High transaction costs is the main cause of domestic demand is not busy

 High transaction costs is the main cause of domestic demand is not busy
(Editor's note: This article is shorthand speech is issued, without the speakers reviewed, revised draft review will be published on website www.zhouqiren.com, so stay tuned.) < br> by the China Enterprise Confederation and China Enterprise Association and the Yunnan provincial government in 2009 jointly organized by the main event at the National Entrepreneurs on May 17 to 18 held in Kunming, Yunnan Province. the General Assembly to b liability mm change in the situation the global economy under the Chinese entrepreneurs, what we have on the economy issues. you know the general trend of China's economy is facing great changes have taken place in 2007 China's GDP growth is 13%, 9% in 2008 to little more than 09 8% of insurance now proposed, could security is maintained, the general awareness is still very difficult, as a whole, the world's third largest economy in the total GDP in the next two years to increase 5 percentage points, not evenly distributed and will Tandao different areas, industries and enterprises, so, down Tandao proportion, the pressure will be more severe. The situation we all understand and face, I can offer is how to Lijie such a big change, it is how come? Let us discuss how we deal with.
cursory look is easy to understand, the deceleration of China's economy is mainly a problem with the U.S. market, because China's exports in 2007 increased 26% over the previous year, 2008 the first 10 months and 21% of the growth, but from 10 months later on the monthly decline, particularly to the end of 2008 into negative growth, 09 years in January, February, March is negative growth, 4 negative growth is the month, the highest negative growth of 26%, meaning that China's exports from being a negative 26% to 20% more, this sector are not a small department in China alone exports equal to about 40% of Chinese GDP, That China is a high growth export-dependent economies. Therefore, a problem in this sector, of course, the speed of economic growth was seriously affected. exported Why go on? people reduce imports, and why people's imports fell by it? a problem with the U.S. economy, the financial out of the problems we have seen a lot of discussion, one of the most developed U.S. financial economy, as Wall Street financial sector is represented by a major water will have to splinters, the general summary, the U.S. financial levees are not strong enough to monitor closely enough, are reasonable, but overall there is another side of things, be able to cross the U.S. financial industry, the water washed from? because common sense tells us that dams be strong, as long as the water over a certain amount, which may have washed away the dam, the water content is financial, that is money in the U.S. flow of funds and capital, the U.S. massive U.S. financial industry can be crushed by the flow of the first step of saving the people from the United States the American people is very low savings rate, some people are not saving, this part of some people to spend money to other financial flows into, not from the U.S. government savings, and received a lot of tax and spend does not go out, after the war in Iraq The U.S. government has been a huge federal deficit, there are hundreds of billions of bailout before the deficit.
we must understand a question, where's the money, this money is very interesting, borrowed from outside the United States, but also from many developed countries as the United States borrowed, the creditors of these countries into the United States, the United States became the biggest debtor nation, the characteristics of a decade ago when the Asian financial crisis have not been tried. So, we detect, United States a problem, reduce imports, reduce our exports, we take another look down, how so much money into the U.S.? into the United States money come from? so we take a look, because to understand that China's enterprises it is easy, because lending to America's largest country is China, we look at China, the money come from? to the huge trade surplus from China, simply export volume, import less. of course, to increased competition from China, Chinese goods, products made in China, the world's quest for more and more things we buy are not that many people, the surplus into the Chinese to become China's huge foreign exchange reserves. As the U.S. dollar is the world's settlement currency, the world's reserve currency, so we this huge surplus, coupled with the investment of foreign capital into China, mostly U.S. dollars, so we are dollar-denominated assets into our reserves to buy U.S. savings bonds into to buy U.S. debt with two bedrooms, for example, buy American stocks and corporate bonds of ordinary, etc., the circle is so spin up. the circle of rotation number we see, if the occurrence of this rotation, the small amount of influence on our whole not so serious, the question is,UGGs, from the late nineties, particularly since 2004, this volume up very fast, this picture of them, this blue color of the line is China's foreign exchange reserves, a little bit of this virtual The line is the result of our surplus under current account, which is the year of a two lines of traffic, one of our stock, are key indicators of China's foreign relations record, we can see, in 1993, when these two quantities are very small, not much higher than zero, but because 93 years later, China conducted a series of reforms, such as a fundamental change in the exchange rate formation mechanism. take the initiative to the yuan currency is too high a wrong adjusted valuation approach, which is the initiative to reduce the RMB devaluation of the yuan, the export system, foreign trade system, in particular, to sign the WTO, the Government connected to domestic and international markets are too many barriers swept away, together with China's enterprises, learning in the global arena, from the beginning of a very low value-added, labor-intensive products, start slowly on up the line. to 04 years, in fact, we see that this amount is still growing very limited foreign exchange reserves 04 In a four billion dollars. But we found that it has a high growth rate, to the end of 2007, our reserves are 1.8 trillion, and now is 2 trillion dollars. We all think this is a good thing, the Chinese strong ability to earn foreign exchange, and I certainly agree with this view, if the developing countries have no capacity to be competitive, do not have foreign exchange reserves, because the money can not make any international.
But there is another side of things This amount if over a certain threshold, it will happen on the domestic and international balance of great impact, because the truth is common, and our surplus is the people's trade deficit, our trade surplus is that we started in large numbers, large numbers of export , it means a lot to close factories in developed countries, it is more serious unemployment problem, which is one thing both sides. There are more serious side, all the maps of the Chinese people, Chinese enterprises will affect the foreign exchange earned the domestic balance, why? because China from the world make their money is not spent in China, China's foreign exchange must be, Who foreign exchange it? with bank statements, commercial banks and central bank statement, the central bank will use the base currency settlement, come one U.S. dollar to the prevailing exchange rate, for example, how many years are eight two hair a few yuan against one dollar, for according to this ratio to the yuan to pay, so that formed the circle of the diagram on the right . surplus would come in base money put out, the base currency put too much on the domestic market will affect the balance of the asset market prices will punch, rushed to a certain extent, the so-called wealth effect will be affected by consumption of the people index, because in general, as long as tickets and more goods and services do not rise too much, relative prices will change. This is what we see as a domestic and external imbalances caused by stress. So, my point of view not only see 07,08,09 years, it is difficult to understand, just look at 07,08, 09 is good to think that we, the United States go wrong, and then put a drag on us. This understanding can, in addition to the United States is good, we have no approach. We must see the inside about what things and our own, and our own on that we can bring it as a control variable, when the response to the crisis in the future to adjust it, exercise it, from within, I have a problem because the huge amount of money to come in to form a top-up domestic demand, asset markets, consumption market in 2007 reached its peak, the allocation of hot or hotter, from 04 onwards, within and outside the Asian financial crisis need to face pressure, cold, and we changed the exchange rate, China's export sector is very busy very disappointing, but the launch of the mouth, it is also a positive start domestic demand, but also issue bonds, but to the commercial bank loans, and to make China's highways, docks , led the wave of 1998 to 2003 infrastructure investment worldwide attention, the actual total to 03,04 demand in China and outside are relatively prosperous. this time to face a choice, because if the exchange rate mechanism is not to increase flexibility, external to will be more violent, if the outside is very fierce, not the pressure on domestic demand, the total balance will be, so 04 years later, we see that macro-control, in fact, have begun to restrain economic growth, particularly domestic demand, the election of the iron and steel, cement , aluminum heat three sectors, in particular, upon treatment of the iron present, Changzhou, Jiangsu, which is actually send a signal, but the three industries the so-called overheating, do not solve the problem, the closed iron, iron, this product can relay this to other steel companies, steel market prices and yields are up, control nine government departments have not fully effective, the unprecedented warming of real estate, real estate prices made many of the provisions do not let up so fast, little effect, the stock market began to rise, year and a half points on the Shanghai Composite Index rose to six thousand two hundred from a thousand points. we are talking about the winter, do not forget this winter before the summer is very hot, all the historical level of investment goods are super.
today in Yunnan meetings, there are a lot of investment in Yunnan hot things, such as tea, incredible price, from cement to real estate to stocks, to all the investment goods, in fact, one reason is that demand is too busy. economics to the needs of a definition of the expression of a need with money. people need to express in monetary terms are if not infinite, expressed in monetary terms it is a real purchasing power of expression. so busy the past few years this demand, particularly investment demand for Wang, Wang domestic investment demand, the underlying problem is the currency issue, but where so much money? I have already said, this money is not made from the domestic currency over the initiative, from foreign relations, is a huge trade surplus with to U.S. dollars into China, more than 8 yuan to pay the base currency will go, I just Jiangde the spin, the spin is not a day for two days, but for many years in a row there, turn, 07m08 peak time of the day into the Chinese banks to the U.S. dollar to RMB exchange 25m26 billion U.S. dollars, unprecedented. this is a good thing, but you note that all economic activities among the good things are brewing a dangerous one because it will so nice that you can not stand. So the question we To sum up this lesson, the key issue here, our investigations and research, the allocation of the renminbi, excessive liquidity in the market, from 04m08 years, not from the traditional financial With holes make up the People's Bank printing money, which is the traditional inflation mechanism. For example 94 years, CPI rushed 24%, investment can be hot to the growth of fixed assets over the previous year 60%, to a large degree of fiscal expansion is to bring ultra-issued currency. Zhu Rongji was Shouming economic governance, to suppress the high inflation, but also institutional arrangements made, the NPC passed the bill, will not let the lack of the People's Bank by the Financial Super-currency. it is in taxes and bonds finance are not allowed to say that fiscal spending more money, make money, People's Bank of India, which is the system of many years to seal the mouth, this is a very important long-term development of China's economic basis of .94 years later, why the market's liquidity and the accumulation was so high? Now look at is passive, a large number of foreign exchange in, you have to give it settlement and exchange in China can not, passive release of the excessive currency and the passive rate is the exchange rate, it seems to sum up lessons learned, a little earlier so that the exchange rate has greater flexibility, the pressure may not be that big, but such a major issue, and today, including the academic and policy circles, public opinion, media, industry is not exactly the same view. the name of an appreciation of the RMB against the U.S. dollar, cost of exports to increase, so we will not make the export sector to withstand the pressure, I visited Mr. Zhang, said that the RMB against the U.S. dollar rose a penny, the cost to increase exports of Haier four million, this is indeed a pressure, but also a little bit you stress, take the initiative to rise, export department then you find money, you begin to shift, and reluctant to rise, productivity go out into the layout of the export sector, highly dependent on exports, this lesson should have the opportunity to come back after several years of talk about, of course, I can not This view can be said that I must convince you, you all will agree with me, we can discuss. because the yuan is so put out, must have market consequences. nominal dollar exchange rate did not rise, dragging in May 2005 rose only , the basic steps remain before the change, eight against a dollar of two hair a few, almost no action to maintain ten years, progress in China's industrial production rate of progress than the U.S. rate of manufacturing sector to be fast, the nominal exchange rate defensible but also restrain the real exchange rate, which first 1:8 unchanged, with billions of dollars come in RMB sent to market, labor costs, energy prices, land prices, resource prices will punch up the cost of the export companies will be pulled up, and the same, only difference is time missed the last several years, production capacity has been to the layout of the export, the export is really a problem, adjust the pressure will be very large.
fixed exchange rate of RMB against the U.S. dollar or peg the U.S. dollar is also a problem, it seems the past few years U.S. The problem is more serious, because from the late nineties continue to loose interest rate policy, the United States is controlled by regulating the money supply, interest rates, the Fed's base rate drop is the increase of money supply market, we can see the end of the nineties The Fed also 8m9 percent base rate, now down to 0m0.25, the volume is surprisingly released, so this problem all over the world, the dollar is very important responsibility. because of its global settlement currency and reserve currency, It will not only affect the U.S. super-fat, but also affect the world, and very interesting, Super-currency U.S. CPI is not high, because a lot of money to leave the United States, other countries settled into trade, into other countries, reserves, holding the object of U.S. dollar assets, the results it does not oppress the domestic CPI, 140 U.S. dollars a barrel of oil when the U.S. market to sell so expensive retail price, CPI is not high, there is no more than 5% and other countries to China to 8.7% Russia to 19% to 24% in Vietnam, the Asian economies, inflation in 2007 than the United States in that wave high, the dollar advantage of using the global currency, the lessons to be put on the agenda. because then the United States has promised, it Gold hook, and then do reserve currency around the world supply of dollars promised for the price of 35 dollars per ounce of gold, central banks hold U.S. dollars, at any time to change, you change the U.S. Treasury, $ 35 for an ounce of gold, which laid down in 1944, gold and the dollar is what price? nine hundred to thousands of dollars equal to one ounce of gold, the dollar has made a number of more, and this is the dollar. it began to promise after promise to increase the supply of dollars, particularly the Vietnam War, the financial mess, super hair, and then plugging holes, invoices son, the last check that the U.S. stock of gold held by the world simply can not voucher dollars, out of 1971, President Nixon announced the United States closed the gold window. is equal to the ground a lie, the original 35 dollars for one ounce of gold, sorry, do not change, you'll have to see this a little hegemony, before we committed to holding dollars, and the result that the window was closed, but the U.S. is the world's most powerful countries, the U.S. dollar are used to make the balance sheet, just about the same language, the language used to talk about, not to say that change can change, so the gold window closed after the U.S. still maintained a relatively global settlement currency, of course, also stimulate other money together to replace it, for example, the euro, the situation is so happened.
long story short, we and the U.S. to hook, if the dollar is the currency hedge, the RMB has been hung with it, the RMB is also very hard, in ninety end of the decade and new century, the U.S. dollar continue to drop, long-term capital company problems, fear of affecting the U.S. economy, Greenspan Pan Zhuzheng multiple currencies, multiple currency of the millennium bug, IT bubble burst, affecting the U.S. economy, loose down the interest rate, currency increased the U.S. economy does not seem to be passed xiao, 9.11 impact made money, how many years the U.S. has been very accommodative monetary continuously, because of its global hold, he made money, people took their own countries do not have a lot of pressure , is now accused Greenspan is not much reason, Greenspan argued that says, CPI did not come up, the central bank governor responsible for price, responsible for inflation, inflation is not high, the economy is not recession, that was for many years the people want. but no one would have thought that more surface water, surface more water, the problem will move to a new area, in fact, doing the world reserves of U.S. currency in the year when economists had predicted to go wrong, because you are a reserve currency, bring the world to do trade dollars, the world will form a trade surplus of the United States, the U.S. deficit must be, or so dollars to get out. wait until the volume, the economists call Terui Fu, people reverse the loss of confidence in the dollar, U.S. dollar caused the crisis, this prediction verified for decades, began to have been overthrown, and the method, a fixed exchange rate removed, and gold decoupling, a development of capital markets, many developing countries do not must maintain a trade surplus, you can also borrow money, do not hold dollar reserves, but it seems there is no pre-registration Terui Fu's prophecy dollar this spiral Zuihou first problem,bailey UGG boots, it seems to add a new link, when a lot of the outside world, stormed the U.S. dollar after the first U.S. capital markets is a problem, a lot of money flooded in, low profits, the financial activities of the first to give the sub-prime activities of the capitalist system that strict constraints, this problem After the dollar's status is shaken, so this lesson because we have many years in China, because in the past have a theory that long-economics are so many large claims, the dollar good, easy to change bad money in developing countries, because the development of countries of the printing press was too tempting, and always wanted to print, the developing countries to put up its own currency and U.S. dollar accounts, it is good or bad money you can not support the fixed exchange rate.
experience of the past few years , in particular, relations between China and the United States is not like this, the relationship between China and the United States, China self-made money super way to find a cure, Congress adopted a bill, are not allowed to Super-money, money keep up economic growth in the same issue , but we have to join the global economy, the strength of external force China after the release of too much passive base money, then brought a series of internal changes. Please look at this picture, above the red line is a piece of China Broad money growth rate, the blue line is China's GDP growth in the underlying trend you optimistic about, are our GDP growth in currency issue several percentage points higher than the maximum time of more than twenty percent, GDP rose to add Currency twenty percent is the highest peak of 94 years, generally in the convergence of the past few years, the rate of currency issuance falls around the GDP growth, which is seen as a more sound currency control, Unfortunately This year, the currency of the hole and go up this year, a quarter of our banks, of course, be out of the flute so much, we do not have confidence, worried about the economy, you do not spend money, he does not spend money, go down together, and said is a moderately easy monetary policy, essentially my personal view is very loose monetary policy, this line to go in the next few years will bring what kind of results? we have observed.
more money, where we must express, in China and not the same as the eighties, more money is not primarily agricultural prices have gone up, but asset prices, this picture is our blue line on the Shanghai Composite Index, the red line is the price financial markets in China developed a very important, is an important area of investment, the investment is to meet people's aspirations, but the landing is too steep because the financial market has a self-fulfilling mechanism, you think you threw in money, Many good, many people threw money, investment money really good, really good inside to attract more people to put money has to be as high this line from the fundamentals, stock prices and corporate profitability can be completely out of touch, However, unstoppable, going up this line in China, when three thousand points, four thousand points, five thousand points, and each new account of the investors are hundreds of households, because I wanted to fight for more wealth, is all desire is his power, all around, up, and he also rushed to really punch it really rise, rise too high and cold, completely left the company's profitability, this time by the intended hope, stories, news, pile up in stock prices, news of any one direction, random disturbances, external shocks will be down, this is what we see, to many Chinese families, businesses, institutions book assets to burn, and on people's confidence inside and outside in a negative wealth effect, the price is the same problem. eventually rushed to the CPI, stayed in China for so many years, and never just an economic issue, because a large number of fixed-income and low-income population, it is the income down, because the same money into something less, and therefore any government pushing up CPI will take steps, though heard a lot of criticism, to see high inflation, should not then took the liberty to kill, I do not fully agree this view, politicians face the pressure, you take that position you have to deal with China was over 8.7%, if not the means to take a more tight and then washed into Russia and Vietnam, combined with social conflicts during the transition , really do not know what kind of things that occurred in the history of 88 years, 93 years occurred, the force strength is what I just said. And my basic views and members of the exchange can not separate that previously seemed normal, a sudden arrival of a winter, there is no such thing, with five to seven years, seven to eight years of point of view, since the first big, big falls, the world is like this, China's industry is like this , 97, at least three years of industrial products rushed to dial down the rush to go down and then rushed to, of course, was more powerful under the next, rather deep valley, so that previously deep valley and a Bobo rushed, in my opinion there are some intrinsically linked.
flute section, the only reason the recession is over and prosperity, there is no other reason, this rule works only in the past, the future will work.
addition to exchange rate mechanism in China, 05 years later began become flexible, sent a signal to mobilize all, there is a micro and institutional related business is very good outward, because our Chinese manufacturing capabilities together, we can just outgoing and global business networks connected to, and through Hong Kong, Europe, U.S. and international agencies, so if China's manufacturing capacity and the outgoing interface to quickly to expand the scale, there is a variable is not immune to China's own domestic business why not do it so good? longitudinal look at the reforms Open for 30 years, from the planned closure into a socialist market economy, business, operations, business operations major change in the environment, but compared to the international market, the high cost of domestic transactions, a lot of trouble, a lot of entrepreneurs told me that do not like to come back to do the export business, domestic business, export business as long as the sample head, product head, send a fax to go left cargo containers, and domestic trade routes opened the business much more difficult to conduct relationships, to acquaintances, to years of cultivation, to be too much to drink, or to not open the market, or can not afford to build trust, which is actually the outward speed in recent years, overshadowed to some extent the requirements of the domestic need for further reform. outward do well left, ports, docks all the way to prosperity, the number of money to count, why do difficult things, I went to Wenzhou to investigate, the chairman told me the red dragonfly, Wenzhou changes took place in 89 years ago, the Wenzhou enterprises which are done within the domestic market started to do, hard to play the counter to find agents, management, logistics, until a sign WTO, the international market, the one, the one big international companies, a list of tens of millions do not do it, you do production line stopped, OEM, like you take the goods, a list of tens of millions of millions, many companies are turning outward, Red Dragonfly bosses with one exception, could not bear to lay their own domestic business network, do their own brands to the shop facade thousand , three thousand stores, reluctant, but then turn out if the number of money fast. Broad Air Conditioning, Zhang always told me to do an international list of six sales equal to 225 sales staff to do the domestic market, domestic sales volume of the sum, what reason imbalance . We are now a powerful manufacturing capacity, marketing network by others, and a large degree by the people, we are very popular in industry knowledge, market knowledge lags far behind our manufacturing knowledge. This is also the national economy in recent years to be concluded, U.S. market has been busy, we will go do so, China hot topic all over the world, the problem is a problem, which is certain to face challenges, we must first conviction, domestic demand is there, 1.3 billion people, so many years the per capita increase, even if the distribution of income, of which only 20% of the people into the so-called middle class, the market would have been considered, why the free exercise of Hong Kong, open to that county, who were swept goods, these goods can not buy in the Mainland market our business environment and distribution channels, there are very inconvenient side, high saving are worried that their children go to school to see a doctor, to savings, inadequate social security, which is one reason. There is also a consumer inconvenience, commercial activity is not convenient, the service is not convenience, from this perspective, we should strengthen confidence, has a huge domestic potential, last night, several alumni of Peking University where a chat, discussion to Yunnan, alumni do CUP cards, Yunnan's general manager, not many places in Yunnan Method brush, to affect the consumer, came tourism, saw this thing is good, I am so excited to buy, do not have so much money, but to get excited, let him easy to brush out the first quarter of the money to come to Yunnan brush These things do not just value-added technical content to improve the problem, the Chinese economic structure and growth, including commercial and industrial balance, the balance of two kinds of knowledge.
difficulties aside, strictly speaking it is not just America's problem alone, the United States problem, we can only wait for it to come back, my view in the open era you have me, I have you, inside some of America's problems is, therefore, now need a good co-operation deal. At the same time because some of the issues is our own, we can sum up by it to reverse its policy and behavior. This provision of the difficulty is the merger of three quantities, the first since the flexibility of the exchange rate mechanism is not enough, very prosperous in foreign demand, coupled with the microscopic foundation Export business is good for, in order to make way for foreign demand, 04 years after the domestic demand continue to control the domestic industry, the impact of the autonomy of enterprises are effectively suppressed part of the administrative examination and approval to expand, increasing administrative control, this is not conducive to economic development , should reveal these things, it may reactivate the economy. Second, we need to give way to the outside, to be met outside the U.S. and European markets shrink, this thing does not depend on us now. Thirdly, a considerable portion of our businesses and families are asset markets Steep drop the price Douqi the damage that the knife, carrying a loss of investment, loss of confidence, the views of the future is very cold, the problem is the combination of three levels, the fundamental problem with my analysis, all economic imbalances, or because the mechanism of imbalance, because the imbalance of reform, while the rapid growth this rapid erosion of our entrepreneurial spirit, it is easy to make money, and who seriously study the enterprise technology market, this years asset markets, we are full of heart this line, I have contacted many friends short-lived fad come back, he wanted to recuperate, after the number of fast money, no spiritual head and the doors do better, to do even better products, service excellence, the amount of erosion is the population size very large. We know that excessive currency despite a temporary prosperity, but will cover some risk. fiscal policy is important, people dare not spend money and the government to spend, the market will not fall too hard, and China's financial indicators around the world are safer than the range, and now are big brave world, every country must share the expenditure account deficit went up, from this perspective, the Chinese government can really brave larger than in the past, but To see that fiscal policy is short-term policies to address the impact of a sudden, works to prevent collapse of confidence in the long term there are challenges, a lot of road repair the first car to run up, completing the road without a car run, is Japan today faces The difficulty is further amendments or revision, do not repair the economy down the road has yet to repair cars running, and then how to do repairs, fiscal policy must know it is a short-term policy, of course, head here how to do better the financial investment . I also talked about monetary policy, I see you want to keep the excess money must be against the national economy. early than too much money is to manage the long-term relaxation, a condition for the loss of entrepreneurial spirit, a certain macro and micro view to moderate.
important institutional policy, China is characterized by a difficult time intensify reform, the State Council recently approved the Shanghai financial center, service center, financial and shipping center, approval of the Hercynian, DC, approved the Chongqing Chengdu, as a demonstration of the comprehensive reform of urban and rural areas, the approval of the reform demonstration in Tianjin, which is very in line with the law, China's economy today is 30 years by all the reform, all the problems today is that the reform imbalance, we require more balanced growth to depend on further reforms to promote.
objective look at this year's global situation, the United States is a big problem, adjust the capacity can not be underestimated, Americans like to call out the economy, the media full freedom, so the problem will be amplified so badly However, we have to carefully adjust the capacity of observation, I do not think the U.S. economy, as some people say to go on from this, the U.S. is certainly in the long run downhill,UGG shoes, but the slope of such a large economy, the next will be slowly, so it stabilized and restored, it will be China's exports, China is still in its stage of rapid development, need to invest, need to develop more areas. In addition, exports are still down, but there are signs of the chain has already begun, such as Textile exports to stabilize become stable and start a little low-positive growth, every moment of every hour of economic adjustment are in place, many people said a lot of companies collapse, collapse is to help companies live under,UGG boots, change of collapse in part of survived it easy to live, in fact, most of China's exports over the past Chinese companies and Chinese companies in the killing, I have seen recently in the Pearl River Delta of China orders price, and why? to find people to do the original looting The companies have to do closed, began to live under the sweetness of the economy, said the process said no not in itself began to change the line, our point of view, our media sometimes there is a lag. the currency issued in China down, so Wang automobile market, the housing market has started to warm periods, the stock market movement, the Hong Kong stock has been very good, so I do not believe it is cold and go on, this tune is probably a problem.
whole, I do not think China's real economic growth is the key, no 8, there will be 7 this year, as long as 7, or the world's first, because the other is negative economic growth, China's real ...