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nto a spray of indiscriminate sell off jasper tsang director of equity research at csc securities limited said quite a number of funds faced redemption pressures leading to selling pressures on the stable stocks that would normally have been considered safer investments chan yk an analyst with phillip asset management said the fact that even the utilities chips suffered from a spray of sell off let alone the mainland based quality stocks shows that the investors were selling off indiscriminately the utilities sub index suffered a loss of 6 88 percent on friday which was more than the percentage point losses for the commerce and industry genre in a sign of redemption pressures on the investment funds the hong kong unit of atlantis investment management said it has suspended redemptions in its atlantis china fortune fund a hedge fund with outstanding performance due to market volatility yang liu the company s chairperson said the company felt the move would best protect the interests of investors local and international media reported the financial sub index suffered a loss of 7 54 percent and the properties issues lost 9 64 percent which was the biggest loss among the four major categories hsbc local unit hang seng bank which adjusted its economic growth forecasts for hong kong in 2008 and 2009 on friday lost 7 55 percent at 109 hk dollars while local player bank of east asia lost 3 59 percent to close at 20 15 hk dollars boc hong kong the local unit of mainland based commercial banking group bank of china lost 7 56 percent at 11 hk dollars on high interbank loan interest rates china life turned out one of the biggest losers with a plummeting drop 13 01 percent at 22 4 hk dollars contributing 108 68 points to the change of the blue chip index china mobile another market heavyweight and by far the largest mobile carrier on the chinese mainland lost 4 32 percent to end at 66 4 hk dollars hsbc holdings china life and china mobile contributed a total of almost 400 points to the index change cheung kong the real estate conglomerate headed by li ka shing closed down 8 10 hk dollars at 67 5 hk dollars despite the superman chairman s buying of company stocks residential developer shk properties also tumbled 11 63 percent on fears the local banks might raise mortgage interest rates due to high interbank lending rates dickie wong of friedmann pacific investment said he expected the investors to continue shying away from the stock market even if they had cash on hand the limited effect of the concerted rate cuts by central banks of major economies showed that the investors just had no confidence adding to the economic recession fears wong said he expected the market to look to further boost measures by the united states federal government for cues like a possible direct injection of cash into the banking system source xinhua posted by raetrumu at 6 54 pm no comments to enhance supervision and financial innovation when the sub prime mortgage crisis has been escalating the governments of the united states and other related countries and personages from all social sectors globally are mulling over its causes and impact worldwide these days u s statesmen and economists reflect upon the divorce of banking business innovation from financial supervision and review the practice of former federal reserve chainman alan greenspan in which he strove sedulously to extend the boom and bust cycle when america s red hot economy was already cooling in another development french president nicolas sarkozy demands the overhaul of the world economic system we need to rebuild the whole world financial and monetary system from scratch he said in a keynote speech in last september he also called for working out drafting essential international norms for guiding economic and trade globalization meanwhile some developing countries hope to draw lessons from the financial market upheavals in the u s which up to date has the most mature and developed banking system and are thinking of what type open strategy they should adopt to stabilize their financial market despite a divergence of particular emphases they focus on one question in common that is the relationship between government financial supervision and financial innovation the business of banking has all along been regarded as the lifeblood of the performance of a modern economy and the core for the allocation of resources the past experience shows that the market oriented mechanism can give more play to the efficiency of the banking business and contribute more to the economic growth accordingly american economy is a typical case in point in spite of some troubles or disorders it has encountered on its financial market big or small at an interval of a dozen years the u s is certainly the most booming thriving economy among the developed nations and its renewed vigor comes from the optimized allocation of resources and the outstanding contributions its banking sector has made are of course beyond any doubt fully market oriented banking industry brings in greater competition and innovation which are not all necessarily beneficial or conducive to economic entities some innovations such as the high lever financial derivatives chief culprit of the present financial turmoils contain or herald immense risks as operators of the relevant agencies expose investors money to market risk if a gambling is won they would make windfall profits and if it is lost both investors and the government would incur huge unmeasurable losses such innovation will definitely not help economic entities but contrarily dampen investors confidence give rise to panic and proceed to thwart economic entities due to the loss of financial games there poses a tough thorny problem placed before investors an excessive supervision can smother market competition and innovation which are indispensable in keeping up the vitality of economic entities whereas the lack of such supervision will end with a plunder of public property by a handful of individuals and naturally jeopardize the stability of the entire economy although the current raging financial tsunami is not yet over the international community has come to recognize that three ensuing points have to be underlined in the supervision of the banking sector firstly increasing transparency or to propose more transparency for the derivatives to be devised so as to ensure that investors would not be hoodwinked secondly stepping up social supervision so that more stakeholders should be empowered to inquire about activities of banking institutions which are in turn accountable to give detailed and earnest replies thirdly to ensure that financial innovation should not be detached from financial supervision whose activities should also keep pace with new financial innovation promptly and ensure that supervision departments should have an ample high degree of freedom in action so that these departments too would be likewise accountable once problems crop up with regard to developing nations how to beef up financial supervision represents a conspicuous protruding issue in the process of opening their financial markets to the outside world the opening up of banking sector poses a crucial component part of the marketization of banking business and also a vital fresh impetus to uplifting the banking industry this constitutes a severe test for national economy since both the shortage of experience and the lack of supervision could possibly spur financial competition to deviate further from the development objective of economic entities and become an instrument for speculation and plunder faced with vibrant global financial upheavals therefore developing nations need all the more to mull over carefully and learn painful lessons they must never forget that they should retain transparency and keep up the wide ranging rigid supervision and prompt effective control over the financial business while advancing the opening up of the financial sectors prudently and with great caution by people s daily online and its author is zhang bin deputy researchers with the institute of world economics and politics under the chinese academy of social sciences posted by raetrumu at 6 54 pm 2 comments financial crisis is teaching us how to spend money the time of wielding wealth is over remarked the u s historian steph friesier on the unprecedented financial turmoil it is much like the scene he said in which a grand feast broke up all of a sudden leaving everybody running wild the wall street bubble suddenly burst with the disillusionment of extravagant consumption puffed up by the fanciful splendor a few months prior to the bankruptcy of the lehman brothers an executive director of the once flourishing investment bank put his luxurious seaside villa on sale for 325 million more significantly many business tycoons even sold out their luxurious yachts which used to be the apple of their eyes and worth tens and even hundreds of million before this no doubt had been raised about the u s superpower in consumption as the u s has long been acting as the engine of the world economy and its powerful consumption determines the u s role in the global economy as the bellwether if the u s consumption diminished the driving force propelling the world economy would accordingly be retarded china on the other hand is an emerging economy and what is confronting it as a crucial issue will be the modes of consumption so what mode to select is closely related to its economic routes with sustainable development highlighted from the perspective of handling crisis china will have to brace for the shrinking u s consumption and meanwhile learn a good lesson from the u s mode of consumption the u s mode of consumption has served as the driving force pushing ahead the global economy but other handedly it has also exacerbated the precariousness of the world economy and the trade structures spurring the strong desire for extravagance all across the world as kenneth rogoff a notable economist at the harvard university was cited as saying the u s consumers exhausted almost all on the earth helped the country swallow up 25 percent of the world oil reserves but had no interest in opening a saving account he added thanks to the u s unmatchable fiscal policies the consumers don t need down payment before deciding to buy in a luxurious car they can of course mortgage their houses to the bank for more loans they have the courage to squander every cent of their savings and enjoy their retirement life starting much earlier than ever perhaps only when we really understand the above statements can we realize why the u s is and has to be unique on the planet when tracing the causes to the financial storm economists from different nations have so far reached an uncommon consensus pinpointing unanimously the influence imposed by the consumption concept when the capitals from world wide flooded into the u s market and due to the slack supervisory system the untamed consumption loomed there abruptly the credit links snapped and the visionary bubble puffed up by the false prosperity got burst once the old balance collapsed the new one would not come into being promptly and the world economy will have to seek a new bolstering point to keep balance as a matter of fact the ongoing process in which grappling with and dealing with the crisis are addressed is in itself a process to seek the new economic growth point and a new driving force currently china as well as its economic measures and policies countering the side effects brought about by the global economic slowdown is stepping into the limelight and the entire world is pinning hopes on china to lead the global economy out of the abyss by escalating its domestic demands without any doubt it is a bold but very plausible assumption but considering china s present level in its economic development the more important practice to be put in place may well be its economic restructuring and optimization on the surface it seems to be an easy job for china to push forward its domestic demands in its economic transformation as economist mr lin yifu put it china is able to maintain a relatively high economic growth by stimulating its domestic economy and enhancing its domestic demands but if viewed from its nature we will find that the enhancement of china s domestic demands also means that we will have to select a new consumption mode or so to speak we will have to spend money in a more courageous but much wiser way now that china can hardly learn from the u s in its consumption mode and even hardly can the u s consumption mode set a goal for china to follow in its economic development therefore the chinese consumers will have to be armed with the idea involving more scientific and more rational consumption in so doing china s economy will be kept on the sound track of sustainable development and contribute more to the world economy by people s daily online posted by raetrumu at 6 54 pm no comments great progress achieved in the cause of women the 10th national women s congress of china will be held from oct 28 to 31 in beijing the congress will comprehensively review and sum up the development of china s cause of women in the past five years and set forth the goals and tasks within the next five years the all china women s federation recently introduced the development status of the cause of chinese women in the past five years during the past five years the chinese government has enhanced the investment and support in women s education and employment the gaps between men and women in years to receive education and employment rate were both shortened at present the years of chinese women to receive education averaged 7 3 women account for more than 45 4 of all the the employees in china women making up more than 65 of china s labor force in agriculture are the main force in building new countryside at the same time the women s employment structure in urban areas continues to optimize and the employment levels to upgrade data shows that chinese s women entrepreneurs in medium and small enterprises consist of 20 of the total entrepreneurs the number of women who start their own business has risen remarkably at present among the senior party and state leaders eight are female the ratio of women deputies to the 11th national people s congress and women members on the cppcc ninth national committee were 21 33 and 17 7 risen by 1 09 and 1 percentage points respectively as compared with the npc and cppcc national committee of the last terms in the past five years the chinese government has taken effective measures to safeguard the legitimate rights and interests of women and children and have greatly promoted the healthy development of the cause of chinese women by people s daily online posted by raetrumu at 6 54 pm no comments older posts home subscribe to posts atom blog archive 2008 20 october 20 sinopec 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