www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / Macro

'China must focus more on soft assets'

By Zheng Yangpeng | China Daily | Updated: 2013-05-06 07:13

Driving down from Haikou, capital city of South China's Hainan province, to Boao, the venue of an annual pan-Asia forum, one can see several residential properties along the road that are empty or unfinished, he said. "They are all examples of bad investments," he said.

"If you have too much investment that does not generate good returns, debt is bound to pile up and lead to more non-performing loans. If you have too many bad loans, then everybody's attention, including that of the newly-elected Chinese leaders, would be on the debt problem and not on growth any longer," he said.

Parallel to the two kinds of investment, there are also two kinds of innovation at the corporate level - one that creates real market value and the other that does not, said Dassen and DeWoskin.

The first kind of innovation lies in leveraging technology and business model innovation to be responsive to, or generate, market demand in the real economy. Examples include Google, Tencent, or Starbucks. There is also the type of innovation that primarily focuses on avoiding regulatory or policy based burdens.

There are other Chinese companies that claim to be innovative but are actually innovative only in getting around government regulations, DeWoskin said, arguing that the government can play a role in promoting the right business conduct by creating a supportive environment for innovation.

The first task for such a journey would be to step up the reform of State-owned enterprises. "We have several big State-owned enterprises in China. They have great access to the capital market and talent. But currently what has made these companies global players is their sheer size. Most of them are really not global players on a competitive basis, although I think that is what they can and should aspire to," said Dassen.

These SOEs need continuing reforms to lift their management and competitiveness to a higher level, he said.

Both Dassen and DeWoskin concur that Deloitte China has been playing an active role in SOE reform. Many Chinese private companies and SOEs are now teaming up with global consultancy firms such as Deloitte for professional advisory services.

"They want to be more efficient and use capital more efficiently. Financial management and capital efficiency are big topics in our discussions with SOEs," DeWoskin said.

A slow progress in SOE reform will affect the overall health of the Chinese economy, they said, pointing to a surge in State-sponsored investment, very fast growth in credit and money supply and extremely fast appreciation of real estate assets.

Taking reference from previous crises, Dassen said the sustained and rapid appreciation of assets, especially real estate assets, is always a precursor to the destructive adjustment of asset prices.

Related signs of such a phenomenon are the higher level of short-term borrowings at unusually high interest rates, rapid diversification of large and small financial players, most of which is outside the purview of regulators.

Dassen also said that the rapid introduction and spread of wealth management products is another area of concern. Most of these products are poorly regulated and not well understood by the companies and individuals investing in them.

Previous Page 1 2 Next Page

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 久草观看视频 | 女人张开腿给男人捅 | 国产成人精品免费 | 国产亚洲精品成人婷婷久久小说 | 中文欧美一级强 | 成人午夜网| 欧美在线视频精品 | 国产一级性片 | 亚洲高清在线观看 | 51久久夜色精品国产 | 国产精品久久久久国产精品 | 成人午夜视频免费观看 | 精品久久中文字幕有码 | 台湾黄三级高清在线观看播放 | 秘书高跟黑色丝袜国产91在线 | 欧美成人高清免费大片观看 | 一级毛片不卡免费看老司机 | 国产在视频线精品视频二代 | 香蕉超级碰碰碰97视频蜜芽 | 国产精品人成 | 日韩中文字幕免费 | 久久久综合视频 | 日韩欧美理论 | 国产成人亚洲综合欧美一部 | 欧美ox| 国产毛片在线高清视频 | 国产伦精品一区二区三区 | 99久久www免费| 免费观看国产网址你懂的 | 免费播放毛片 | 欧美一级三级 | se就是色94欧美setu | 综合久久影院 | 性做久久久久久久免费看 | 黄色一级毛片网站 | a毛片视频 | 一个人免费观看日本www视频 | 盗摄偷拍a在线观看 | 久久精品国产亚洲a | 99久久精品国产国产毛片 | 久草在线观看福利 |