久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

US EUROPE AFRICA ASIA 中文
Business / View

Investors breathe easier, but pain awaits

By ED ZHANG (China Daily) Updated: 2014-08-11 14:33

The Chinese market is more optimistic these days than in the past few months. The capital market can now heave a sigh of relief as government policies and monetary weapons are apparently working toward achieving the annual targets, such as a 7.5 percent GDP growth.

Therefore, there is less doubt and unease among investors compared with earlier months. The possibility of a general local debt crisis breaking out, which investors feared, looks distant.

As more public infrastructure projects are undertaken and one city after another lifts the three-year restrictions on housing purchases, economic statistics are likely to remain strong through the remainder of the year.

With all these developments, some securities dealers forecast earlier this month that the Shanghai Composite Index could soon rise to 2,400 points or even higher from its present 2,200 level (it was below 2,000 not long ago).

If the lifting of restrictions can generate more sales in the housing market, and if the reactivated housing market can boost retail business (in the form of sales of materials for interior decoration, for example), investors may find Chinese stocks more attractive in the second half of the year.

However, one cannot afford to be overly optimistic.

Although real estate developers can do more business now than before, it remains to be seen how many people will be willing to spend on new housing units. Except for a few large cities, and just a few areas in other cities, investment in property doesn't seem to generate the expected returns.

Despite the lifting of restrictions, the development of the urban residential-unit market (as opposed to government-subsidized units for low-income families) just cannot serve as the main engine of future economic growth.

There is even less chance of the government allowing the urban housing market to function like a speculative market-similar to a stock market, for example. The government holds plenty of policy weapons to prevent it from becoming so, and it will use them whenever it feels it is necessary.

Apart from the housing market, investors have to avoid another kind of company-one whose productivity is tapering off at a time when other companies are making progress.

The recent blast at a factory in Kunshan, an industrial town near Shanghai-which experts say is likely to have been an aluminum dust explosion in which more than 70 lives were lost-shows the risk facing many industrial facilities built in the 1990s, when China had just begun to open up.

After the disaster, a report from Suzhou (the city of which Kunshan is a part) said 135 aluminum processing factories, similar to the one where the explosion occurred, had been ordered to shut down for safety reasons.

This indicates that many of them were built during the same period following the same standards-or a lack of them.

A whole generation of low-tech manufacturing companies will require new investment even if they are running profitably and may not be typical sweatshops. But letting such 20- to 30-year-old facilities continue to run around the clock can be a hazard, for human lives as well as production.

It is thus important for industrial parks that used to attract companies by offering tax holidays and lax rules to change their style of administration.

So we can see why China says it is in transition. It can still manage to maintain healthy economic growth thanks to the size of its economy and its government's political and monetary means to keep pace with the market.

But despite the growth and the means at the government's disposal, the country still lacks worthy companies to attract more investors-in the industrial as well as the services sectors.

And although the stock market may see certain short rallies, based primarily on small positive changes, it doesn't have the fundamentals to sustain a powerful northward journey.

The author is editor-at-large of China Daily.

Investors breathe easier, but pain awaits Investors breathe easier, but pain awaits
Investors hesitate before stock link
Top 10 underwriters in China

...
...
主站蜘蛛池模板: 日韩一级黄色毛片 | 国产成人系列 | 日本红怡院在线 | 国产精品三级在线观看 | 窝窝女人体国产午夜视频 | 国产精品欧美韩国日本久久 | 可以免费看黄的网站 | 国产黄色小视频在线观看 | 久草免费新视频 | 精品视频久久 | 丰满老熟女毛片 | 欧美精品专区免费观看 | 美女张开腿让男人桶爽动漫视频 | 久久精品国产国产精品四凭 | 欧美一区二区高清 | 亚洲精品国产一区二区 | xxxxxhd亚洲日本hd | 日韩字幕一中文在线综合 | 欧美区一区 | 国产成人精品一区 | 成人午夜毛片 | 国产网站免费在线观看 | 男性吸女下身的视频 | 久久机热综合久久国产 | 美女张开腿让男人桶爽免 | 欧美成人h | 日韩一级精品久久久久 | 一级片aaaa| 日本免费人做人一区在线观看 | 久久伊人成人网 | 黄色毛片视频在线观看 | 亚洲一区二区精品视频 | 色拍拍噜噜噜aⅴ在线观看 色青青草原桃花久久综合 色婷婷91 | 亚洲成人毛片 | 被老外玩爽的中国美女视频 | 亚洲国产成人私人影院 | 久久影院在线观看 | 天堂mv亚洲mv在线播放9蜜 | 成人满18在线观看网站免费 | 颜值超高的女神啪啪 | 韩国啪啪网站 |