Prof. Wu Xiaoqiu： China Is Striving for the World＇s Most Developed Capital Market

China＇s capital market is a hot issue in the new year. The best strategy to develop the Chinese capital market in the coming 15 to 20 years was discussed in the China Capital Market Forum, which was held in China at Renmin University on January 13. Government officials, scholars, and entrepreneurs commented that by 2020, the Chinese capital market will develop into one of the best capital markets in the world, not only in terms of size, but also asset quality, liquidity and dynamic trade. Is this a realistic goal？ What steps should we take to pursue this target？ With these questions in mind, after the forum, China＇s Foreign Trade interviewed Prof. Wu Xiaoqiu, Vice President of Renmin University of China, and the Director of the Finance ＆ Securities Institute of Renmin University.     

RMB：Niu!？

In China＇s lunar calendar, this year marches to the year of the Ox, ＂Niu＂ in Chinese, or ＂strong＂ and ＂prosperous＂ as the character＇s meaning. When mentioning China＇s currency, the RMB, ＂Niu＂ is how many people describe it. Actually, it＇s objective to say that the RMB has performed strongly indeed. We can easily pick up a group of figures to get this conclusion.     

Shaanxi Impressions

Ancient, but longing to be modern
In most people＇s eyes, Xi＇an, the capital of Shaanxi, a province in western China, is an alias for ＂Ancient China＂, which is also what Patricia from Arizona, U.S., who was sitting next to me on my Xi＇an flight thought as well. ＂My husband and I managed to spend one precious day there in our busy China trip schedule, just to have a look at the great Terra Cotta Warriors,＂ Patricia＇s eyes were glimmering as we set off flying towards history. The Terra Cotta Warriors are the masterpiece of the First Qin Emperor, whose dynasty dates back to BC 221 - BC 207. Actually, I would prefer to refer to the city as ＂Chang＇an＂, which used to be the city＇s name in the Tang dynasty （AD 618 - 907） when it served as China＇s capital during the most prosperous period in ancient Chinese history.     

Joint Efforts to Build ＂Made-in-China＂ Brand—Address at the Press Conference ＆ Flag Presenting Ceremony on the 5th China Auto International （Russia） Exhibition Tour

Ladies ＆ Gentlemen, Good morning! A year after last tour exhibition, with joint efforts of all of us, Chinese automobiles will set out overseas together again, this time, to Russia for an exciting exhibition tour. I＇m really proud that Chinese automakers can unite again for another promotion campaign to build a ＂Made-in-China＂ brand. It is also an honor for FAW to participate in this year＇s exhibition as one of the co-organizers.     

Ace Auto's After-sale Adds Advantages

In the auto market, consumers often asked a question why the same car in the European and American market is cheaper than that in China. The key to this question lies in ,the difference of profit chains between European ＆ American market and Chinese market. In the mature European or American market, the portion of profit from auto sales accounting for the total profit is comparatively small, and quite a large share of profit derives from the auto＇s after-sale service market. With car ownership breaking through 30 million in China, the competition in auto industry in China is increasingly fiercer. And the time to rake in profits solely through selling cars has passed. The auto＇s after-sale service market gradually becomes another battle field for profit grab.     

汉语鲜词

嘛去？
What are you up to？ It＇s the expression short for 干嘛去 （gan ma qu）, but 干（gan, means do） is often omitted in daily language, especially in northern part of China. It＇s used as greeting when two friends meet each other, but it＇s not necessary to answer it seriously. Because people who asked this question don＇t really want to know where are you going, just a way to say＇ Hi＇, or ＇Good morning＇, ＇Good afternoon＇.     

Coalbed Methane, New Road to New Resources

Ashortage of coal and coal mines has accelerated the resource crisis in China. compounded by the heavy snow in the southern regions that hit just before the Chinese traditional Spring Festival period.The uncertainty of coal supplies from China,Australia and South Africa has resulted in a sharp price increase in the Asian coal market.How to solve the coal problem not only during this time of crisis but also in the long-term has raised the level of concern in this newly affected nation. Some new and alternative resources have been considered as substitutes,such as coalbed methane.China＇s Foreign Trade interviewed the Vice-President and Senior Engineer of China United Coalbed Methane Co.,Ltd.,Mr.Lin Jianhao,to discuss this topic in detail.     

What＇s on NPC ＆ CPPCC Sessions 2010？——Highlights of Premier Wen＇s Press Conference

The Third Session of 11th National People＇s Congress （NPC） of China and the Third Session of the 11th National Committee of the Chinese People＇s Political Consultative Conference（CPPCC） are held in Beijing from March 5-14 ,and March 3-12 respectively,China＇s less than two weeks time lasted but most important＂two sessions＂ won spotlights this year with no exception .     

Energy Saving,Environmental Protection：Top Priority in China＇s Development——Exclusive interview with Dr.Yonglong L,Secretary-general,Chinese Committee for SCOPE（Scientific Committee on Problems of the Environment/ICSU）.

Energy saving,emission reduction and economic development are major issues China has to meet in building a harmonious society.On one hand,China should pursue a sustainable,fast and sound economic development,on the other hand,she should try to decrease the overuse of energy resources and the environmental problems caused by the rapid economic growth. In this regard,on June 24,the Standing Committee of National People＇s Congress deliberated the draft of Energy Saving Law,according to which China is to take“resources saving”as a basic national policy.This is a key issue to the long-term benefits of China.With relevant questions,China＇s Foreign Trade interviewed Dr, Yonglong L（？）,Secretary-general,Chinese Committee for SCOPE（Scientific Committee on Problems of the Environment/ICSU）.and Research Professor at the Chinese Academy of Sciences. Let＇s listen to Dr.L（？）＇s comments with wisdom.[第一段]     

＂I Won＇t Invest in China＇s Real Estate＂ -- Can Behavioral Economics Save the Capital Bubble？

＂I cannot see clearly when the real estate bubble in China will burst. However, there is certainty that housing prices will swiftly fall, and China can learn the lesson from the 1980s＇ real estate market in Japan＂ said Professor Robert.J.Shiller, ＂I don＇t want to put my judgment as a foreigner on the Chinese people, however, the housing price is obviously too high in some big cities. My suggestion is that since income is in an overall down- ward trend, the housing price should be much lower. Although income will grow as time goes by, the value of Chinese houses should not reach that of London and New York for another 20 to 30 years. Currently, the soaring housing price in China is like a bubble. Personally, I will definitely not buy or invest in property in China.＂     

How Do China＇s Economic Policies Work？

All the indicators of China＇s economic data in the first half of 2008 have shown that the fast growth is not going to translate into overheating. But given the complicated economic .situation now, it remains a headache to maintain a steady economic growth. What challenges will there be in China＇s economic development in the second half of this year＇？ And what policy would be the key to the problems＇？     

Changes in China＇s Trade Policy？

＂We will steadily develop foreign trade. The main issues are to exploit new markets, adjust the trade structure and promote trade balance＂, Chinese Premier Wen Jiabao delivered a government work report at the opening meeting of the annual full session of the National People＇s Congress （NPC）, China＇s top legislature, which started in Beijing on March 5, declaring a new development path of Chinese foreign trade in 2010. As one of the biggest trading powers in the world, this will bring great influence on world trade situation and the trade relationship between China and its main trade fellows such as the USA and the EU.     

Where We Are with CNY Invoicing

It ain＇t easy replacing the US dollar. Some see the Chinese yuan （CNY） as the imminent replacement of the US dollar （USD） as the world＇s dominant reserve currency. However, those involved in the CNY＇s first forays overseas as a means of invoicing and payment for cross-border trade have known from the start that this process will take some time. Nine months into the CNY trade settlement pilot scheme, this seems like a good time to report on the progress and examine the outstanding challenges.     

China＇s Port Industry：Competitiveness First!

Amid the global economic downturn, China＇s port industry has inevitably been affected, What should the government do to lift China＇s port industry out of hardship？ What lies ahead for China＇s port industry？ Professor Liu Bin, head of the World Economy Research Institute of Dalian Maritime University, took time to share his view with us.     

Promoting Friendship on the Road to Development

As Bangladesh celebrated its 37th anniversary of Independence and National Day on March 26, China＇s Foreign Trade interviewed H.E.Mr.Munshi Faiz Ahmad,Ambassador Extraordinary and Plenipotentiary of Bangladesh to the People＇s Republic of China.＂Bangladesh and China enjoy traditional friendship for a long time.For example,Xuan Zang （the Chinese Buddhist monk famous for his＂Journey to the West＂during the Tang dynasty） and Admiral Zheng He （the great Chinese navigator from the Ming dynasty） visited Bengal in their respective times.     

Heat Up Vietnam's Market——The 2nd China Auto International Exhibition Tour

China Auto International Exhibition Tour was held for the first time as early as 1995, as an important pioneering undertaking. In fact, the first session of the tour was more appropriate to be called ＂National Exhibition Tour＂, as the tour team only traveled within China＇s borders. 28 cars and motorcycles from China＇s four major manufacturing groups took 20 days to travel around half of China. This exhibition tour held at the time of China＇s auto industry was just about to take off, turned out a big hit with profound influence.     

Fly Your Own Kite High——Interview with Susan Huang,Deputy General Mananger of Mcc Paper Yinhe Co.,Ltd

Susan Huang, a legend in the paper making industry at home and abroad, has built MCC Paper Yinhe to be a renowned brand by herself and her team, and the company, starting from the scratch now grows to be a large-sized strong one, which has products exported to 95 countries and districts throughout 6 continents. She is also the winner of ＂Qilu Friendship Award＂ in 2008, given by Shandong Provincial People＇s Government to the Foreign Experts who have great contribution to the Economic Development of Shandong Province, and rewarded as ＂Female Pacesetter＂ this year, by the All-China Women＇s Federation （ACWF）. Brave enough as Huang, she chose a rocky road to start the imp. ＆ exp. business after her return to China from Canada in an unknown and strange small city of China, however, dreaming to flying high in the sky. With unyielding determination and tremendous efforts she paid, her company, Yinhe is like a delicate paper-made kite, flying high in the international market.     

What Is Its Purpose？-＂Advancing RMB Exchange Rate Formation Mechanism＂

Spokesperson from People＇s Bank of China said on June 19th, ＂further advance the reform in RMB exchange rate formation mechanism, and strengthen the flexibilitv of RMB exchange rate.＂ This is the first time for China central bank give a clear attitude on reform in RMB exchange rate, which attracts great attention for global market. Does strengthening the flexibilityof RMB exchange ratemean that RMB will appreciate again？ Why the central bank announces the news at this moment？ How to choose the time for the reform in RMB exchange rate formation mechanism？     

Big Brother Has Bigger Say

156 delegates from all walks of life in Guangdong province composed the Guangdong delegation for the NPC this year. The import and export value of Guangdong makes up one-third of national total value, and accoums for one-eighth of national economic growth. Guangdong province has maintained its top spot in import and export value among China＇s many provinces and cities for several years, commonly referred to as ＂Big Brother＂. At the same time, it is the region where the global financial crisis has hit China hardest.     

＂Made in China＂ at the Crossroads in 2009

In the short run, China＇s export is a usable weather vane for the health of the global economy and the strength of consumer demand. A slump in export to some extent means economic depression elsewhere. Besides, the development direction choices of manufacturer will be pivotal to China＇s upgrade from export-oriented economy to a more well-rounded economy. The immediate threat to this upgrade is from the global slowdown that Chinese exports declined in November last year heralds tough times in 2009.