中國的軟肋

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(1) James Kunge, The Cracks in Beijing's Edifice. Financial Times, Oct 10, 2011 (title in print).
http://www.ft.com/cms/s/0/a83e5cf4-f02c-11e0-977b-00144feab49a.html

Quote:

"The central frailty [of China] is financial. At no time over the past three decades of 'reform and opening' has Beijing’s control over the supply and price of credit in its economy been so tenuous.

"it [China] tried to keep interest rates as low as possible, partly to reduce the service charges on local government debt, now officially estimated at RMB10,717bn ($1,681bn). But as bank deposit rates languished far below inflation, savers withdrew their money and deposited it with high-yielding shadow financial institutions. The sustained haemorrhage of state bank deposits has swelled the unregulated shadow banking system to such a size that it now supplies more credit to the economy each month than the formal banks do, according to China Confidential, a research service at the Financial Times.

Note:
(a) remit (n): "something remitted to another person or authority"
(b) remit (vt; Latin remittere to send back, from re- + mittere to send)
"to submit or refer for consideration, judgment, decision, or action"
(c) State Assets Supervision and Administration Commission (SASAC) 国务院国有资产监督管理委员会www.sasac.gov.cn/
(d) ZHANG Weiying  张 维迎
(d) National Development and Reform Commission  (NDRC)  国家发展和改革委员会www.ndrc.gov.cn/   


(2) Patrick Jenkins, Nervous Asia Has Good Reasons to Fear Eurozone Crisis. Financial Times, Oct 11, 2011.
http://www.ft.com/cms/s/0/545f82b0-f366-11e0-b98c-00144feab49a.html

Quote:

(a) "Asia today faces two waves of pain. The direct financial impact will be felt as trading volumes on financial markets fade * * * The drying-up of trade-links, as exporters lose custoers, will compound the financial slowdown. Nowhere is this more powerful than in China, where exports still account for close to two-thirds of gross domestic product and banks are the lifeblood of that trade flow.

(b) "The real risk lies in the danger of a domino effect. There are at least two potential starting points for it to go wrong, pretty quickly.

"First, the obvious trade route. If Chinese companies see export volumes shrink, they are likely to struggle to meet loan repayments  * * * That in turn could prompt banks to seize collateral underpinning the loan [real estate]

"A second likely trigger for problems is banks’ lending to 'trust companies,' the lightly regulated financial companies

"Investors have been rapidly realising as much. Chinese banks are now valued on stock markets at barely the value of their underlying assets – half the rate of even six months ago, and almost in line with some eurozone peers.

Note:
(a) As a noun, blinker is the same as "blinder."
(b) blinker (vt): "to put blinders on"
All definitions are from www.m-w.com.

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