performing assets of the fund Lone Star in a New York director, told reporters, who are currently doing very deserted, "before Christmas is basically nothing else to do."

ABS not sell the bank, which in turn pushed up the consumer loan interest rates, that is, the cost of consumer credit. This reliance on consumer credit of the Americans, no doubt means that the wallet has shrunk and the amount of the reduction in consumption.

October consumer confidence index fell to a low of 38.0. Goldman Sachs economists Maikai Wei pointed out that the current state of consumer spending dropped very significantly, only the last century in the early 1980s, the tax credit control policies have resulted in a similar situation. Consumer spending is for the U.S. economy to contribute 70% of the powerful "engine", it adds to the sharp drop in the market economy in a deep recession fears.

"The rise in credit card interest rates increased the family's day-to-day expenses to pay the cost," Paulson said at a news conference that "there are no reasonable consumer credit, is seriously weakened consumer and economic vitality." Government at this time through the ABS for the consumer credit market 200,000,000,000 inject liquidity, it is the hope of stimulating consumption and production of consumer life, and to further boost the sluggish employment situation.

The purpose of a more diverse adjustment to the rescue package, the U.S. government not only to control risk, but also demonstrated through the boost consumption and stimulate economic logic of the path.

Paulson's piecemeal and short-sighted way

Paulson over the past six months have been busy, "Tinker".

"Housing is the continued vitality of our ability to rapidly out of the amendments to the property market, excluding financial institutions and financial markets, the key uncertainties." Paulson in August this year, has repeatedly stressed the importance of the real estate market.

Since the default rate of mortgage loans continued to rise this year in order to support the mortgage assets of the CDO, ABS, and other assets in August has been substantially reduced. Engaged in investment funds of hedge funds ProvidentGroup managing director told reporters WilliamLiu, LoneStar at the time the purchase of Merrill's non-performing assets with a face value of the actual price of 1 U.S. dollars of assets for only 6 cents.

Mortgage market slump, a large number of asset write-down to allow mortgage giants Fannie Mae and Freddie Mac at risk. "Bedroom" a common security 12,000,000,000,000 U.S. dollars in loans to more than half, if they collapse, the loss of highly leveraged through the amplification rate would be disastrous.

To that end on September 7, Paulson announced that the Ministry of Finance paid for the two preferred stock room and promised over the next two to provide more room to 2000 billion dollars to the two control room may have more liabilities than assets resulting from systemic risk.

However, only a week after Lehman Brothers will risk assets as a result of too much exposure can not be injected in a timely manner filed for bankruptcy protection, the Wall Street suddenly plunged into an unprecedented fear. To make matters worse, the largest U.S. insurance group AIG at this time because of the risk assets in a difficult position. AIG to 441,000,000,000 U.S. dollars of assets to provide risk insurance, of which 57,800,000,000 U.S. dollars more for the loan assets sub. Lehman in bankruptcy the same day, AIG shares have plunged 61 percent. "I can not think of any major bank without a substantial exposure of the AIG transaction," Bank of America CEO Kenneth Lewis, then pointed out that AIG's risk of bankruptcy.

To control the risk of continuing to expand, the Federal Reserve on September 17 to provide AIG the 85,000,000,000 U.S. dollars loan relief, to ensure that the insurance giant will not be to destroy the U.S. financial market blockbuster.

However, the credit market is still subject to a lot of impact. Credit market indicators London Inter-bank Offered Rate (Libor) of the dollar overnight interest rate once reached a high of 6.875 percent, the inter-bank did not dare borrow money from each other, so that the high cost of credit almost dried up liquidity.

To ward off this round of turmoil caused by the credit crisis, promoted by the Ministry of Finance plans to issue asset restructuring (TARP) was adopted on October 3. 700,000,000,000 U.S. dollars using the issue of acquisition of the assets and funds directly to the needs of financial institutions injected. In line with the Ministry of Finance to increase market liquidity, the Fed also announced the establishment of specific institutions, in order to purchase U.S. dollars with a face value of the high-March period of commercial paper. In the hope directly to the financial markets to inject liquidity way to save the nearly depleted the credit market.

It was a former Federal Reserve Chairman Alan Greenspan called the "once-in" in the financial crisis sweeping through global financial markets, but also from the virtual economy spread to the real economy. The high cost of credit increased the difficulty of financing business, the continuing high unemployment rate and the consumer price index losing more of the U.S. economy will be pushed to the brink of recession. The global economy and therefore are facing a "winter."

November 25 issued by the U.S. Department of Commerce data show that U.S. GDP in the third quarter from a year earlier than the ring fell 0.5 percent, domestic retail sales dropped 1.4%.

Paulson and thaw at this time to launch consumer credit market and to help small and medium enterprises of the two rescue package, a transfer boost consumer spending strong signal.

China Southern have received funding to apply for China Eastern Airlines 3.0 billion in

A Southern Airlines [0.00 0.00%] said today that the Ministry of Finance issued to the China Southern Group, in 2008 the central state-owned capital operation budget of 3.0 billion, while China Southern Group is considering this sum into the air in the South. At the same time, Eastern Airlines [0.00 0.00%] said that the major shareholder of China Eastern Airlines Group, the country is to apply for state-owned capital operation budget. Shares of the two companies since the suspension today.

Southern Airlines said the China Southern Group, received the Ministry of Finance issued the "Ministry of Finance issued on the China Southern Airlines Group, in 2008 the central state-owned capital operation budget (funds) notice." According to the notice issued to the China Southern Group of the Ministry of Finance in 2008 the central state-owned capital operation budget of 3.0 billion, the China Southern Group, to increase funding for state capital to deal with.

At present, China Southern Group is considering a sum would be injected into this Southern Airlines, China Southern Airlines are in the planning of non-public offering of stock, and within 10 working days to the relevant departments to carry out policy advice and verification program.

At the same time, Eastern Airlines, said the holding company by China Eastern Airlines Group was informed that the inquiry, China Eastern Airlines Group, the country is to apply for state-owned capital operation budget of the issues involved in relevant laws and regulations and more sectors, China Eastern Group is actively contact and Communication is still in the bidding process. In addition, China Eastern Airlines Group, China Eastern Airlines is planning to reduce the rate of assets and liabilities of the scheme, we estimate that the arrangement will have a significant impact on Eastern Airlines.

The two companies said that the matter because there are still uncertainties as to safeguard the interests of investors and avoid a significant impact on the company's share price, the application of the two company's shares since the suspension today. During the suspension period, the company will publish a weekly bulletin progress of the case.

The Eastern Airlines, if the shareholder can be injected, is under a "timely rain." CITIC Ka Jian voted to accept the Securities aviation analyst Li Lei Times reporter said, as the fourth quarter is traditionally the low season air transport, China Eastern is expected in the fourth quarter profits more difficult. It is understood that, as of the end of Sept, China Eastern's net assets per share is only 0.1086 yuan, assets and liabilities have been as high as the rate of 98.49 percent.

A few days ago against Eastern Airlines-Aviation Oil's 4.7 billion hedge Fukui, China Eastern Airlines today said the announcement, the company's hedging in 2008 is expected to account for the whole year's fuel consumption of 35.9%, 2008 October 31 Japan, China Aviation Oil's hedging contracts estimated fair value of the loss of about 1,830,000,000 yuan, and hedging contracts not yet have any actual cash loss.

Substantial short-term market interest rates to stimulate the recovery of high-order care

We all believe in the market down but also bottom 20 average will break support, the central bank is expected to put far more relaxed credit policy - demand deposits interest rate has been reduced by half, from 0.72 percent to 0.36 percent adjustment. And three, five-year deposit rates were also lowered the rate 117 basis points and 126 basis points higher than the corresponding rate of 108 basis points rate cut. Major positive catalyst that the stock market, the two cities Thursday to open sharply higher, reported the Shanghai Composite Index opened at 2012.69, up 114.80 points, or 6.05 percent, closing 2,660,000,000 yuan, Shen Chengzhi reportedly opened 6923.37 points, up 389.50 points, or 5.96 percent, closing 1,528,000,000 yuan. Shanghai stock market rose 805, a fall, the city of Shenzhen rose 675, a drop.

After the opening stock index opened higher rapid fall down, trading in Shanghai and Shenzhen, only 78 board, did not so much expected the market to do more greatly atmosphere.

Pu Zhang are the disk, and the decline in the standings Jilin Pharmaceutical was due to the termination of the two major asset reorganization. It is really turning point occur? First of all, we turn our attention to the news of the most direct impact on the real estate board, plate or up 8.18 percent, close to the limit more than 30 of which are the source of heaven and earth (600,665), Suning Universal (000,718), Hyde shares (000,567), Housing Development Days (600,322), and so on, and Vanke A time-sharing along the yellow line directly to the whereabouts of 10 minutes changing hands up to 2.38 percent, and the other leading Poly Real Estate (600048), K Line Line also a large, for - Hand up to 2.11 percent; and steel plate, and only Bayi Iron and Steel (600,581) more than 70,000 hand-sealed limit, according to the 2009 iron and steel industry investment strategy report that the expected macro-economic slowdown, China's crude steel Production will come to an end since 2002 to maintain double-digit growth. And predicted that domestic crude steel production in 2008 will reach 510,000,000 tons, up 4.11 percent, the output of China's crude steel output will be the peak of the stage. From the beginning of 2009, domestic crude steel output will be negative growth is expected to last until 2010.

Comprehensive disk, although this is the most in 11 years the central bank to cut interest rates substantially, but the continued decline in macro-economic facts are still in the short term can not immediately reverse the downward trend of macro-economic, and unresolved conflicts between supply and demand, the size of the non-ban After the sell-off pressure is still constrained the biggest obstacle to the market rebound. On the current market difficult to create a turning point in the short term. Investors should not be chasing.

Economic Observer: EU plans to stimulate the economy still suspense

26 The European Commission issued a total of 200,000,000,000 euros a huge economic stimulus plan, the plan will be able to拧成一股绳EU member states, the success of the European Union to reverse the economic decline was full of suspense.

In view of the current economic situation in the EU by the financial crisis and the impact of the sharp deterioration of the European Commission President Jose Manuel Barroso announced on the same day in the economic stimulus plan, said that "extraordinary measures are needed." It should be said, 200,000,000,000 euros is a "big", which is equivalent to the European Union gross domestic product of 1.5 percent, much higher than previously disclosed in the media 130,000,000,000 euros scale, however, the "water" to it.

In this 200,000,000,000 euros, only 30,000,000,000 from the EU budget and the European Investment Bank, from the rest of the member countries of 170,000,000,000 is not dominated by the EU, but their respective countries for the revitalization of their economies. This 170,000,000,000 euros in essence, the economic stimulus plan is the sum of the so-called EU plans to stimulate the economy will continue to be the basis for action by member states, the European Commission as the only hope that the economic stimulus plan to set up an investment scale. 170,000,000,000 euros according to the terms of the respective EU member states plan to stimulate the economy the average investor to achieve national gross domestic product of 1.2 percent.

A few days ago, Germany and Britain the two major EU member states have announced their plans to stimulate the economy, together with the Netherlands and Spain, EU member states so far the launching of the total economic stimulus plan has more than 100,000,000,000 euros.

Barroso said that member states have already introduced the economic stimulus plan should be taken into account, which means 200,000,000,000 euros economic stimulus plan soon, "released", much of it is in the past, the remaining are not many surprises. For this reason, some analysts of the European Commission's plan really "bold" questioned and criticized its lack of specific details of the new EU unlikely to lead the economy out of recession.

At the same time, the capacity to accept the EU member states is uncertain. Polish Prime Minister Donald Tusk on the 26th of the viability into question. He said simply threw out a number of easy, of course, but to raise the money where it is a big problem and hinted that Poland will be difficult to comply with the plan to put its own economic stimulus program.

The German government said it put its own economic stimulus plan large enough. But also on the European Commission recently announced plans to stimulate the economy, German Chancellor Angela Merkel in a speech to parliament, warned that EU member states should not be in the economic stimulus plan on the specific amount of competition with each other.

It should be noted that the European Commission issued a major economic stimulus plan designed to coordinate their actions to mobilize members as the original hand in hand respond to financial crises like to save the real economy. To this end, the European Commission in the plan for member countries to provide a set of policy "tool kit" to enable all countries according to their own circumstances from which to select appropriate "tools."

The European Commission believes that only by strengthening coordination in order to maximize the economic measures to stimulate the potential to create economies of scale and to avoid a negative impact on each other. However, the economic situation in EU member states and large differences in the actual situation, symptomatic of the "prescription" will be different, more difficult to coordinate large.

The outside world is expected when the leaders of EU member states next month's summit of the European Commission to consider the economic stimulus plan, ultimately, must be some controversy.

As the European Union on a lack of confidence in the economic stimulus plan, most of the European stock market on the 26th was not 200,000,000,000 euros by the number of "move", was still closed at the previous trading day down slightly.

Sharply cut interest rates: the policy could stimulate period

Ha Jiming: the current round of low interest rates in 1998 than the 1.98 percent rate cut cycle lower

Nov. 26, following the 4 trillion fiscal stimulus program, the Chinese government and then a heavy, so as to withstand severe economic situation.

The central bank announced that from November 27, 2008, the financial institutions to cut one-year yuan loans to keep the benchmark interest rate 1.08 percentage points in all other grades of the deposit and loan period of interest rate adjusted accordingly. At the same time, the central bank reduced refinancing and rediscount rate, and so on.

In addition, from December 5, 2008, the Industrial and Commercial Bank lowered, the Agricultural Bank, Bank of China, Construction Bank, Bank of Communications, the postal savings bank deposits and other large financial institutions RMB deposit reserve ratio by 1 percentage point reduction from small and medium-sized deposits Financial institutions RMB deposit reserve ratio by 2 percentage points. Wenchuan continue to earthquake-stricken areas and rural financial institutions in the implementation of the preferential deposit reserve ratio.

The Chinese government does not seem to be supported by the end of the economic policy. "Then there will be follow-up of a series of policy initiatives to follow up." 6:00 in the evening on the same day, our reporter to call the relevant officials in decision-making, has been such a reply.

CICC macroeconomic research team in this week released a "security concern in recent eight," the report stressed that the economy will be relatively steady growth as a top priority, in order to "protect eight" may continue to stimulate the introduction of the policy.

Interest rate policy should be one step?

The unprecedented intensity of the move to cut interest rates, the State Council Development Research Center, Xia Bin, director of the Institute of Finance has not shown any accident, "should be a matter of interest to the drop down to promote confidence." Xia Bin is a strong cut in the near future has been upheld Point of view.

Beijing University economist Song Guoqing, also holds a similar viewpoint. He also made clear the central bank to cut interest rates should be more bold, regulation and control departments should change the traditional cycle of interest rate increases way of thinking, the rate of inflation in a rapidly changing environment, interest rates should be adjusted as much as possible in one step.

Given the current economic situation may also severe than in 1998, CICC Ha Jiming, chief economist expects the current round of low interest rates in 1998 than the 1.98 percent rate cut cycle (one-year deposits) lower over the next 1 year Will cut interest rates 108 basis points, and reserve ratio will be down 250-450 basis points.

The central bank's rate cut significantly, Song Guoqing also told reporters that there continued to fall.

Song Guoqing pointed out that in 2008 China's macro-economic situation changes very fast in the first quarter of serious inflation pressure, to the third quarter also showed signs of deflation, the inflation rate to deal with this rapidly changing circumstances, the interest rate should be adjusted quickly.

In this regard, Ha Jiming have the same concern: to accelerate the economic downturn caused by overcapacity and pressure on the unemployed, as well as the global commodity price bubble burst, making next two years after the PPI and CPI non-food deflation may occur.

Song Guoqing of the worry is that if the small fine-tuning, 1998, the annual interest rate adjustment may be caused by the lag again. It is 1998, the country lags behind the rate adjustment, which led to real interest rates than the corporate rate of return on investment, enterprises are reluctant to invest, ultimately resulted in aggregate demand remains in the doldrums.

In view of this, it is necessary to stimulate economic growth, the need to speed up the development of direct financing channels, so that enterprises can find the funds to the market, such as bonds issued, listing the medium-term notes, short-term financing, such as coupons, and more inclined to small and medium enterprises, development Private equity fund.

Geometric rate cut to stimulate the real estate?

China's real estate industry of the importance of economic self-evident,'s rate cut on the verge of a crisis can save the edge of the property market?

"Rate cut is certainly a positive, but may not be able to reverse the current atmosphere of the property market." Financial research fellow at the Chinese Academy of Social Sciences Yin Zhongli told reporters that the current price level, can afford to buy the family house in the 2006-2007 annual average Buyers have once again cut interest rates although the level of housing prices could decline 10%, but the family can not afford to buy a house, house prices are still high threshold.

But the rate cut on the real estate consumption brought about by the stimulus for all to see, Qilu Securities, an analytical report pointed out that a total of 1,000,000 houses, down 20% after the rate cut so that it can repay their loans Cost savings 177,000 yuan, accounting for 17.78 percent of the total housing.

Yin Zhongli that the rate cut will have a substantial effective demand for certain.

However, the current real estate market does not lie in the deserted main reason for the rate cut, but those who buy a house, the developer of the market as a whole is expected to pessimism. The main buyers for the future of the unstable income and housing prices decline, and other factors, the suspension of the planned purchase. The developers of the future is not optimistic about the housing market, to adjust the pace of development, slowing down the pace of project development.

For developers, the lower the interest rate of 1% of its cost of capital to reduce significantly the role, but the current developers, the most important thing is cash flow, rather than the cost of capital.

One developer told reporters frankly, as the 2006-2007 period, rising house prices, bank interest rate increase in a row did not stop the enthusiasm of real estate, the current real estate market continued to take the cold, straight reversal simply can not cut prices.

Yin Zhongli of the view that successive moves to cut interest rates aimed at long-term deposits will be squeezed out of the system, and enhance market liquidity. These capital flows to the market, whether as a new real estate investment opportunities, "hunters"? Yin Zhongli of the view that such large-scale real estate investment momentum has not yet formed.

Canoe difficult to hold monetary policy

As China's economic difficulties, especially in October, the economic indicators suggesting the economy continues to decline sharply cut interest rates in the market expected. In this regard, Ha Jiming that, in general, a more significant positive impact. Tsinghua University economist Li Daokui then told reporters that the rate cut for two purposes, first, to enhance confidence in the economy as a whole, to reduce investment costs, in particular, to enhance confidence in listed companies, lower interest costs, and the other is actively cooperate with the Fiscal stimulus program, "because the fiscal stimulus in at least half of the money from the banks, so they lowered the cost."

As the stimulus program will work, Li Daokui to judge that China's economic growth rate next year at 9% -9.5%, "the problem of employment is the key."

However, Peking University, Zhou Qi Ren economists held that the current difficulties rather than on monetary policy alone can solve. China to relax monetary policy, the United States and Europe can not revitalize the market. He said that domestic production and investment gradually weakening the currency is not a factor in the decision, monetary policy alone should be sufficient to "double weak domestic demand and external demand".

Zhou Qi Ren of the view that monetary policy response to deflation in there, but for the start of economic growth will not be such a big role. In particular, in the long run, China's central bank did not like the U.S. Federal Reserve made money all over the world.

"Can not increase the budget deficit under the premise of the expansion of aggregate demand." Song Guoqing of the view that the fiscal policy is concerned, the Ministry of Finance could be considered the owner of state-owned enterprises on the basis of the status and power, in one way or another, through state-owned enterprises, the profits will be up close and At the same time, measures to reduce taxes.

In response, Zhou Qi Ren said, adding that the profits of state-owned enterprises instead of the Ministry of Finance to set a number of money will be able to "tune" get up. "Without substantial reform of the monopoly profits is difficult to get up." As a result, the expansion of access to increase competition and continue to push forward administrative monopoly on the sector of the market reform is essential. China such a high savings and investment in non-wang, and a lot of openness in the field of high returns are not related.

The Chinese Academy of Social Sciences Institute of World Economics and Politics of the International Institute for Monetary Research Fellow Zhang Bin said, "people who need the most urgent need for private sector investment into the most pressing areas of reform, including health care, education, logistics, communications, financial And many other service industries. "

major central bank to cut interest rates affect your pocketbook, I

In the 6-year-long cycle of interest rate increases after the end of September this year, people start to cut interest rates for a review of "taste." Yesterday the central bank again lowered the benchmark deposit and lending interest rates by as much as 1.08 percentage point, great effort is unprecedented.


In such a rate cut, it was joy, it was confused, more in: cut interest rates sharply, in the hands of the deposit is removed from the bank? Their assets, liabilities will change it?

Chung, "Housing slave" a lot of burden

The central bank has cut interest rates this year, the fourth rate cut. No matter what, for many, "Housing slave" is worth cheering. Since the rate cut than the previous all, it can pay less Yue Gongkuan and repayment of principal and interest are also more of the total.

500,000 yuan to 20 years "old home" as an example, the assumption is the first suite, enjoy Fifteen per cent discount is the interest rate mortgages offered to take the matching method of repayment of principal and interest, this year's Yue Gongkuan to 3773.78 yuan, a cumulative total is also For the amount of 905707.23 yuan, the new interest rate adjustment next year, Yue Gongkuan 3355.83 yuan and 417.95 yuan savings, the total cumulative amount of repayment 805398.64 yuan, saving 100308.59 yuan.


The Sept. 16 loans for the public, because until January 1 next year before starting the implementation of the new interest rates, these "old home" to enjoy the benefits of the 4th to cut interest rates. Sept. 16, more than 5-year benchmark lending rate is 7.83 percent, to enjoy a mortgage Fifteen per cent discount, which is 6.6555%, on November 27 a new benchmark interest rate is 6.12 percent, Fifteen per cent discount is 5.202% .

Loss of interest on deposits is not a small

The arrival of the financial crisis so many people to put money into the bank. Cut each time, there will be a lot of people Naoxin: get a good save. Then, after the rate cut, the money deposited in banks to the public interest will be how much damage it?

To 10,000 yuan one-year deposits, for example: the original one-year rate of 3.6 percent, 1.08 percent rate cut, one-year interest at the rate of 2.52 percent, to cut interest rates before the 10,000 yuan to 360 yuan to be of interest. After the rate cut, the less you earn an annual interest rate of 360 yuan yuan -252 = 108 yuan, a decrease of 30% interest, we can see the magnitude of the rate cut.

By the continuous interest rates also affect the RMB financial products. At present, the RMB credit-management products, paper and bond-type products in the past two months, these types of products that yield both a larger decline. Xiamen Bank believe that the rate cut, the RMB financial products could yield a further reduction.

Ying big positive bond market

The capital preservation, high deposit interest rates than bonds, after the rate cut will no doubt be more popular these days. In the third period Monday to issue electronic savings bonds, for example, 3-year period, nominal annual interest rate of 5.17 percent. Not only yield is much higher than the same period of deposit 3.60 percent, compared with RMB financial products are more or less the same or even higher.

Not only government bonds, as well as the recent cut in a row in a strong role in the expected rate cut, the inter-bank bond market and bond market exchanges in all varieties of bonds are rising all the way, actively traded. Bond fund performance has been quite good.

"The sharp rate cut for the bond market is a big positive." Xiamen Xin Lu, an analyst of great prosperity in the town that gold, while the bond market reaction to the rate cut has been ahead of schedule, but the market had expected the rate cut was only 54 basis points, while the actual Drop than expected, the bond market's advances on several occasions previously expected to cut interest rates basically rationally to digest the. The reserve rate cut will help improve the financial side, so the bond market will rise to a reasonable track. However, the lower credit rating for bond investors to avoid or at all. "

Investment-type insurance press gourd dipper float

Even for insurance, universal life insurance, dividend-life insurance is the most common of the three types of investment-type insurance. The three were the role of the market, even for risk insurance is the vanguard of investment products, insurance panacea to the sound that, while the dividend is at risk embarrassment, the less powerful, even cast as Wu.

A universal risk status vote in even lower risk and lower along with silver in the channel under the framework of security, and universal insurance. According to statistics, 7,8,9,10 this 4 months, a number of universal life insurance company settlement for lower interest rates. Ping An's life insurance settlement universal bank interest rates down to 6.00 percent from 5.25 percent, Taibao life down to 5.21 percent from 4.51 percent, the Sino-British life down to 5.70% from 4.80% ... ...

Overall, the market clearing interest rate risk everything has fallen from 4.5% -5.5%. It is reported that the regulatory authorities for the enforcement policy. In the first half of this year, investment products accounted for life insurance premium revenue was 79% at the end of last year, up 9 percentage points. If dividends out of traditional insurance products, in the first half of this year, risk everything to vote, and even dangerous products together accounted for close to 30% higher than last year at the end of the 25% growth by 5 percentage points. China Insurance Regulatory Commission believes that the scale of insurance premiums in order to promote risk management products, a departure from the essence of insurance. Such a high proportion of investment products, insurance companies will push the capital market, once the investment losses, insurance companies have declined solvency, cash flow and the risk of a range of issues such as surrender. From the first half of this year, the company's life insurance solvency adequacy ratio universality of the decline in the second quarter have been the end of the life insurance company solvency 6, the shortfalls, at the end of the first quarter also increased by 3. At the same time, January to July this year, life insurance surrender of gold has reached 57,890,000,000 yuan, an increase of 19%.

Insiders said that although domestic investment market down rapids, but universal life insurance likely in the "vacuum", the universal risk to keep pushing higher yield, now, under the command of the regulatory authorities, together universal insurance earnings down . It is clear that universal insurance proceeds of the floating space is available from insurance companies, insurance companies that is likely to use the insurance proceeds lever to influence consumers to buy state of mind. Also cut to a certain Li Chasun insurance, universal insurance settlement rate decreased, leading to a number of unprofitable branches of the bank-based financial management universal moratorium on the sale of insurance has begun. Starting in September, one after another life insurance company will be universal from the bank Chegui network.

Reporters at the post office agent point that some clients come to consult universal insurance income is dropping, just bought less than three months universal insurance, income accounts has dropped 1 percentage point. A middle-aged customers that if the insurance proceeds are becoming less and less, than the bank deposit on a regular basis.

Insurance companies pushed dividend risk

Universal life insurance is the touchstone of the year's Olympics.

But even the risk associated with investment accounts continue to decline in the net, a large area of collective surrender to the incident also cast a shadow over link risk, together with the regulatory norms aimed at Bancassurance sales channels and risk everything to vote even at the risk Silver Security channels under the plane.

New Year to the twinkling of an eye that is, life is about to usher in the company's business challenges in 2009, the Life Insurance Marketing, which a card? Right now, in 2009 only a stepping stone of the dividend risk.

September, the vast majority of life insurance companies struggling with universal insurance market, the Shanghai life insurance premium income ratio is still an increase of 3 billion yuan, of which, life and Taibao the two countries on the increase as high as 2.4 billion dividend is dangerous The two life insurance premium growth. Taibao universal life insurance to give up their positions soon after the occupation of dividends insurance market, the dividends on insurance contribution of close to 90%, completed the Return of the Jedi.

In October, Standard Life Heng, International Assurance Company, and other companies have introduced a new type of insurance product Dividend. In recent days, China Life Insurance [20.69 2.22%] Pacific [15.45 -5.21%] Life, Taiping Life, and so on have also introduced a new insurance product Dividend, the main idea is to have more financial management functions. The need to remind investors that the introduction of these products in the Chinese language, will be "robust" and "long-term investment" as an important selling point stressed by dividends from such a dangerous little risk of loss of the product to reach a long-term stable income The purpose of financial management, to achieve personal assets against inflation, value-added.

When the two main types of insurance sluggish investment, insurance dividends once again become a favorite of insurance companies. Reporters learned that many insurance companies from product sales strategy has been adjusted, the risk of the new dividend policy or to open up the insurance rate will be to seize market share in the important bargaining chip. A senior director of marketing, such as life insurance, "from the channels, the Bank of security operations in a certain proportion continue to play an important framework of the 'gold package' role; insurance from the point of view, pay-period, dividend-based products will be Business center of gravity. "

We had to sigh in the insurance companies pushing a product of a time spent thinking, how can investors on whether or not such a clear understanding of the rules of the game in the chest? Otherwise, it will be inevitable, "Hu You."

Let's take a look at the dividend risk is really risk-free, if people in the industry believe that the traditional focus on protection insurance, interest rate adjustments do not affect the traditional life insurance, the interest rate on dividends down the impact of risk will be relatively large. The general view that the market has entered a cycle of rate cuts, dividend-based products is not without risks. Guoxin Securities in its report also pointed out that since 2008 insurance dividend is not satisfactory return on investment is expected in 2009 will not be a very high level of dividends, unless the insurance companies for the use of dividend risk reserves in particular.

Economic and Trade University in the capital insurance professor Tuo Guozhu, told reporters that the dividend at this time highlights the risk, just as the capital market shocks of the round. Vote in 2003 even after the outbreak of the dangerous wave of surrender, the risk is also waiting dividends jumped out to sound at the end of the income security, has attracted the attention of policy holders, voted to replace the ring even dangerous. But after a few years, the dividends are not satisfactory performance of the insurance policy holders not only get the little bonus, after the expiration of the contract, and few people renewal, but once again he moved to the recovery of the vote even dangerous.

Financial status of security and the future

It is reported that the current fiscal-developed countries in Europe and America account for a higher proportion of insurance business, such as the United States accounted for 50% of the life insurance market, the United Kingdom account for nearly 60%, while China only about 30 percent, also more room for development. However, financial-risk insurance also is not suitable for everyone to buy.

In the face of changes in the insurance market, that Taibao, will be the next priority to the development of old-age insurance and re-disease risk, such as strong protection. The insurance industry will eventually return to the main security industry.

In fact, as a kind of life insurance, insurance dividends of the safeguards of the first. Although it is compound interest to accumulate in the form of dividends, can effectively resist the impact of inflation, but to protect its security features than the type of insurance is slightly inferior.

Insiders said that the outbreak of the bull market, such as insurance funds into the stock market like a tide, the success of the insurance industry over the past year's achievements. The surge in investment income stimulated the insurance industry to the financial products close to investment-type insurance and stock, together with funds selling. In order to seize more market share, improve the billing rates, competition Bancassurance channel, the insurance industry there is a non-benign competition. With the cooling of the capital markets, investment and even started to account for risk has shrunk dramatically, the decline in investment income is also no longer be able to support high rates of settlement, the insurance market instability began to emerge. Surrender, premium income volatility that may arise, lack of solvency of the insurance industry are challenged.

Hao pointed out that the Soviet Union speech, with a conservative insurance funds, insurance products, the main function is to provide security risks. Over the past period of time, the insurance industry has deviated from its own development direction of the profits in the business model on the contractor ignored and only look for investment income. In the face of the current insurance industry, the insurance industry should be adjusted in a timely manner and return to the conservative and security. China Life said that the essence of insurance is risk management, in the course of business to business and investment, the size and strike a balance between effectiveness. Is not a financing tool for insurance products, insurance companies and banks can not function, the overlap of the Trust, the return of the current insurance industry is the main trend. A number of life insurance company also said that the future of the insurance industry is likely to shrink operations, stock control to adjust the scale of investment in products, protection of the traditional type of savings-type products will once again become the mainstream.

China Life Asset Management Co., Ltd., Chairman Miao Jianmin said that the insurance is the principal pursuit of security, stability, long-term profitability of investment, avoidance of its powerful features and functions of the preservation of the assets of any other variety of financial management and investment by Can not be compared, insurance does not lie in investment profit, but the number of preservation.

Despite the emphasis on the protection of people in the industry, but competition in the market, the scale of expansion under the pressure, who can stand the loneliness, not to be tempted? The purchase of investment-type insurance, must be rational, with a loss of revenue, after all, are their own.