China's State Council issued ten measures to increase domestic demand and the expansion of the multi-billion dollar investment

Xinhua Beijing on November 9 State Council Premier Wen Jiabao chaired a State Council on the 5th executive meeting to study the deployment of further expanding domestic demand to promote stable and rapid economic growth। The meeting held that the last two months, the financial crisis in the world economy became more grim international economic environment, to resist the negative impact on China, must have the flexibility to prudent macroeconomic policies to cope with the complicated and ever-changing situation. At present, we should implement a proactive fiscal policy and moderate monetary policy, the introduction of more effective measures to expand domestic demand, accelerate the people's livelihood projects, infrastructure, ecological environment and post-disaster reconstruction Improve urban and rural residents, especially low-income groups, income levels, to promote stable and rapid economic growth.
The meeting decided to further expand the current domestic demand and economic growth of ten measures. The first is to speed up construction of housing security. Increase support for building low-cost housing, squatter settlements speed up the transformation of nomads to settle in the implementation of the project, the repair of dangerous buildings in rural areas to expand the pilot. Second, to speed up infrastructure construction in rural areas. Marsh gas in rural areas increased, the safety of drinking water projects and rural highway construction, and improve the rural power network, such as South-North Water Transfer speed up the construction of major water conservancy projects and to reinforce dangerous reservoirs, strengthening the large-scale irrigation area. To increase poverty alleviation and development efforts. Third, speed up the railways, highways and airports and other major infrastructure. Focused on building a number of passenger lanes, Coal and Western Corridor rail line, improve the highway network, arranged in the central and western trunk line airport and airport construction, urban power grids. The fourth is to speed up health, culture and education development. The grass-roots level to strengthen the medical and health service system to help speed up the transformation of the rural junior high school, the central and western regions to promote special education schools and cultural construction of an integrated township. Fifth, to enhance the ecological environment. To speed up urban sewage and garbage treatment facilities and key water pollution control, focus on strengthening the protection forest and natural forest resources protection project in support of key energy-saving emission reduction projects. Sixth, speed up innovation and structural adjustment. Support the construction of high-tech industry and industrial technology, to support the development of the service industry. Seven is the earthquake-stricken areas to speed up reconstruction work. Eight is to improve the income of urban and rural residents. Next year to raise the minimum grain purchasing prices and improve the comprehensive agricultural subsidies, subsidies for seeds, agricultural subsidies, standards, and increase their income. To improve low-income groups, such as social security treatment target levels, in urban and rural low subsidies continue to increase the level of basic pensions of retirees entitled groups and subsistence allowances standards. Nine in all areas, the full implementation of all the industry value-added tax reform and restructuring to encourage technological upgrading of enterprises, reduce the burden on enterprises 120,000,000,000 yuan. Is the tenth increase the economic growth of the financial support. The lifting of commercial restrictions on the size of bank credit, a reasonable scale of credit expansion and increase its focus on engineering, the "three rural", small and medium enterprises and technological transformation, mergers and acquisitions of credit support, targeted training and consolidation of consumer credit growth. Preliminary estimated that the implementation of the project, by the end of 2010 to about 4 trillion yuan of investment. In order to speed up the construction progress, the meeting decided that the increase in the first quarter of this year, four arrangements of the Central 100,000,000,000 yuan of investment, next year ahead of time post-disaster reconstruction fund 200 billion, and the local community to promote investment, the size of the total reached 400,000,000,000 yuan. The meeting called for faster expansion of investment in hand, to re-punching, steps should be accurate, it should work. To highlight the focus of serious choices, strengthen management, improve the quality and efficiency. To give priority to projects already planned to increase support to speed up the progress of the project, start at the same time pay close attention to a number of new construction projects, into a number of people looking forward to a long-term economic development of the relations between the major event. Adhere to help promote economic growth, and help promote the structure adjustment; help pull the current economic growth, and enhance economic development potential; effective expansion of investment, we actively promote consumption. We should deepen the reform to promote growth and better together, under the national macro-control and give full play to the market in resource allocation role; to play both central and local initiative. The meeting stressed that despite the many difficulties we face, but China's huge potential for domestic demand, the overall stability of the financial system, businesses cope with changes in the market's awareness and ability of the world economy adjusted to speed up the upgrading of the structure of our country, introducing advanced foreign technology and human resources , And other new opportunities. As long as we take timely and decisive measures to correct policies, and seize the opportunities, meet challenges, we will be able to maintain stable and rapid economic development.

Merchandiser trade unemployed return to the family "housewife

"Financial crisis" on Wall Street from the cold wind blowing in from all corners of the globe, Castle in the workplace is also a ray set off waves, some white-collar workers feel the smell Liang Yi. China Morning Post from today launched a series of reports, reporters in pursuing personal way, the original ecological and financial records in the cold wind in the workplace occurred in the true story of ups and downs. After five thousand received unemployment compensation October 31, 2008, for most people is a very ordinary day, but the 26-year-old Zhi-Qiang Mao (I should require the use of a pseudonym) that day have lost their jobs. Zhi-Qiang Mao in 2002 came to the Qingdao Institute of Technology built to go to university, graduating in 2006, into the middle of Hong Kong's external trade, a clothing company, has been doing Merchandiser, the so called within QC. QC very hard to do, Zhi-Qiang Mao Jiaozhou run almost every day, or Jimo. To order the company to him, with his orders to factories. Each garment production processes have to see to ensure compliance with the requirements of overseas customers. In the first half of this year, where Zhi-Qiang Mao's orders to reduce the beginning of his handling of the orders dropped more than 20 million U.S. dollars. Into the second half of the original book's 200,000 U.S. dollars of orders canceled all. No admittance except on all of a sudden he has become. October 31, he's received notice of labor contracts. Received 5,000 compensation, he left with a passion for work for more than two years. Not from the sudden loss of the pain relieved, Zhi-Qiang Mao began to consider himself and his girlfriend of survival. He earned 3,000 yuan a month ago, his girlfriend more than 2000 yuan of income. Now his girlfriend only to make money, 1,200 yuan a month rent, plus phone, utilities, food expenses, living beyond their means. Fushun Road, the two decided to rent the house to return, to move to cheaper Lee Chang-rent district. Nov. 6 on the first day of 16:00 Preparing dinner for a girlfriend At 16 o'clock on the November 6, came about as reporters Zhi-Qiang Mao's home, he had just returned to markets Lee Chang-century Garden District rented house, walked into the kitchen, aprons on the Department of Mao Yongqiang, to prepare dinner. 18:00 Eat up the remainder of his meal Nov. 6 on the evening 6:00, Zhi-Qiang Mao's girlfriend home. On the table that has to do a good job of pork stewed cabbage bean, potato Lachao silk, tomatoes Dan Tang, very happy. "Yes, a good trade!" To hear the praise of his girlfriend, Zhi-Qiang Mao did not smile on the face. To sit down at the table next to his girlfriend began to eat, Zhi-Qiang Mao was on the point of smoke. His girlfriend asked him why he does not, should Zhi-Qiang Mao: "hungry, you eat it." Hardly a learned advice girlfriend looked at the rice Liang Wan, Zhi-Qiang Mao began to feel good, the rest of the meal dispelled. 19:00 Open the Internet job search website After dinner almost 7:00, Zhi-Qiang Mao come to the side of the computer, open the online job search page. Unemployment, Zhi-Qiang Mao sent through the network of countless cover letter, but the results are the same every day - came to nothing. The computer is bought at the end of 2005, the year of the Zhi-Qiang Mao is a year-end bonus. 20:00 Remove the books ready to pay "Small collection of warm, posted a notice of the charges, on the 16th hand, do not forget." 20 o'clock, I heard the girlfriend called, Zhi-Qiang Mao out of the two books. There are books above more than 20,000 yuan, which is the work of two of the last two years of savings. Despite looking for a job has been to avoid the topic, but unemployment brought about by the economic problems are two unavoidable. After long silence, Zhi-Qiang Mao's girlfriend is still open, "you should not even think about too much, will always have the opportunity. You all day long business trip two years, every day, come back late, can now take care to look after me. " 23:00 Yan Gang has 12 cigarette butts Zhi-Qiang Mao stand up and clap his girlfriend's head and said something "easy." "She and I are alumni of the University, she is Juye Heze, Linyi, I was east of the area, the two sides are satisfied with the parents. Girlfriend is safe, she has graduated from the electrical machinery sales in a company ... ..." Speaking of his own The girlfriend, Zhi-Qiang Mao's in a good mood a lot, Yan Gang, has 12 cigarette butts, at this time is 23:00. The next day on November 7 10:00 Fair-bank money markets At 10 o'clock on Nov. 7, Zhi-Qiang Mao took out 1,500 yuan from the bank. He's seen the property, the property costs and heating costs a total of more than 1100 yuan, the rest of the money is the cost of living in the near future. He Quliao Tang Shun markets, to buy a newspaper and ribs at night to do his favorite soy-braised pork ribs. 12:00 Internet job-seekers back to view the hearing Home for almost 12 o'clock, Zhi-Qiang Mao re-open the recruiting Web site, did not receive any echo. From the on-line news, foreign trade apparel industry will continue to slump. "You recently how?" Zhi-Qiang Mao's foreign trade sector to play a round of telephone a friend and asked the same question, with the result of speculation that he deserted the same. "The downturn in foreign trade clothing company, friends say their company's business also fell into about five.'s Been a lot of CD's, we all a little nervous." 14:00 Re-design of the curriculum vitae At 14 o'clock on the November 7, Zhi-Qiang Mao on the computer itself hit the work of the curriculum vitae. "Working for two years, work conscientiously, annual business trip and never complained." Fill in their own evaluation of the column, Zhi-Qiang Mao summed up their work experience. When asked to fill in the salary column, Zhi-Qiang Mao hesitated again, "a monthly salary of 3,000 yuan, I am afraid there are very few companies can provide this kind of job, would like to pay more than it is out of date." In the end, Zhi-Qiang Mao write this sentence: Asked their company to pay its own number, it is better to prove that they can create much value. 20:00 Tearful mother to answer phones Nov. 7 on the evening 8:00, a telephone disrupted Zhi-Qiang Mao's mind, is a telephone call from the mother. Every Friday, Zhi-Qiang Mao will be home to one phone call, but this week is no time to call Zhi-Qiang Mao, the elderly take the initiative to fight back. "Both of us here are very good, you do not mind ... ..." "My dad is also all right? Cutting point, he asked the wine." Telephone played nearly 10 minutes, making a phone call, Zhi-Qiang Mao did not tell his mother, the unemployed, Turned to the toilet, wipe with a towel, a face, eyes or red. On the third day on November 8 9:00 Personnel rushed to the market on time At 9 o'clock on November 8, Zhi-Qiang Mao on time in the talent market, Shandong Road, outside the gate filled wait for the admission of university students. Zhi-Qiang Mao wore in 2007 to buy red collar suit, this suit is his girlfriend bought him, usually wearing very little, only to attend a friend's wedding or formal occasions, when these are put on a suit and tie marked. Recruitment into the hall, Zhi-Qiang Mao lost in the vast sea of humanity in the job. Upstairs downstairs to the circle, Zhi-Qiang Mao did not find a staff of the recruitment of foreign trade clothing company. Do see the two national apparel companies in the recruitment, Zhi-Qiang Mao into the crowd to vote on the curriculum vitae of the two. The other looked at his curriculum vitae into a thick pile of biographical notes of the job, a lot of depressed mood Zhi-Qiang Mao. "It looks really want a change, did two years of foreign trade clothing, are all familiar with the business, also know quite a number of Azeri circle. All of a sudden want to change jobs, do not really know what to visit." Zhi-Qiang Mao to the rest of the curriculum vitae Were to vote for a food company, an engineering company and a chemical company. 11:00 Gap lunch interview candidates Almost 11 o'clock, Zhi-Qiang Mao left the recruitment site, outside of the stalls to buy a fruit pancake, read the newspaper while eating on the side of the job. Until 11:30, Zhi-Qiang Mao to the two domestic apparel company called recruiters. By lunch time the other side, Zhi-Qiang Mao with a company in which the recruits met the 15-minute chat. The other party to disclose information is not optimistic, I am afraid gone. "Zhi-Qiang Mao began to consider a career change." As long as there are now live on dry, not about wages, big deal to the hotel staff to do. "Zhi-Qiang Mao waved to reporters, he wanted to go home to see whether there are candidates on-line message back, but also to prepare his dinner. As far as talent exchange centers of the city's statistics show that in the third quarter of this year, into the recruitment of talent market has 12,000 units in the same period last year to reduce by 17%; provided 120,000 jobs have the same period last year dropped 36%; and job-seekers Up to 540,000 people, and the same period last year. After cooling of the sun to sprinkle Zhi-Qiang Mao's body, but he did not realize that this thread brought the warmth of the sun. In the Nov. 8 Road, Shandong, held job fairs, Zhi-Qiang Mao did not find a staff of the recruitment of foreign trade clothing company.

Milk, citrus, eggs: the helpless innocent peasants in a really want to cry!

In 2008 we all remember the years, dairy farmers - orange farmers - to the egg farmers, the farmers suffered in 2008 in an unprecedented predicament, the first time against them despite its sympathy, we can hear each Days in the milk of dairy farmers do every day buried in the orange orange farmers in the day, the chicken slaughtering egg farmers are crying for it? I hope the whole of China can extend its helping hand to help them by voting these farmers are the mainstay of the Chinese, they do not, we have ample food and clothing would be no life. . . . . . Point in 2008 as soon as possible out of the farmers, agricultural products, look above the clouds dispersed and the rumors as soon as possible. From the beginning of 2006, agricultural products around the "rumors" Every year, 2006 is "poisonous watermelon" in 2007, Hainan is the "poison bananas", this year, Sichuan is also the "orange maggots." At present, for the time being put aside the "rumors" of genuine debate, the really good attention to these events were the most vulnerable people - the farmers. I have been pondering the question, the agricultural industry is very fragile and in the end how much risk? The risk of natural disasters, the risk of fluctuations in the market, there are food safety risk, the risk of rumors, which each risk is the conviction that it is the most vulnerable of our farmers, this appears to be the most powerless, helpless group. Sanlu milk powder incident, a group of black is the conscience of the brokers and companies in trouble, but has given way to dairy farmers to pay a heavy price; citrus maggots, continued to torment our orange farmers; in Hong Kong and the Mainland detected in a Brand eggs contain a large number of melamine, which you do not know how many farmers had to worry about this. Yesterday, a coincidence of opportunity, and I go to the countryside to investigate a number of leadership, is the work of others, let me direct the face of a lot of orange farmers. It is also a large rural orange, every household has a few acres, more than 10 mu, or even dozens of acres of citrus orchard, which has become the principal source of income for local farmers, has in the past few million on revenue, reaching more than 10 million . At that time, I rise to note that many farmers before the scattered piles of piles of oranges, and some seem to have been broken. In the past the busy scenes of orange transaction, it is so deserted. I am naturally an orange and farmers about the current market oranges, he became extremely sad and helpless look, "this is completely finished, really all over, what are the Sichuan 'maggots' rumors Has affected us (Hunan), and now nobody wanted is the orange, orange, the people whether you have maggots, anyway, do not buy that. "Then he told me," You may not believe that we now have orange or To 5 cents a pound, 5 cents, but still nobody wanted. Now look at the golden orange golden garden, has become a pile of waste that you are my blood, and sometimes, I really Like a cry! "He said this, I obviously felt tears in his eyes. At the grass-roots level and local government exchanges, they also worried that despite taking a lot of ways, but they can not get any results, according to their words, sometimes things in this market if there is no trust, Haonan really want to save. Some of them could not understand why the farmers are always injured? We put three rural issues are clearly and logically speaking, but who really care about, the real action. Let me be more of these on a deep understanding of the risks of agriculture, is clear evidence of agriculture is a fragile industry, is a farmer vulnerable groups. In fact, this series of rumors or behind the food crisis, there are more worthy of reflection. The first is to ensure open and transparent information, in particular to ensure the integrity of the information, to establish a strong mechanism to deal with the crisis. For example, citrus maggots, it is necessary to explicitly clear the rumors, but also clearly open around the truth, the whole are not into "maggots" This is not just the responsibility of the Government, should be the responsibility of the media. The second is to crack down on some of the middlemen and illegal enterprises, in order to help those in the food area of the law were to go bankrupt and lose everything, let them subject to heavy penalties, this can not be cut off non-food safety into their hands. They should be among the largest agricultural crisis perpetrators, milk powder inside doped melamine, to buy food, and rape inside Tukuai doped, sand, oil companies have a year to buy the rape also found a "watermelon" really They can be Xiangdechulai. The third is to support the establishment of mechanisms for risk. For agriculture, farmers, in addition to playing the role of the market, it is more important to also support the establishment of a mechanism of risk, be it natural disasters or market fluctuations, the food crisis, rumors of the crisis, and so on, should support the establishment of the mechanism is, of course, Should be for farmers. I hope our government, our media, our society, not just talking about farmers on the issue, rather than to genuine concern and support from every point drop for each start, we may be able to one day in January Years do not have to eat citrus, do not eat eggs, do not drink milk, but farmers are immeasurable suffering, they are not too innocent, too helpless, we should have this responsibility, the obligation to strive to do a good job.

AMERICA MUST LEAD A RESCUE OF EMERGING ECONOMIES

The global financial system as it is currently constituted is characterised by a pernicious asymmetry. The financial authorities of the developed countries are in charge and they will do whatever it takes to prevent the system from collapsing. They are, however, less concerned with the fate of countries at the periphery. As a result, the system provides less stability and protection for those countries than for the countries at the centre. This asymmetry – which is enshrined in the veto rights the US enjoys in the International Monetary Fund, explains why the US has been able to run up an ever-increasing current account deficit over the past quarter of a century. The so-called Washington consensus imposed strict market discipline on other countries but the US was exempt from it.
The emerging market crisis of 1997 devastated the periphery such as Indonesia, Brazil, Korea and Russia but left America unscathed. Subsequently, many peripheral countries followed sound macroeconomic policies, once again attracting large capital inflows, and in recent years have enjoyed fast economic growth. Then came the financial crisis, which originated in the US. Until recently peripheral countries such as Brazil remained largely unaffected; indeed, they benefited from the commodity boom. But after the bankruptcy of Lehman Brothers, the financial system suffered a temporary cardiac arrest and the authorities in the US and Europe resorted to desperate measures to resuscitate it. In effect, they resolved that no other big financial institution would be allowed to default and also they guaranteed depositors against losses. This had unintended adverse consequences for the peripheral countries and the authorities have been caught unawares. In recent days there has been a general flight for safety from the periphery back to the centre. Currencies have dropped against the dollar and the yen, some precipitously. Interest rates and credit default premiums have soared and stock markets crashed. Margin calls have proliferated and spread to stock markets in the US and Europe, raising the spectre of renewed panic.
The IMF is discussing a new credit facility for countries at the periphery, in contrast to the conditional credit lines that were never used because the conditions attached to them were too onerous. The new facility would carry no conditions and no stigma for countries following sound macroeconomic policies. In addition, the IMF stands ready to extend conditional credit to countries that are less well qualified. Iceland and Ukraine have already signed and Hungary is next.
The approach is right but it will be too little, too late. The maximum that could be drawn under this facility would be five times a country's quota. In the case of Brazil, for example, this would amount to $15bn, a pittance when compared with Brazil's own foreign currency reserves of more than $200bn. A much larger and more flexible package is needed to reassure markets. The central banks at the centre should open large swap lines with the central banks of qualifying countries at the periphery and countries with large foreign currency reserves, notably China, Japan, Abu Dhabi and Saudi Arabia, ought to put up a supplemental fund that could be dispersed more flexibly. There is also an urgent need for short-term and longer-term credit to enable countries with sound fiscal positions to engage in Keynesian counter-cyclical policies. Only by stimulating domestic demand can the spectre of a world-wide depression be removed.
Unfortunately the authorities are always lagging behind events; that is why the financial crisis is spinning out of control. Already it has enveloped the Gulf countries, and Saudi Arabia and Abu Dhabi may be too concerned with their own region to contribute to a global fund. It is time to start thinking about creating special drawing rights or some other form of international reserves on a large scale, but that is subject to American veto.
President George W. Bush has convened a G20 summit for November 15 but there is not much point in holding such a meeting unless the US is serious about supporting a global rescue effort. The US must show the way in protecting the peripheral countries against a storm that has originated in the US, if it does not want to forfeit its claim to the leadership position. Even if Mr Bush does not share this point of view, it is to be hoped the next president will – but by then the damage will be much greater.

How do I cope with office life when there is no work?

The problem
I work in corporate finance and for the past four years routinely worked 14-hour days. Now work has dried up and we are all sitting around pretending to be busy and failing to drum up business. I am finding the boredom far more stressful than I ever found the work. I don't know how I should behave. I am tempted to take three-hour lunches with friends, then go home early to learn salsa dancing. But would that be begging to be first in line when the axe inevitably falls?
Investment banker, male, 27LUCY'S ANSWER
Being bored at work is painful; being bored as a prelude to being fired is torture.
You ask what the work etiquette is for this situation. You already know the answer: if everyone else is sitting at their desks bored witless, pretending to work, the etiquette demands that you do so too.
What is interesting in your case is that the penalties for ignoring etiquette are lower than normal. This period of boredom will end with the fall of the axe and you will probably be fired, but so, probably, will they. Unless your bank is even less wise than the competition, it will not decide who to keep on the basis of who was best at faking industriousness when there was nothing to do.
So some slacking is safe, but I don't think you can ignore the political game altogether. In normal times office politics is a part-time sport slotted in around work. But now that there is no work, your colleagues will be doing politics full-time. If I were you I would set out to play this game sparingly but efficiently. Be in the office long enough to find out what people are saying. Otherwise leave your jacket on the back of your chair and make it seem as if you are at meetings. Skive intelligently.
As you hate emptiness, I suggest you write a plan to get through the days. Allocate time for looking busy, time for picking up the gossip and time for your own affairs.
I should warn you of one thing. As you have always worked 14-hour days, you'll be a skiving virgin, and constitutionally may not be cut out for it. The first salsa lesson on office time, like the first few three-hour lunches, may give you a thrill but after that you may find they start to pall. But then you can always devote yourself to what you really should be doing now: finding a career with better prospects.
YOUR ADVICE
Fishing
Employment is not just about working; it is also about being available for work. Rather like fishing or fielding in the slips, you sometimes need to be there for a long time when nothing is happening in order to be there when something does happen. Stay at your desk and practise looking eager and intelligent.
Academic, male, 45
Shoe leather
For all your energy and brains, you are gloriously obtuse about new realities. You and your shoes are about to start shining a lot of marble floors looking for a job. The axe has already fallen. A clue: the political marketplace has replaced you with partially nationalised lenders in no mood blithely to leverage investment banks. You and your yum-yums blew it by staying at the greed circus way too long. Good luck.
Salsa dancing – as a hobby or career?
Lawyer, male, 67
Enjoy it
I was in this exact situation once. Instead of taking three-hour lunches and leaving early, I sat faithfully at my desk for six months, worried sick. The axe fell anyway.
Looking back on it, I felt stupid for not using the free time by relaxing more. And my presence caused my employer stress since it was a daily reminder that they couldn't keep me busy and were paying me to stare out of the window. So I say make yourself scarce – take the time off.
Lawyer, male
Soup line
How about thinking and acting on behalf of others for once? You could donate your labour hours to a local food bank. Who knows, you might be able to drum up new clients in the soup line.
Male, anon

Dalai Lama in Dharamsala, India, said negotiations with the Central Government to give up

Dalai Lama in April this year in Tokyo, Japan Narita news conference at the scene (data)
Chen Shui-bian and the Dalai Lama (data)

Global Times reported on October 27 in the central government and the Dalai Lama in late October the upcoming new round of dialogue, the Dalai Lama in Dharamsala, India made a speech, claimed responsibility for negotiations with the Chinese central government, "loss of confidence।" The Chinese People's University Institute of International Relations, Professor Jin Canrong of the view that the Dalai Lama's position is a threat। His attempt to put pressure on the central and western influence and to change the current difficult situation. 26, the Associated Press reported that the Dalai Lama said that he "has been abandoned" because he has been "in good faith to find the middle way" to try to negotiate with the Chinese government to resolve the Tibet issue, but the Chinese government "has not always been a positive response," he said Will be invited to "6,000,000 of the Tibetan people" to decide the way forward. The Associated Press that the comments of the public statements made by the Dalai Lama's attitude was "unusual" and said the Dalai Lama on behalf of the end of this month the central government talks with China soon. Britain's BBC reported that the Dalai Lama's "middle line" is nothing new in Beijing, it seems, is still "seeking Tibetan independence." Tibetans in exile in some of the radicals to continue to put pressure on the Dalai Lama and asked him to give up the "middle line" and turned to violence to seek "independence" of the hard-line closer. India, "TV" on the Web site of the Dalai Lama's remarks were an interactive readers, many readers pointed out that the Dalai Lama was quite popularity in the West because of its long-standing "religious" and "non-violent" nature of the cause Many of sympathy. Once he decided to put aside all of this, along with those who turn to radical Tibetan exiles route of violence, in the West to create the halo of good will quickly fade. Renmin University of China Institute of International Relations, Professor Jin Canrong of the view that the Dalai Lama is currently the largest support from the West, who recently changed their attitude a bit. French TV recently broadcast a documentary entitled "The truth of the Dalai Lama", the film describes the Dalai Lama and France's closed-door talk about the "independence requirements", but told reporters to go out "This is entirely religious trip" to a class. The program broadcast on the Dalai Lama's supporters have a greater shock. Western support for his part in change. The Dalai Lama made clear in the hope that this momentum under control. Jin said that the Dalai Lama for talks with the central government did not grasp what this has to issue such a threat. The central government and the door to dialogue with the Dalai Lama is wide open. "3 • 14" event held prior to 6 negotiations after the two held talks. But the Dalai Lama to say, why does the time go to Western reporters, without directly with the central government say that? Jin said that the Dalai Lama to give up on the moderate line he did not have the benefits of the West will not go to support his radical line. His threat is a hollow threat.

Stimulating domestic demand "a rapid march": 2 trillion investment in the railway "to clear the way"

"If the 1998 Asian financial crisis the country is to take the road infrastructure investments stimulating domestic demand, and that this will be the main railway investment।" October 27, chief engineer of the Ministry of Railways Mr WU in an exclusive interview with this reporter's case Said. The judge on October 21 from the State Council executive meeting. At the meeting approved the package of infrastructure projects, the Ministry of Railways spokesman Wang Yong said, "The new railway project investment and stimulate economic growth is an important bright spot." According to Wang Yong, so far, the State Council approved railway investment has reached 2 trillion yuan, of which projects the size of the investment of more than 1.2 trillion. "With the Ministry of Railways and the governments around the strategic cooperation to jointly push forward the continuous development and construction, some of the figures will increase further." National Development and Reform Commission, former director of the Institute of Comprehensive Transportation, the incumbent party secretary Yan Dong, the country has been previously approved by the Ministry of Railways, "11th Five-Year" plan, for a total investment of 1.25 trillion, now comply with the new demands of railway construction, the size of funds Adjusted for 2,000,000,000,000. WU He explained that the country's railway investment, not only to accelerate the improvement of the railway network, but also on the iron and steel, cement, machinery, nonferrous metal, electrical and electronic industries play a powerful role in driving. In addition, "the railway construction will also provide direct more than 150 million jobs, this does not include employees of the railway system." Ho said WU. 1,250,000,000,000 change 2,000,000,000,000 In accordance with previously approved by the State Ministry of Railways, "11th Five-Year Plan", the state plans to invest between 2006-2010 in 1,250,000,000,000 yuan for railway infrastructure. Planning, "New Line," "Separation of passenger" and "transformation of line" for the main ideas put forward will be operating the railway mileage in 2005 from 70,000 km in 2010 to 90,000 km in 2010 to reach 100,000 kilometers. In 2010 before the 7000 km of new passenger line, and in 2020 built before 12,000 kilometers passenger line, the backbone to achieve the separation of passengers and cargo. However, from the United States to China, from the financial sector to the real economy, the economy of the roaring sound of winter is the more aggravated scratch. How to expand domestic demand and maintain steady economic growth has become the primary decision-makers faced with the problem. October 21, Chinese Premier Wen Jiabao chaired a State Council executive meeting, including the approval of the railways, highways, airports, nuclear power, pumped storage power station and other infrastructure construction projects, speed up decision-north water diversion project at the same time, the east - Progress of the construction phase of the project. This series of measures to stimulate the economy, investment in railway is considered to be stimulating domestic demand, "the locomotive." Dong Yan, said the move with the 1998 Asian financial crisis, the country start a large-scale highway construction in order to stimulate the economy fairly. It is reported that in 1998 in response to the Asian financial crisis, the state implemented a proactive fiscal policy, highway construction has entered a period of rapid growth, with an average annual traffic mileage of more than 4000 kilometers, with an average annual investment 140,000,000,000 yuan. At present, and, as a result of the uncertainty of future trends, the people have a purse Wu Jin, by the people to start spending money, basically unrealistic; in the field of infrastructure, real estate market is entering a new period of adjustment, people buy Housing sluggish consumption; railway is the people's livelihood strategies of the great works of funds through the financial input, you can better attract social capital to participate. The railway construction is also strong in the investment cycle. According to Wang Zhiguo, vice minister of Ministry of Railways previously disclosed to reporters, in 2003, start accumulated mileage of railway construction reached 12,902 kilometers, the size of the total investment reached 868,200,000,000 yuan, a new production line of 6210 kilometers. The reporter was a few days ago from the Ministry of Railways statistics indicate that in October this year, the Beijing-Shijiazhuang and Dan Wu passenger-only lanes, rail Yu-lan, your Canton Railway, the Southern Xinjiang Railway line cua key projects such as a large number of railway projects have started, only The eight railway projects with a total investment reached 405,180,000,000 yuan, equivalent to over the past four years, half the size of the investment. "So far, the national railway projects approved a total investment of over 2 trillion." WU He explained to reporters, referring to two trillion yuan into the railway is a long-term program of the size of the total investment. The initial investment in the development of the country for 1.25 trillion, but the economic situation, as well as the development of the local railway network of strong demand, making the railway and long-term planning has been adjusted, the total investment has risen. "There are probably over the next two years to add new projects, will certainly more than the original investment."
According to Dong Yan, said the latest approval of the 2 trillion of investment funds, will use a three-part, for part of the high-speed railway construction, for part of the inter-city railway, part of the rail lines for the improvement. 2 trillion of the spillover effects In addition to the regulation, 2 trillion of investment in rail plate is driven by a more ambitious market economy. Shenyin Wanguo infrastructure analyst Kim Yi-Yan believe that the bulk of China's railway is the most important mode of transport of goods, 56% of the coal, 84 percent of the oil, 24% of the iron and steel, 22% of food and 58% of cotton through railway transport. However, lack of investment caused by car to meet the requests of the national average rate of only 54%, nearly half of the market demand can be met. In particular, the sharp contradictions large coal in Shanxi Province, to meet the car was only 33%. On the other hand, investment in railway scale than other major transport infrastructure. He WU take the Beijing-Kowloon Railway to the reporter explained that the completion of the same traffic, the road to the railway than accounted for more than 38,100 hectares of land, energy and rail transport more than 1 million tons. "Therefore, comparison should be done, fast forward the building of rail transportation, railway construction." It is in view of the case, the state approved in the past two years a large number of railway construction projects. "We feel that the National Development and Reform Commission recently approved the project to speed up the pace a lot." Propaganda Department of the Ministry of Railways, a person laughs, the situation changes, it is fermented in the financial situation. State Information Center Fan, director of economic forecasting that the 2 trillion railway investment plan is not a new thing today, it is actually related to the "11th Five-Year Plan", "Shier Wu" period of railway construction plan, have become a hot topic at present Mainly in the current enthusiasm for social investment is not high, investment-led government will affect the companies in this sector. WU He has held the same view: Railway Investment obvious role in stimulating the economy, such as the railway infrastructure on the steel, cement there is a huge demand for railway rolling stock manufacturing requires not only a lot of steel, electrical and electronic industries will lead, rubber, glass, aluminum, etc. Non-ferrous industries. "What is more important is to solve the employment problem." WU He told reporters that only a Beijing-Shanghai high-speed rail, construction on the number of 10 million people, and the entire rail infrastructure up to 1,500,000 workers, "This does not include employees of the railway system." This reporter has learned that the main railway transportation industry workers of the total number of 2,080,000. Daobi 2 trillion capital investment and financing reform At the Ministry of Railways to invest 2 trillion off the plate after the sound of the wind, rail infrastructure stocks rose by a strong stimulus, Oct. 23-27, the Second Railway Bureau in the three trading days up 19%, while the China Iron Chinese construction China Railway is because the news was partially offset by exchange rate losses of the bad news, stock prices of basic steady. However, the market for the railway industry's favor at the same time still have misgivings about 2 trillion, after all, not a small sum, the Ministry of Railways on how to raise the money? including Ho, the Ministry of Railways have repeatedly told reporters that the issue is not money, profit-making railway project is not short of money. An anonymous people within the Ministry of Railways to the reporter explained that the railway is currently owned by a bank loan financing, bond financing, the railway construction funds, insurance funds financing, local government investment as well as some direct financing of the strategic investors. China Development Bank as promised, "11th Five-Year Plan" period to 250,000,000,000 yuan in railway construction to provide policy-oriented loans, bond financing in countries with the support of sustained growth in recent years, 2006 and 2007 respectively, the total amount of bonds the Ministry of Railways 293 Million and 400 million as of October 2008, the Ministry of Railways has issued bonds 110,000,000,000. Railway investment in railway construction funds as the main channel for the past two years, respectively contributed 44,600,000,000 and 48,400,000,000 yuan. Local government investment is converted into shares demolition land, in this way in high land prices in the settlement of the situation in railway construction funds for the construction of a large demand. Insurance Fund in the financing of the Beijing-Shanghai high-speed rail project on a breakthrough, the peace, such as social security insurance fund allowed to invest in the project at the annual Total 80,000,000,000 yuan. Kim Yi-yin of the view that the country will be strong support for the Ministry of Railways, through issuing bonds to fill the funding gap. Thus by 2010, rail investment gap is not clear. हो
wever, if demand for funds in accordance with the current structure, and 2010-2020 of Railway investment demand remained at about 346,000,000,000 yuan, the Ministry of Railways an annual increase of interest-bearing liabilities 150,000,000,000 yuan, the Ministry of Railways in 2010 the rate of assets and liabilities will be more than 55 %। The liabilities of the limited space available on a large scale.
People within the Ministry of Railways told reporters that the Ministry of Railways in fact only aware of the bank loans and bond financing and risk not enough, so in 2005 and 2006, the Ministry of Railways has issued a series of breakthrough combination of boxing financing problems. In July 2005, the Ministry of Railways issued a "support and encourage and guide non-public economy to participate in the implementation of the operation of railway construction"; in June 2006, the Ministry of Railways launched "" 11th Five-Year Plan "railway investment and financing system reform to promote the program." However, the railway investment and financing system reform has been a very difficult nut to crack, Kim Yi-Yan said, "These measures only heard thunder, no rain. Now, the funding gap Daobi railway investment and financing systems must be reformed." Directors observed that, in 2,000,000,000,000 funds "platter", is bound to come up with a part of the country, and the other part of the community through financing. He disclosed that the country approved the project, the National Development and Reform Commission has also requested detailed in the specific content of the project, to increase the project finance market, and railway investment and financing system reform. Dong, a number of previous businesses, banks have expressed concern about the railway project, but suffer from non-specific pattern of investment and financing through the construction of the total funds approved, the next step is to find the key to the specific direction of the railway in the area, so banks, some of the relevant Enterprises can better participate.

China's reform and opening rites of passage

Accompanied by the emergence of the global financial crisis, the world would be a big turning point. This turn of the depth of the free market ideology than on the authority of the collapse, more than in the U.S. dollar at the core of the global financial order and the collapse of Reconstruction, but in countries all over the world will have to be out of the "end of history" dream, the real liberation Thinking, to rethink the future of human and national development. In the world of turning points of China's reform and opening up, recalling 30 years of history, there is no reason to believe that China's reform and opening up, the value is only conform to modern Western civilization, a universal law, as the global crisis, it means that the history of these so-called law To verify the results of a "great problem" means that when people look up to bow to the West, the modern Western civilization "universal law" very one-sided understanding. From the 1990s to the current drastic changes in Eastern Europe to the United States at the core of the international financial system crisis in 20 years, during the Cold War hegemony of the two has been one after another all-round encounter varying degrees of crisis, they are two different models of the failure of hegemony, today The Chinese people, in this world and no country has the ability to tell how the way we go. China must rely on our own to draw on the experience of the global search up and down, this is the fate of contemporary China, Chinese civilization is also in today's world should assume for the future of mankind to find new possibilities. We need to convert the light of the coordinate system, China will be 100 years of history to establish the coordinates of a key dimension of the former Soviet Union and the United States, two of the world's hegemonic crisis against the backdrop of summing up China's reform and opening up 30 years out of the extent to which China is conducive to a long-term stability of civilization and the revival of their own unique path of development, the Chinese think about the future of how to create a better self-development path. This departure from China's own history of the world's vision of the establishment of the basic needs of self-confidence. China in the global financial crisis has not affected too much, but it is not enough openness of the Chinese financial system as a result of "bad" Defu: China's opening up the financial issue was cautious because of China in the history of the 20th century practice China has accumulated a set of international financial order, capitalism attractive appearance and inner essence of knowledge, making China's policy makers to participate in the process of globalization have basic knowledge of the prudent decision and the basis of sense. China followed the United States on how to deal with the possible transfer of the crisis, how to make good use of the huge foreign exchange reserves of strategic resources, which will affect the 30 years of reform and opening up the accumulation of national strength, China's impact on the upcoming renewal of the international financial order The process will be what role, which is also 30 years since China's reform and opening up is facing the biggest test. The so-called Sanshierli, coincides with final exams this time of reform and opening up 30 years, is destined to become China's reform of the rites of passage. China turned up the key is to be content to be completely out of the mentality of apprenticeship, and must have the confidence to become an important participant in the sense of equality. Now the old order is crumbling and a new order to be a turning-point moment of renewal, not just confined to the old idea choose to do so under the order, it is necessary to defend its own interests, it is necessary to seize the crisis has been difficult to sustain the original order of the financial problems There are beyond the imagination of the old order of the solution. We look forward to China's reform and opening-up in this great 2008, this turn of the century mark and vigorously, real mature!

Americans do not like to do housework?

We have often heard this point of view, when the increase in income, people spend on housework time will be reduced. This appears to be a correct theory is weak. When we survey the average American family spent a week on housework time, they found different results. In my research, I will be home restrict the scope of work for cooking, cleaning and caring for the elderly and children, shopping and management of the entire family. Based on thousands of samples of the family, I found: In 2005, at the age of 18-64 year-old American women between the average weekly time spent on housework in 1900 than in the young 18 hours, however, the same age Men spend on housework time is an increase of 13 hours. As the children age and changes in the number of housewives and the rising level of education, from 1900-1965, at the age of 18-64 years old between the United States housewives (not working) spent a week at home to reduce the time of 6 hours . In addition, the use of electricity, running water and washing machines, increased domestic output and efficiency, but in 1965 did not make time for housework significantly reduced. So far in 1965, housewives spent a week on housework time and a reduction of 7 hours. When added to our research for the elderly and children to show a complete family of the time spent on housework, and taking into account family size, we find that since 1900, U.S. households spent on housework time was not much Change. Although the time spent on housework has not changed, but the specific details of the home are significant differences. In the 1960s, a housewife in the cooking and laundry on the time spent on fewer, more shopping, and the drop in household management. Changes in the living environment of the home had a great impact. From 1900-1930, single working women spend about 7 hours a week doing housework, most of them live in an apartment or live in that parents, and parents to rely on the landlord to clean up the home. By 1965, they spent a week on housework time of up to 17 hours. By 2005, the data rose to 18.1 hours. In 2005 and not the work of the men spent 21.2 hours a week doing housework, in 1900 more than 9.3 hours. In addition, the income of family circumstances are different. Due to low-income families living in a small area, not varied diet is bread, sausage, salted fish and canned foods such fast-food products, so the home occupied by no more time. The middle and upper family has gone through the employment of a nanny and use of electrical household cleaning in two stages, when they are aware of the importance of a clean and healthy families, they do housework more time.

1,500,000 barrels of production / day and 80 U.S. dollars, "the bottom line of non-official"

The rapid fall in crude oil prices and the dual pressures of the global financial crisis, on October 24, 13 members of OPEC energy ministers gathered for emergency Vienna, just less than one hour to achieve a substantial reduction on the decision। Production agreement with effect from November, 11 members of the current total production quota 28,800,000 barrels / day will be cut off 1,500,000 barrels per day, which does not include the task of rebuilding Iraq and will withdraw from the OPEC organization in Indonesia. The output of program on the same day the crude oil market did not actually "effect." Beijing at 9:35 p.m. on October 24, London Brent crude prices in December settlement fell 6.4 percent to 61.7 U.S. dollars / barrel. This year on July 11 in international oil prices the highest point 147.27 U.S. dollars / barrel, the decline has reached 57%. "OPEC is also likely to continue in December to cut production, depending on market reaction." Qatar Oil Minister Abdullah bin Hamad al-Attiyah to the media after the meeting said. OPEC was originally scheduled for December 17 held in Algeria last year's Ministerial Meeting, which is also the rotating president of Al-Khalil, the outgoing session. Emergency production 1,500,000 barrels / day According to the Oct. 24 meeting decided that the OPEC's largest producer Saudi Arabia will be completed by 1 / 3 of the export cut targets, for 466,000 barrels, Iran, United Arab Emirates and Kuwait, were cut 199,000 barrels, 134,000 barrels and 132,000 Barrels. This time, the output or not, OPEC member countries do not have any differences. The only discussion of the core of what is to reduce the number. , Who is also Algerian energy and mines minister of the day before the Council in Al-Khalil has said that the current supply has exceeded demand for about 200 million barrels / day, "We are facing a recession, the decline in demand." He stressed. Iran is still promoting the production cuts, the maintenance of high oil prices force. Saudi Arabia is worried about the current situation of a move to cut production would lead to further adverse situation, appears to be indecisive. The International Energy Agency in the pre-warned that if OPEC cuts caused by rising oil prices, global economic slowdown led to the extension of the period, OPEC will be blamed. The London-based Center for Global Energy Studies, deputy director of the Leo Drollas told our reporter, Iran and Venezuela to maintain the budgetary needs of the domestic oil prices more than 80 U.S. dollars / barrel, Saudi Arabia, the bottom line is 65 U.S. dollars / barrel. "Hard to imagine that they will make a decision so fast!" Live in a French television correspondent said. Outside the processing line up a lot of professional people and the media, too late to even approach the holder, is considered the original will last until the afternoon session had been rushed to an end. At the September session of the 149th ministerial meeting to request member states to maintain the original production - equivalent to the market at that time to reduce the supply of 500,000 barrels / day issues, but also because the parties to a dispute over point of view, led to the original Scheduled a news conference postponed time and again. Followed by the global financial tsunami struck, to accelerate the decline in oil prices, OPEC had decided on November 18 held an emergency meeting to discuss countermeasures, after the urgency of the situation, the meeting was once again ahead of time. The last time OPEC decided to cut official quotas in December 2006, at the time decided in February 2007 to cut 500,000 barrels a day. However, OPEC oil production cuts to defend the move is not always effective. In 1998, OPEC has decided to reduce daily output of 2,500,000 barrels per day, but failed to prevent the continued decline in oil prices at that time. For this to make the decision to cut, OPEC rotating president of Al-Khalil (Chakib Khelil) after the press conference that the move to reduce the stability of oil prices will be "100 percent effective." However, the same day the international oil price has continued to decline. To this time, London Brent crude prices in December fell 6.4 percent Clearing, is about to thoroughly to 60 dollar / barrel in the vicinity. Analysts believe that the reduction in international oil prices did not appear warmer, on the one hand, was due to have been expected before the meeting and digested by the market; the other hand, the downward trend in the overall economic trends, OPEC's de facto control chips also appear to be Can not afford. Europe and Russia 80 U.S. dollars to defend the bottom line?
It is worth mentioning that OPEC Secretary-General Badri (Abdalla Salem El-Badri) in this emergency meeting, 21, made a special trip to fly to Moscow to visit, which will include a meeting with Russian President Vladimir Medvedev, the outside world to pass a means The deal signals. Russia and OPEC's total oil production accounted for half of global output, the outside world believe that the two sides are seeking closer cooperation. "Russia is an important oil-producing countries, OPEC is able to cooperate with them in many ways the partnership," Badri earlier in an interview that "OPEC and Russia need to exchange information and enhance mutual consensus, which Help balance the market. " In September OPEC to convene the first session of the 149, Russia 10 years to send observers to the highest specifications representatives Sechin Russian Deputy Prime Minister (Igor Sechin) to attend in person, it is proposed to strengthen the country and the deepening of cooperation between OPEC and said the relevant memorandum of understanding OPEC leaders have submitted the draft. Sechin and called on OPEC to establish a mechanism for regular coordination and exchange of information and market analysis and forecasting. Russia and OPEC members Iran and Qatar had been discussing the establishment of a similar international natural gas cartel OPEC. Oct. 22, Badri held in Moscow in the Third International Energy Week on the "Today the oil market and the challenges of the future" speech, stressed the importance of cooperation with each other, and accused Recently since the sharp decline in oil prices Is still the speculation caused by manipulation. "Oil prices next year may drop to the minimum 50 dollars / barrel." The Deutsche Bank on October 20 issued by the forecast, which has broken through the price of OPEC's bottom line. According to the International Monetary Fund (IMF) on the same day the report said, Iran needs this year, the average oil price reached 90 U.S. dollars per barrel in order to avoid a budget deficit, Iraq, Oman and Bahrain also need oil prices to reach 111 U.S. dollars, 77 dollars and 75 dollars to balance this year Budget. The meeting revealed some OPEC members to defend the 80 U.S. dollars / barrel determination, but did not become official said. "If oil prices fall below 70 U.S. dollars per barrel, many international oil projects will be postponed or canceled." Khalil warned this. He also called on Russia, Norway and Mexico and other non-OPEC oil producers, have joined the ranks of the production cut in order to help stabilize oil prices.

NBA Basketball Hall battle

Oct। 18, Beijing Wukesong Olympic Basketball Hall. Midfielder ring post, a large number of viewers from surging out on the field, next to the sporting goods store packed. Wukesong basketball in the Library at least 6 of this store, every home is very small, there is only one counter, but good business. Each game, enthusiastic fans have to take advantage of the break here to buy a variety of NBA logo shirts, shoes, stickers, basketball, and even paper towels, and the NBA team logo jerseys. That day, to be held here in the United States is a NBA preseason, the Bucks for the Braves. The two teams rush to buy a new shirt has become a goal. "This' Bucks' long-sleeved clothes to mark the 488 yuan, very cost-effective ah!" Yong Yong head, wearing a Lakers jersey sales also recommended to add fuel to the flames, "than you in the United States NBA basketball Lane's cheaper to buy a similar Duo La! " That day, for the warm scenes are also delighted to see not only those sales, and NBA commissioner David Stern and the NBA Greater China CEO Tim Chen. "This shows that China's basketball optimistic about the city of the ball, NBA decided to invest in China's nothing wrong with the decision-making." Chen told this reporter. The day before the basketball game, NBA announced cooperation with the TOM, David Stern at a press conference to confirm: NBA will be selected in 12 cities in China to become shareholders of the co-operation mode Basketball Hall building. By the construction of city developers, NBA in charge of operations. At first, in this mode of building cooperation with the Beijing Wukesong basketball when hall, NBA fans to the Chinese propaganda and said that, despite all made in China, before flying to the United States, NBA basketball stadium or in the store can buy these NBA The team's clothing, shoes, stickers, can now be bought in China is not only much cheaper price, but also the provincial ticket. Today, NBA Basketball Hall of the Wukesong to copy the model to more Chinese cities. Transplantation "Wukesong" Which city will receive the 12 places? David. Stern in 18 said the same day, in 12 cities has been identified 4, in addition to have been completed and the Beijing Wukesong basketball hall, there are Guangzhou, Shanghai and Shenzhen. The remaining 8 when the city can determine, "It depends on the parties to promote speed." "12 cities is just a general goal, in fact may not be limited to 12 months." October 20, Chen told reporters that the current negotiations with NBA ties, interest in co-operation has been more than 12 cities. "China alone there are 30 provincial capitals to each provincial capitals have the potential." The model of cooperation, NBA and the other partners, AEG will invest a small amount of funding the building of stadiums and professional skills with a large number of shares held by the venue, venue construction will be financed mainly from the city's real estate developers. When completed, the right to operate will be vested in the NBA and the NBA's partners, revenue is divided into two sides. The operating income would be a little piece of this cake? By Tim Chen said, the main income comes from three: Arena rental income, such as the sale of stadium naming rights market development activities, income, cultural and sports activities organized by the use of Arena's ticket sales. Pick of the Beijing Wukesong Olympic Basketball Hall of this model is not only to the first pick-up points in the NBA is also the starting point for China's development. Wukesong basketball stadium by the Beijing Municipal Government to tender for the developers to determine the local urban construction of Beijing, NBA in charge of operations. Wukesong model in the promotion of the decision-making process, NBA several high-level visit to China has played a key role. "We are in the majority of China's cities have seen people's enthusiasm to participate in basketball, we believe that this is a very good opportunity for promotion." Haidi You Burrows 17, told this reporter. The NBA president of global business in the Chinese during the tournament along with David Stern and Tim Chen visited many Chinese cities, visits industry basketball market. They believe in the world's most populous country to choose a number of well-developed cities Basketball NBA Arena, the introduction of more events is feasible. Chen said that the NBA is currently held in China only some of the preseason. With the development of Chinese basketball, the future will not rule out the regular season, playoffs, it also brings to China. This is the NBA last year launched out of the United States, for a global strategy. Zoom "wealth rebounds"
However, the promotion of NBA basketball is not the sole purpose of how to maximize the commercial interests of NBA China is the antipodes of another driving force। 18 of the preseason, in addition to sponsor Toyota Motor multinational corporations such, there are also Mengniu, Qingdao Beer, Lenovo, and other local enterprises. Chen in September last year as CEO of Greater China since the NBA has been to persuade China to increase input on this, he let David Stern at the scene to see so many sponsors, the latter with a firm determination. Chen believes that as a rising economic power, China will not only have a group of companies world-wide, will have the world's largest consumer groups, Chinese enterprises need to take the World Cup along with the NBA's marketing platform to the world, foreign companies need to use It affects China's consumers. In line with the NBA in China to promote, on the 18th day, NBA announced cooperation with the TOM website. TOM Group Chief Executive Officer and Managing Director Yang Meng told reporters, TOM Chinese NBA official in charge of the construction site, NBA games available to TOM's Internet platform, the online platform for mobile phones, television platform (China Entertainment TV). NBA will be a lot of money authorized by the content of the cost. TOM through tools and technology platforms, including the Internet platform for online mobile phone platform, electricity and social platform for Internet marketing. NBA on how to make money in China, Chen summed up in four ways. First, with major commercial enterprises. In China, NBA's official partners, including Lenovo, Haier, Mengniu, Li Ning, China, and other Olympic brand, and Coca-Cola, Nike, Adidas and other international brands. Second, television, websites, radio, newspapers and other media advertising into the content plus the empowered model of cooperation. In addition to the cooperation between the groups TOM, there are more than 20 television stations, the new Chuan, Sohu, Sina, and other sites, as well as a number of radio stations, print media. Third, the NBA matches. For example, 18, with the Braves against the Bucks. Fourth, athletes. Yao, Yi Jianlian and NBA players such cooperation and the two: One is the advertising agent by the NBA, a brokerage firm is a personal agent. No matter what, NBA will be divided into a certain ad. 12 cities in the building of venues for the purpose, that is, four ways to enlarge the wealth effect. The future of real estate venues 20 pm call with reporters, Chen has just exit, was rushed to the United States. At this point, Chen joined the NBA from just one year. NBA China in the cause of start-ups in the future there will be many changes, but Chen's operation will not change tactics: the use of their own with the Chinese government, Chinese enterprises connections, to maximize the use of local resources to create the largest. This approach is effective in the NBA for the first time in January of this year's NBA financing. Tim Chen in the go-between, Disney's ESPN sports channel joint Bank of China, Lenovo Holdings, Li Ka-shing Foundation, the China Merchants Bank 4 to the NBA China investment agency 253,000,000 U.S. dollars in exchange for 11% of the shares. According to the investment and ownership, the 5 institutions for the valuation of NBA China 2,300,000,000 U.S. dollars, at the time of NBA China, less than 100 employees. After this round of financing, NBA China's 89% stake in the world for the NBA (NBA shareholders, including the League of 30 teams) holders, including the NBA, led by Chen to Greater China's share of employees, about 6 percent of China's institutional investors Those who hold, ESPN holds 5%. Chen This will not only bring capital but also for the NBA in China brought about by the expansion of support resources. To the real estate business, for example, Lenovo Holdings to develop the real estate business into Land Bureau, Li Ka-shing's a lot more of the real estate development business. NBA in the future in building stadiums and Legend Holdings, Li Ka-shing's hand is not a possibility does not exist. Chen said earlier that after the shares of Lenovo Holdings, NBA China may melt and Land Bureau, and so on the establishment of additional business. And one from Lenovo chairman Liu Chuanzhi holding of the proposed results have been achieved. Liu said of Chen: NBA store in the United States, a real player jerseys nearly 130 U.S. dollars, the general simulation (like well-known players, such as the Jordan 23) 60 U.S. dollars jerseys, many Chinese tourists traveled to the United States to buy a Shirt, so in the future of the NBA store can be opened in China Beijing, Canton, Shenzhen, Shanghai, and other front-line cities.
At present, in addition to Wukesong Basketball Hall of sporting goods stores, in China have established two such NBA Store, all in Beijing, a day at the World Trade Organization order, is located in a shopping Xindong An. Chen said that, along with 12 cities in the new stadium expansion plans in 3 years, the NBA's China stores to more than 50.

ASIAN GROWTH TO STAY ‘ROBUST', SAYS ADB CHIEF

Asia's economies remain on course for “robust growth” next year in spite of the financial crisis and looming recession in Europe and the US, according to Haruhiko Kuroda, president of the Asian Development Bank.
Mr Kuroda said in an interview that “we can still expect around 7 per cent growth next year” across Asia excluding Japan. “That means Asia is still going to achieve relatively robust growth,” he said.
The Asian lender last month cut its 2009 growth forecast for the region from 7.8 per cent to 7.2 per cent. Since then, however, the global financial crisis has spread to Asia, forcing South Korea to announce an emergency $130bn (€100bn, £80bn) plan to bolster its banking sector.
China has also announced steps to boost its property market and help exporters following an unexpectedly severe slowdown in the third quarter. BHP Billiton said yesterday that demand from China, its largest commodities customer, had “softened” in the three months ending in September.
In another sign of slowing economic activity in Asia, Singapore-based Neptune Orient Lines is cutting capacity on key trading routes, including those to Europe.
Mr Kuroda said Asian banks remained “well capitalised”, with a ratio of non-performing loans to assets of less than 5 per cent. He praised the authorities in the most open financial markets – South Korea, Hong Kong, Singapore and Malaysia – for confidence-boosting pledges, including guarantees for bank deposits.
“They have taken appropriate measures very proactively and I am sure that those are having a positive impact,” he said.
In spite of Mr Kuroda's confidence, Asian stock markets plunged yesterday, with falls of more than 5 per cent in Tokyo, Seoul, Singapore and Hong Kong, where the Hang Seng index closed at a three-year low. Analysts said concerns were shifting from banks to manufacturing sectors such as the semiconductor industry, which has shocked investors this week with several profit warnings.

Extend State Ownership To Save Jobs

We are entering a period of financial socialism, by which I mean that the government is buying enterprises which cannot survive in the free market – Fannie Mae and Freddie Mac, the $700bn credit bailout in the US, Northern Rock and Bradford and Bingley in the UK. Most observers look at such financial socialism as an emergency measure – and a bad thing. To me it is a good thing; indeed, public ownership needs to be extended from the financial sector to the manufacturing and service sectors.
The reason for this is that Europe and the US have many industries and service businesses which cannot survive in the global economy. In the 1980s it was often assumed that the developing world would get the poor-quality, grunt jobs and the west would reserve for itself higher-quality skilled labour. This has proved in the past 20 years not to be the case. India, Brazil, China and south-east Asia are more than cheap labour markets; they are increasingly places able to provide high-skill, high-quality work.
At home, many of the new jobs created in the past 15 years are low-skilled service work. These jobs are hostage to the fluctuating credit card debt of local consumers. Job losses in the developed world are a fact of life and those losses are going to increase. My own calculation is that structural unemployment in Britain and the US will rise to about 7 per cent by 2015, and that the rate of underemployment will rise by 30 per cent. This is a conservative estimate; some of my colleagues, such as Robert Reich, the former US labour secretary, put the loss factor much higher. Even at my more modest estimate, these figures will prove a huge drain on unemployment and disability benefits. In Europe, with its increasing numbers of elderly and a shrinking labour force, every notch upwards in unemployment spells further misery. Politics enters the picture: people without work are angry, explosive citizens. And so, too, does simple humanity: people gain self-respect through being productive.
How did we get into this dangerous mess? Both Europe and the US have done a poor job and not invested the necessary sums to create new, sustainable work. Britain, justly famous for technological invention, has failed to develop the green industries such as wind turbines that this innovation has spawned. The US has cut down on the vocational education of skilled craftsmen and reacts with surprise that good-quality skilled manual labour has to be outsourced or imported.
The way companies are run globally has also weakened their viability. Managers have been forced to focus on fluctuations in their share price and continually to reconfigure themselves with mergers and acquisitions, rather than managing for the long term. In the car industry, it is a commonplace to contrast Toyota with Chrysler as a well-run versus a badly run enterprise; an essential difference is that Toyota is much less subject to the demands of its external shareholders than Chrysler.
So why is public ownership a good idea? Chrysler, after all, has been bailed out before. Employee ownership, such as we saw for a time with United Airlines, has also not proved a success. It is a good idea, in my view, once we swallow a large, bitter pill. In our present situation the western economy is not self-sustaining; private enterprise as we know it is a poorly constructed clunky machine and if we do nothing it will shrink opportunities and degrade the lives of its workforce. Still, why public ownership?
Protectionism of the sort advocated by advisors to Barack Obama, the Democratic presidential candidate, seems a weak response to the rising tide of unemployment. You cannot protect jobs by shutting out the world. Protected industries – and there are many in the US – have not added more jobs, proportionately, than free-market industries. Regulation, of the kind the financial sector is now experiencing, is largely irrelevant to expanding the number of jobs. The point is not to restrain risky action, but to encourage investment and innovation. That agenda requires money, more money than can be justified by the austere calculus of the market. This extra cash is where public investment comes in.
If this seems too much to swallow, consider India. Much of its construction, information technology and healthcare sectors have been – on a western calculus – over-staffed and inefficient, supported by government grants. Public investment has, however, developed these industries and as they have grown the need for government aid has declined. Many Scandinavian countries have also added to their growth by making public investments without worrying about interfering with free markets. Industries aided in this way have prospered.
In the case of Britain and the US, I do not foresee such a happy outcome, although I hope for it. To keep people in work, we have to accept that permanent government support of our ailing productive sector is required. Full employment is more important to our societies than efficient profitability. If this seems too much to accept, consider the choice: government can put its money into unemployment benefits or into jobs – jobs which cannot be justified in purely business terms.
To put the matter more positively, in the Great Depression, US society ultimately benefited from the New Deal's massive programme of public works and, in the shorter term, American workers found ways to pay their bills and retain their self-respect. Today, a new deal would work differently but would have the same goal – to give sick private enterprises the cash to stay alive for the sake of their workers.

Insurance for the winter

After years of fight, day by eating the property insurance industry in the last big disaster frequent in 2008 was a ray of the cold. In recent days, including a 20 major Chinese Chanxiangongsi fiscal 2008 operating data in the first half of the documents in the financial sector strategy Chanxiangongsi spreading. The 20 companies in mainland China currently operating 44 Chanxiangongsi fiscal occupy more than 97% market share. According to the reporters part of the relevant insurance companies to verify the above-mentioned documents referred to in the data without a finalized, but in fact very close to the level. If all of this, these companies are in the first half of 2008, total losses over 15,000,000,000 yuan. One of the Chinese insurance joint with the earth's net assets is even negative. Comprehensive cost more than the rate of 100% In recent years, with the white-hot competition in the market, the Chinese property insurance industry pricing and gradually lower the rate. For a meal of the day by the industry, the weather of the year for the operation and will not be exposed. However, it took place in February 2008 in the South and the snow disaster in May of Wenchuan earthquake, the property insurance industry has become a collective bad. The emergence of these two disasters, the entire property insurance industry had to swallow the bitter fruits of the early price war. A few months ago, according to a reporter's visit to a major fiscal Chanxiangongsi the person in charge, in 2008 China will become the property insurance industry's biggest ever be an acid test. Newspaper reporter obtained the information, in the first half of 2008, the property insurance market recorded an underwriting loss of the collective. With the rate of pay rose 70%, industry-wide cost of a comprehensive rate exceeded 100%. In this interval of time, not only has an underwriting loss of the past often referred to the market regulator in the field of commercial vehicle insurance, non-marine insurance, accident insurance two conventional health insurance benefits also increased competition with no major disasters An underwriting profit. Among them, the risk of non-payment of water rates as high as 90% more than the cost of a comprehensive rate as high as 130 percent, is the highest in the first half of the insurance. Health and accident insurance costs of the integrated rate of more than 100%. In the field of non-marine insurance, as disasters, People's Insurance, Pacific Insurance, Ping An of the three giants of the payment rate has reached near 100%. To be able to continue to bring fiscal Chanxiangongsi underwriting profit to pay only the strong and dangerous marine insurance (comprehensive cost rates were 92% and 70%). However, even in the field of marine insurance, life Insurance and the State Wing of the payment rate is still more than 100%. Motor vehicle insurance in the industry still accounted for in a pivotal position in 20 companies overall 132,000,000,000 yuan in premium income, strong cross-risk auto insurance business and the share of 23% and 48% of the total as high as 71%. For most of the newly established insurance companies in the near term, auto insurance is still early to seize market share of the weapon, complete with the exception of auto insurance so the balance of auto insurance, an insurance-day, the life Insurance, Wing On insurance, state insurance, Bohai five insurance companies still in the vehicle insurance accounted for more than 80 per cent. Vehicle insurance accounted for only less than 60 percent of Huaan with both China and Thailand in recent years, specializing in risk management. The different types of structures, as a direct result of the company as well as a comprehensive cost-rate payment rate. Vehicle Insurance higher proportion in recent years, large-scale expansion of the Chinese joint, the National Insurance and life balance of payments in the first half of auto insurance rates were more than 75 percent, far exceeding the industry standard. It is worth mentioning that the country life Insurance, the payment rate is high, the cost of its rate level as a result of big-scale business expansion but have not yet been well controlled, up to 75%. This also led to the company's comprehensive cost of auto insurance rates as high as 170 percent or so, the highly competitive field of higher auto insurance business. Even while the overall industry profits to pay the strong risk, there are still 8 suffered an underwriting loss of the company, the National Insurance life 138 percent of the cost of a comprehensive rate is still the industry's highest value. During the start-up high-cost access to business by the way, almost in recent years has become the main domestic emerging markets quickly to seize market share in the only way. Compared to the same period last year, the National Insurance life soon after the establishment of the financial Chanxiangongsi in the first half of 2008 recorded an astonishing 8275 percent year-on-year increase premiums, and won 1.8 percent market share, its total capital 2,461,000,000 yuan Fee income has leapt up into the top ten industries. In the first half of 2008, and the National Insurance picked up the pace of life there are the Bank of insurance, insurance in the Bohai Sea, the state has an insurance and insurance, and its 99% -683% year-on-year premiums far higher than the same growth rate is only two percent of the The average industry growth rate, but the cost of an integrated, without exception, the rate is high. Nine companies to increase the line of fire
Compared to 20 or 30 at every turn the long-term life insurance policy, the insurance contract period of the fiscal year was not much profit transfers Chanxiangongsi wrist. In the first half of 2008, capital markets and downs, first joined the stock market in the near future financial Chanxiangongsi not only in the underwriting profit of background, experience the pain of misfortunes never come singly. As an investment target of the match, despite the national debt and the debt rate as the index of the last round of rate hikes were up 2.29 percent and 4.20 percent, but is reflected in the financial Chanxiangongsi financial statements, is the investment of assets shrink dramatically. Documents referred to in the preceding 20 companies, only changes in fair value of a profit and loss, Fukui will be up to a total of 4.5 billion, the data with an underwriting loss of 8.0 billion in the same order of magnitude. The subjects, and the land of the People's Insurance giant lost the most, namely 2,000,000,000 yuan and 10 billion; China and Thailand, Cheonan, Taibao will record a positive. Documents show that in accordance with the underwriting profits and changes in fair value gains, investment income, capital surplus changes add up to four subjects, and less new equity premium manner, taking into account the depreciation of the assets for sale, the company's 20 Actual losses have been as high as 15.3 billion. According to the data, corresponding to the same period, the total share capital in 20 companies in 17 earnings per share (EPS) is negative, which Huaan, the earth and a loss of up to the Chinese joint, earnings per share were -2.35 yuan -- -0.71 Yuan and 0.78 yuan. At a time when earnings per share recorded in the three companies, two (China and Thailand and Tianan) through the first half of 2008 to complete the act of capital. The insurance industry is often a need for operating profit for several years before the industry, the huge pre-investment, shareholders are required to cast a large sum of money, the insurance market in the near future with both the deterioration of the investment market, but also makes financial Chanxiangongsi enhanced Kim's desire for equity. According to statistics reporter, in the first half of 2008 when the property insurance market to increase active period, the life Insurance, Bank of China Insurance, Pacific Insurance, Wing, Cheonan, state, bring peace and stability, balance, such as China and Thailand 9 by the company Capital, the cumulative increase in the share capital of 10,238,000,000 yuan, the total share capital of 36,012,000,000 yuan from the beginning of the year increased to 46,251,000,000 yuan. Has been approved by the issuance of Taibao price for 2 yuan per share, Wing per share to 1.46 yuan, the National Insurance and life insurance of the Bank of China were 1 yuan and 1 Hong Kong dollars. To Wing On, for example, Wing On this wave of capital cases fairly representative. February 25, 2008, the China Insurance Regulatory Commission to change the registered capital of Wing On insurance for the approval of 1,663,200,000 yuan. The original shareholders and new shareholders a total of 1,336,200,000 yuan for capital injection. Prior to that, subject to changes in accounting standards and other factors, up to one-time reserve of 881,000,000 yuan into the reasons for Jukui Wing. According to the company in 2007 at the end of the 3 unaudited data, the total assets of 25.6 billion and liabilities 3,230,000,000 yuan and net assets of about -6.7 billion, net assets per share -2.16 yuan, the main business revenue 39.9 Billion, operating profit 128,250,000 yuan of investment, the actual loss of 903,000,000 yuan. According to these statistics, the injection of fresh blood, even though the first half of 2008, Wing once again recorded a loss of 0.08 yuan per share, but its net assets per share reached 1.06 yuan. In fact, by the end of 2008, 6 of this paper document statistics, the need to increase property insurance companies and seems to be more than a few above. In 20 companies, with the exception of China and Thailand and Hua's net assets per share were up to 2.75 yuan and 2.73 yuan, as well as the Big Three market and the Wing, there were 12 companies in net assets per share between 0-1 million . The Chinese joint land and the number is more negative net assets. According to the same period of business data, or as a result of negative net assets of the two pre-expansion has been fierce in the first half of 2008, a marked slowdown in the pace of business. One of China's joint market share from the same period of last year's 9.6 percent decline to 8.1 percent, 4.7 percent down to earth from 4.0 percent. The resulting lack of solvency problems, the China Insurance Regulatory Commission has to take action. The latter in late July of the National Work Conference on Insurance Supervision announced, "According to preliminary estimates show that as at the end of in June 2008, the solvency of the insurance company for less than 12, the beginning of this year increased 2, in which individual companies serious solvency Inadequate. "
In the same month, the China Insurance Regulatory Commission to the Department of insurance made a big underground "on the practical situation to improve the solvency of the notice" letter, the company Zhejiang, Shanghai, Jiangsu, Jiangxi, and other five provinces, cities and non-auto insurance business was ordered to Halt. In the above-mentioned meeting, the China Insurance Regulatory Commission said that the rapid development stage in the emergence of less solvent companies, it is necessary to urge the company to limit the size of the business, reinsurance strengthen and optimize the structure of the business, and other measures to improve the solvency, as well as through the listing by Kuogu funding, such as Subordinated Debt issued to raise capital to ease the pressure on under-solvency; improving solvency is not actively taking inadequate measures, resulting in lack of long-term solvency of the company, to take operational restrictions, restrictions on branch-based grant, restrictions Dividends to shareholders, restrictions on executives pay, restrictions on the use of funding channels, adjust the head and managers, etc., ordered to take effective measures to improve the solvency; solvency for the serious impact of even less than the normal operation of the company, it is necessary to step up monitoring , And in particular strengthen the monitoring of branch cash flow, as well as the rate of implementation of the authenticity of the data and the supervision and inspection; on the individual's cash flow difficulties, it is necessary to formulate plans for the disposal of the risks, to take timely measures to deal with.

Asian stocks soar after US rally; Nikkei up 13 pct

Tokyo Stock Exchange workers smile as they watch a stock price board shortly after the opening bell of Tuesday's trading at the exchange in Tokyo on October 14, 2008. Japan's Nikkei index soared more than 11 percent in early trade following rallies in the global stock market, with the benchmark index jumping 936.68 points, or 11.32 percent, to 9,213.11 as of 9:35 a.m. (0035 GMT) Tuesday.
HONG KONG - Japan's stock market soared in early trading Tuesday, leading a second-day rally in Asian stocks after Wall Street staged a dramatic comeback from its worst week ever.
Sparked by global efforts to fix the world's crippled financial system, Tokyo's benchmark Nikkei 225 index jumped 1,079 points, or 13 percent, to 9,355. The Japanese financial markets were playing catch-up because they were closed Monday for a public holiday.
In Australia, the S&P/ASX200 index traded more than 5 percent higher after the government announced plans to inject 10.4 billion Australian dollars ($7.4 billion) to strengthen the country's economy.
Markets in South Korea, Singapore, New Zealand and Taiwan also climbed 5 percent or more.
The advance came after the Dow Jones industrial averages on Monday gained more than 11 percent — its biggest one-day rally since 1933.
Traders reacted with relief moves by the U.S. government to inject capital into major banks and get lending flowing again among companies. That followed signals that European governments were putting up nearly $2 trillion to safeguard their own banks.
"The governments are ensuring that no matter what happens they're not going to allow another major institution to fail," said Nicole Sze, an investment analyst at asset manager Bank Julius Baer & Co. in Singapore. "What's happened in the last 48 years is an extremely positive development. ... You're seeing a reversal of the panic selling, and we think a temporary bottom has been found."
In Europe on Monday, Germany's DAX ended up 518.14 points, or 11.4 percent, at 5,062.45, while France's CAC-40 finished 355.01 points, or 11.2 percent, higher at 3,531.50.
Britain's FTSE 100 gained 324.84 points, or 8.3 percent, to 4,256.90, despite some hefty falls in the banks that have accepted government help. The strong showing follows sharp falls in stock indexes worldwide last week, and as interbank interest rates remain abnormally high.
Despite Monday's sharp share price gains, investors remain skeptical that the stock markets are out of the woods. It's too early to tell if the banking measures outlined Monday will actually work or how the recent carnage in financial markets will play out in the global economy.
"I'm not convinced yet. It's a bit of a waiting game," said David Jones, chief markets strategist at IG Index.
The latest coordinated move emerged before European trading began, when top central banks — including the U.S. Federal Reserve and the European Central Bank — unveiled new measures to thaw frozen credit markets and bolster funding to banks. They joined the Bank of England and the Swiss National Bank in saying they would provide unlimited U.S. dollar funds to financial institutions. The Bank of Japan said it was considering similar measures.
The banks' action came after leaders of the 15 countries using the euro said Sunday they would guarantee new bank debt until the end of 2009, allow governments to help banks by buying preferred shares, and vowed to rescue important failing banks through emergency recapitalization.
The key is whether the flurry of activity can actually ease conditions in the credit markets. Despite the coordinated interest rate reductions announced last Wednesday, and massive liquidity boosts, the rates at which banks lend to each other continued to rise. That means banks were afraid to lend to each other, and raises the chance that they and other businesses won't get the credit they need to operate.
The London interbank offered rate, or Libor, for three-month dollar loans fell 0.07 percent to 4.75 percent, while the similar rate in euros, or Euribor, dipped only 0.063 to 5.318 percent. The rate remains well above the euro zone's benchmark rate of 3.75 percent set by the ECB, meaning the credit freeze is far over. Usually Euribor is much closer to the ECB rate.
"There's been nothing dramatic but there are some modest improvements in rates and spreads," said Neil Mackinnon, chief economist at ECU Group.
Latin America shares have been hammered by the recent global sell-off, but rebounded sharply on Monday. Brazil's Ibovespa stock index rose 14.7 percent to close at 40,829, regaining ground after losing 20 percent of its value last week.
Mexico's IPC index meanwhile gained 11 percent to close at 22,096, while Chile's benchmark IPSA index jumped 12.5 percent to 2,364 and Peru's IGBVL index rose 13.7 percent to 8,668. Exchanges in Argentina and Colombia were closed for a national holiday.

Luxury goods feel chill of recession in China

A German sports car on display at a luxury goods fair held in Shanghai on October 10 2008. Spending patterns of the well-heeled have not been spared the ongoing financial crisis. [China Daily]
SHANGHAI: The country's luxury goods market has not been spared the financial crisis that is spreading from the West, a consumer fair has shown.
Spending patterns at a luxury goods fair in Shanghai this year have shown that buyers are tightening purse strings and not paying for astronomically priced luxury items as readily as before, vendors have said.
Considered one of the country's top fairs offering luxury goods, the three-day event that started on Oct 10 is said to draw many leading brands from across the world to entice well-heeled buyers.
Instead, lower grade items are reportedly turning out to be more attractive this year.
"Most orders went to low- and middle-level products, while the most expensive item, a diamond necklace valued at 7 million yuan ($1.03 million), is still on display," said a brand manager of a Swiss jewelry company, who did not want to give her name.
"The global financial crisis will undoubtedly cripple the purchasing power of the wealthy," she said.
A Singapore sculpture dealer said the company only sold a 30,000 yuan piece during the exhibition, although many people had previously inquired about its goods.
"Although the situation for the domestic market is still not clear, luxury consumption will certainly be affected by the global economic crisis," said Liu Zheng, an analyst of the luxury goods industry.
Luxury spending is said to have made China one of the sector's largest markets, despite it still being a developing country.
"One of the most influential factors for luxury consumption in China are those of the young generation, who show great enthusiasm for famous brands," Liu said.
"Previous surveys have shown that many consumers of luxury goods are young office workers, whose purchasing power for the items is extremely unstable," he said.
"It is the group that is much better off than them that luxury goods are geared toward."
It is therefore "not surprising" to find that, in any economic downturn, such a group of consumers will be the first to stop buying, Liu said.
A number of the city's residents are already making significant changes to their lifestyle, beyond splurging on luxury goods, to face possible financial risks.
"We are spending too much," said Xu Ying, a Shanghai office worker who has canceled a shopping tour to Europe this Christmas with her husband.
"We go there every year, but now the prices are too high. So we must cut down on a great deal of unnecessary expenditure," she said.

BAIL-OUT FEARS HIT MONEY MARKETS

Money markets seized up once more yesterday amid deepening uncertainty about whether Congress will approve the Bush administration's $700bn financial rescue plan and whether revised proposals would succeed in restoring confidence.
The rates that banks charge each other soared as investors sought the safety of short-dated US government debt – and US officials struggled to address mounting objections to the rescue plan in Congress and beyond.
Ben Bernanke, Federal Reserve chairman, argued against suggestions that the scheme would pay too much for distressed assets, and the head of the Congressional Budget Office warned lawmakers of possible “chaos” if Congress does nothing.
“You would have a financial market meltdown that would cause very severe dislocations . . . maybe on the magnitude of the Great Depression,” said Peter Orszag, the CBO chief.
The flight to safety drove the yield on three-month Treasury bills below 0.5 per cent, down from 1.45 per cent just two days before. The benchmark three-month London Interbank Offered Rate jumped 26.5 basis points to 3.476 per cent.
New data showed existing home prices suffered a record drop in August, weakening the US dollar and deepening concern over a rising tide of home foreclosures and loan defaults.
“A confluence of fiscal pain has all hit at the same time,” said William O'Donnell, strategist at UBS, highlighting “the swirling uncertainty over the Treasury rescue package” as well as after-effects from the collapse of Lehman Brothers and a traditional repatriation of funds due to the Japanese half year.
Although Democratic and Republican leaders, including the party's presidential nominees, have called for a bipartisan effort to address the financial crisis, they have all also expressed deep misgivings about the current proposal.
In a poll by the Los Angeles Times and Bloomberg, 55 per cent of respondents said they did not believe taxpayer dollars should go to rescue financial groups. John McCain, the Republican presidential nominee, refused to commit to supporting it.