Archive for March, 2012

21st March
2012
written by LightingPro

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16th March
2012
written by LightingPro

Premier Wen Jiabao said on Wednesday that China will intensify its currency regime reform and the foreign exchange rate has possibly reached “equilibrium”, a signal that there is little room for the renminbi to appreciate soon.

“In the Hong Kong market, the non-deliverable forwards (a type of futures contract) have started to fluctuate in both directions. And this tells us that the exchange rate of the renminbi has possibly reached equilibrium,” Premier Wen Jiabao said at a news conference at the end of the National People’s Congress session.

“China will go on intensifying foreign exchange reform, especially to allow relatively wider, two-way fluctuation.”

“The premier’s remark on equilibrium means China will not allow its currency to rise by much in the short term, or say this year,” said Li Wei, an economist at Standard Chartered Shanghai.

“And it also shows the nation is not optimistic about China’s economy and the exports dragged down by the European debt crisis,” he added.

In the annual Government Work Report last week, Wen cut China’s expected economic growth rate this year to 7.5 percent.

“China aims for quality growth in the economy, and we want to solve the problem that China’s economy is unbalanced, uncoordinated, and unsustainable,” Wen said.

“Premier Wen’s remarks that China will continue to push for relatively big-scale and two-way fluctuation in the currency is excellent because it takes us a lot closer to the point that the renminbi can be freely traded,” said Simon Derrick, head of currency strategy at BNY Mellon, an investment management and services company in New York.

Stephen Gallo, head of market analysis at financial service provider Schneider Foreign Exchange in London, agreed.

“Overall, the recent fluctuations in renminbi are more important from a structural rather than a cyclical perspective – in other words, China’s words and its deeds certainly suggest that the case for a more flexible yuan is gaining traction on the part of policymakers,” Gallo said.

The best way to solve the “difficulties and frictions caused by the trade imbalance between China and the US is to cooperate”, Wen said.

Wen’s remarks come at a time that trade and economic tensions between China and the US have been intensifying for several months, in which time the US lodged an appeal about China’s rare earths exports policies with the global trade arbitrator and established an interagency trade enforcement unit to see whether nations, including China, play by the rules.

On Tuesday, the US brought up a case before the World Trade Organization about China export restrictions on rare earths, 17 rare elements used in a number of high-tech items ranging from wind turbines to missiles.

Japan and the European Union joined the US in challenging China’s export policy.

Wen didn’t mention the rare earths case during the news conference, but he called for cooperation between China and the US. “Cooperation would lead to healthy and sustainable growth for both economies,” he said.

China and the US should promote “bilateral trade and two-way investment”, enhancing cooperation in new energy, new materials, environmental protection, aviation and other high-tech fields, Wen said.

 

 

11th March
2012
written by LightingPro
 Before the policy of Reform and Opening-up in China,Shenzhen is just a small broder town,called “small fish village”.No convenient traffic,no tall mansions,no bustling steets,people lived in other places wouldn’t know this city.
  However the Reform and Openging-up has brought great changes to Shenzhen which people could not imagine.The old poor towm has diappeared without a trace ,instead by remarkable Emperor Mansion,steady stream of crowd, eye-catching neon light…
 Huaqiang North now has become the largest trading market of electronic products in China.As the most bustling commercail streets in Shenzhen, the daily volume of peopel is 50million, it is the major hub for the circulation of electronic products,especially the whosale and retail business of mobile phone which is known all over the country,even all over the world.

Huangqiang North in 1983

 

Haungqiang North in 2012

 

Welcome to Shenzhen,China

9th March
2012
written by LightingPro
       Firstly, Happy International Women’s Day! International Women’s Day originally called International Working Women’s Day,Which was set up on March 8 every year to celebrate the important contributions and achievements made by women in economic, political and social fields.
      How did you spend your International Women’s Day? Someone got a appointment, someone went shopping, or someone had a nice dinner. We got a half-day off. Our company organized to play badminton activities. I like to play badminton. I think the white ball flew in the air and it was very beautifu and exciting. What’s more, I think playing badminton is one of the best way to make strong and healthy. It can also let me make lots of friends. Even though we are not professional, we are good badminton player. We have spend a very nice holiday.