If we're together the time you still can not accept my
Perhaps this will be a lifetime
If you miss you miss you for a long period of time
will regret endless
I miss you
and remorse because of his long time
what is the length of time it may be two or three years
may be longer, but
forget that you will not forget how long it
'll never forget after you
Maybe I will meet her another very beautiful she
we really to the future and vowed to build our future together
but she definitely will not be your
not like you
you forever in my heart
unique
Wednesday, December 29, 2010
Tuesday, December 28, 2010
12 Notes
Today is really very depressing. Keep a smile the whole day, really is a difficulty, as a layman, really want to say fuck a small temple in the mountain soil as a monk. At noon the same boring boring natives turn to chapter in the company Development of a post on the BBS: that the South Shaolin monks move, but also graduate school to be a monk, but also communications professional, this year, the original can not engage in becoming a monk 3G shit. was really the idea of moving a little to read the next post on the website, actually really is the official website of the Southern Shaolin, I thought, is not catching up to the next shit to mix a really high number of graduate students when the monks go to, to save trouble all day long ~ ~ ~
work in the morning to late, but also withheld money ~ ~ open the mailbox, cook red, one by one to see ah ~ ~ mess that the problem, then the Clear list, it really is a stacked pile out pumping the root of small smoke literally refreshing ready to work, damn message again, what garbage peer review session ~ ~ ~ the first in the conference room one morning every fall, and have installed the seriousness of the listen to comments ah, ah, hey, really bitter death of me ~ ~
stay up 12 points, rushed to the cafeteria for lunch, a small blackboard to see what food not to my appetite ~ ~ casually played two dishes, picking a few mouthfuls of rice, immediately rushed back to the office, out of a nap to bed. hey, really who had the misfortune Hekou are Seya cold water, lay down the canvas to apply excessive force to break the one child, when most looking forward to work every day can only fart Britain Britain's grievances to the West Temple ~ ~ ~ the more the more trapped, lying on the display table in front of a flow of saliva ~ ~ ~
really sleepy to work, lying on the table to sleep quality is pretty good, but unfortunately there are things to do, go to the bathroom to wash a few fierce little face, whip out a few mouthfuls of a small tobacco, finally a little energy value, and get back to work. open list, and slowly change, the more change the more angry, mother of 2 minutes to change a list , take a half hour process, bureaucracy kill Pathwalker. breath When all things change fast 5:00 a look, and fortunately nothing better to do, do not work overtime, mother's e-mail again, FT. go out to friends to play a phone call, long distance, each made of things about the world view of family affairs, recalled the next year Qingmeizhujiu pregnant clear, curse a few Mother ~ ~ ~ it is still depressed, venture telephoned the girlfriend in the past , but also a long distance, better than international ~ ~ ~ ~ ~ ~ do not take fire, too hard, and finally received, in a tone very polite, asked me what happened, bored for a long time I said: Test your phone did not change After eating numerous red lights all the way back to the nest. ready to move, and called the landlord over handling this matter, passing from the 7:00 side-tracked 8:30, spittle flying sub was really like to dig a knife to kill, Nanjing locals fuck the quality is really low, this garbage is not a landlord ran into a row two. off the landlord refuse to open a private mailbox, read a letter of greetings from friends far away finally calmed down, open the big, or on the go students passing, one not in, turn off ~ ~ ~ These days, QQ everyone is diving on the men, but also permit card that has the word impulse ideal, also called desire, ah, hey ~~~.< br> sleep!!!!
work in the morning to late, but also withheld money ~ ~ open the mailbox, cook red, one by one to see ah ~ ~ mess that the problem, then the Clear list, it really is a stacked pile out pumping the root of small smoke literally refreshing ready to work, damn message again, what garbage peer review session ~ ~ ~ the first in the conference room one morning every fall, and have installed the seriousness of the listen to comments ah, ah, hey, really bitter death of me ~ ~
stay up 12 points, rushed to the cafeteria for lunch, a small blackboard to see what food not to my appetite ~ ~ casually played two dishes, picking a few mouthfuls of rice, immediately rushed back to the office, out of a nap to bed. hey, really who had the misfortune Hekou are Seya cold water, lay down the canvas to apply excessive force to break the one child, when most looking forward to work every day can only fart Britain Britain's grievances to the West Temple ~ ~ ~ the more the more trapped, lying on the display table in front of a flow of saliva ~ ~ ~
really sleepy to work, lying on the table to sleep quality is pretty good, but unfortunately there are things to do, go to the bathroom to wash a few fierce little face, whip out a few mouthfuls of a small tobacco, finally a little energy value, and get back to work. open list, and slowly change, the more change the more angry, mother of 2 minutes to change a list , take a half hour process, bureaucracy kill Pathwalker. breath When all things change fast 5:00 a look, and fortunately nothing better to do, do not work overtime, mother's e-mail again, FT. go out to friends to play a phone call, long distance, each made of things about the world view of family affairs, recalled the next year Qingmeizhujiu pregnant clear, curse a few Mother ~ ~ ~ it is still depressed, venture telephoned the girlfriend in the past , but also a long distance, better than international ~ ~ ~ ~ ~ ~ do not take fire, too hard, and finally received, in a tone very polite, asked me what happened, bored for a long time I said: Test your phone did not change After eating numerous red lights all the way back to the nest. ready to move, and called the landlord over handling this matter, passing from the 7:00 side-tracked 8:30, spittle flying sub was really like to dig a knife to kill, Nanjing locals fuck the quality is really low, this garbage is not a landlord ran into a row two. off the landlord refuse to open a private mailbox, read a letter of greetings from friends far away finally calmed down, open the big, or on the go students passing, one not in, turn off ~ ~ ~ These days, QQ everyone is diving on the men, but also permit card that has the word impulse ideal, also called desire, ah, hey ~~~.< br> sleep!!!!
Monday, December 27, 2010
Andy Xie, China does not Warren Buffett
In 2007 the old text, for reference only and does not constitute any solicitation or investment advice.
Andy Xie: China has no Buffett
Xie = text May 17, 2007
story of China's current lack of investment in the stock market Buffett value investing are two important elements, one is the valuation and the other is the sustainability of profit model
not unfamiliar. Recently, his name appeared more often. because many people take their success in the Chinese stock market, due to the use of the wisdom of Buffett.
China really emerged a growing number of Palestinian Buffett-style investor? is not the case because the market hit a new high? I thought for a long time, but the opposite answer. imitate Buffett thinks a lot of people, in fact, is speculative. China's stock market is in bubbles and excessive enthusiasm, and that this is the most reluctant to invest in the market, Warren Buffett.
Hong Kong Kam
many people are in the current bull market in this round of big fortunes. Of course, this is an achievement . However, the money would mean close to Buffett it? I doubt it.
investors need to experience the great test of time. Buffett has created in his life, 28% of annual revenue levels, this very growth in 10 years or 30 years, 11.8-fold increase of 1645 times. I know some investors from the bull market that began in 2005, has been made in the 6 times to 10 times earnings. in such a short period of time to achieve such returns is not easy, but it does not transform them into Buffett. Their success may come from skills may also come from luck. In fact, some strong evidence that they fully benefit from the market success trend, that is luck, rather than the individual's investment skills. that make money faster, and go.
1997, the Hong Kong stock market gains across the board the property market, investment climate hot. it seems everyone is to join the stock market or property market, it is few people can concentrate on work during the day. It was not without envy said to me, people spend the money they earned something like designer clothes, while itself as Buffett does not care. While everyone understands the market in such investment is walking a tightrope, but no one believed the bubble burst in front.
At that time, few people can think of, the Thai baht collapse of such a secondary currency will destroy the entire bull market. baht crash caused a In this economic crisis suffered heavy losses, the balance sheet has shrunk dramatically. They are also creditors in Hong Kong, five months after the crisis, they began pulling from the Hong Kong market.
Hong Kong stock market crash in the autumn of 1997, to 1998 reach the bottom of the summer, when the Hang Seng Index has fallen by two-thirds of the higher points. The real estate prices fell by half in the year, when the tech bubble in 2000 after experiencing a brief recovery, but also continued to fall until SARS period in 2003 before bottoming out, the cumulative drop of 75%.
bubble has brought great pain. whole generation of people grew up in a bear market, a bleak future in their eyes. in their own thinking stereotypes to mature age, the experience of the asset prices continue to shrink. This makes their life not dare risk a big risk. This is why now all the craze in Hong Kong property market remains very modest, the price is only about 1997 half the level before the crisis.
market reversal is very slow. developers have secretly at a discount. only centralized location in the financial industry, real estate prices was a marked increase. This is actually a global liquidity bubble part, because the foam makes the hedge funds and private equity investment fund rapid growth. These funds invest in the people earn their first dollar, have to charge 2% management fee, this income to housing prices in neighborhoods where they live soared.
story
similar story in China may be some of China's major cities. soaring stock market and the Hong Kong market a decade ago, surprisingly similar. cities continue to spread the investment in a stock riches myth. which is one of the most talked about stocks is Moutai. A typical version of the legend: a retired all his savings to buy a Maotai stock, now a billionaire. Maotai high stock valuation is speechless, its business volume but also because the stock market boom and rising stock market to expand mm increased the wealth effect on demand for 50 Year Old Maotai.
but I was a little confused, how many of the Maitai 50 Year Old ? Are they in the say this: first, Maotai is China's famous brand; Second, Chinese people like Maotai; Third, with economic development and wealth, people spending more and more Maotai. Therefore, according to the principles of Buffett should be long-term holders of stock.
However, the story is missing the value of Buffett's investment in the two important elements, one is the valuation, and the other is the profit model of sustainability. Buffett's fundamental principle is at the right price to buy a good company. But when a good company's stock trading at 100 times earnings, this is usually a bad investment. good companies and good stocks can not draw parallels.
on Maotai demand in doubt. Maotai a large demand from the hospitality officials. When a commodity phase after by government officials, their prices will soar, because the merchants would buy it at all costs. However, Maotai is high degree of alcohol. globally, taking into account health reasons, a high degree of wine consumption has declined for 20 consecutive years. China will face this trend. to the doctor warned officials not to drink Maotai time, and then look at the price of Maotai it. Although Maotai have a good brand, its value still depends on the company's future ability to constantly adjust itself to adapt to market changes in tastes. It's future is not like most investors thought it would be safe now.
money can change a person. I note that the new upstart class have some unique places. They develop two new tea drinking habits Buddhist peace talks.
of the former, I do not mean ordinary tea, and talk about wine like the French do talk about tea. This is not nothing wrong, but it does bring to market the real effects of aged Pu'er tea prices skyrocketing. you may not put a tea prices and the stock market contact together. but you will see that when the stock market bubble burst, prices will go in tea.
Buddhism is another hot topic. the rich spiritual needs does not have any disadvantages, but it caused statues and other goods the price rise. When you see so many people have a rare Buddhist articles, I inevitably think: Where are all these things before it?
Buffett law in addition to tea and difficult to effectively
Buddha, talking about Buffett is the most fashionable. in the rich past, people would not mind wealth comes from inheritance or the lottery. But after getting rich, people want others to believe that their rich because his special ability. Naturally, those in the stock market Gold in Amoy to put their own stories of people like Warren Buffett, as depicted.
some people do because of intelligence and wealth, but most people just happened to luck mm into the market at the right time. But I am not sure, someone like Warren Buffett have done. China's stock market has not matured to allow Buffett's rules to function effectively.
First, let us look at investment performance. in the split share structure reform, The Shanghai Composite Index reached 2005, about 800 to 900 points at the bottom. Since then, the index has risen 350%. this performance, in part because the first day of listing of new shares to be included in index calculation. Last year in the second half The Government has changed this approach. In addition, due to newly issued shares in the index of large state-owned enterprises account for a large weight, the current index is not greater comparability of two years ago. So, you may not be up in the hands of the stock 350% so much, I estimate the level of return is about 200%.
tripled if the market rises, many high-risk stocks may rise even more. For example, penny stocks (small cap stocks) are usually in a bull market greater increase, while decreases were greater in a bear market. This stock is called high-b value stocks.
b coefficient is a stock relative to the relative volatility of the market. mature markets of the b coefficient of penny stocks about about 1.5, that is, their volatility is larger than one-third of the market. My rough estimate of the result is that China's b value of penny stocks more than 2. so the market rose 2 times, they will rise 5 times.
many Chinese investors like to boast about their rate of return. because they often hold penny stocks, if they return since 2005 of more than 500%, they outperform the market. If you hold a higher risk of stock, their earnings may be even higher. Therefore, high yield investment performance does not mean good. relative to the market as a whole to obtain higher returns, relative to the overall market will bear greater risks.
and b value is a value corresponding to. a good stock selection rather than by increasing the level of risk posed by more than the market average returns. For example, if two steel stock valuation levels in the same transaction, the smart investors will choose the one that better quality. In time, the stock will perform better than the trend. This is a. lot of excess returns of hedge funds claim to be a creator, and thus charge higher management fees ( For example, 2%, while the average level of 0.5%) and profit-sharing (investment income 20%).
facts and this is far from. Recent research shows that good performance of hedge funds rather than a, mainly b effect. For example, many hedge fund investments are concentrated in the hot commodities, penny stocks, or emerging markets, these sectors performed strongly at the macro trend, which all belong to a class b. However, it was that fund managers have chosen the right industry , so that their performance not only from luck. this debate will continue, but in any case, their performance with little to choose good company, but this is a nature.
Chinese investors Buffett to borrow to explain their success, I think it is too early. Buffett's approach is to choose a good company and cheap or reasonable price in the bid. This method is usually resistant to the rapid rise in those hot stock, hot stocks, by definition, because of high valuations. For example, Buffett's approach is not very helpful in high-tech industry. Apple's Steve Jobs in five years ago after the acquisition, its shares rose 10 times. This solely because of his ability to create remarkable new products. Buffett's approach ignores this aspect. This is why Buffett missed the 20th century, the technology stock boom of the 90s.
elected by the stock Buffett generally more stable prices, not faster. Instead, investors obsessed with hot stock. It recommended a stock target price given there is usually several times a year increase, it is hard to be a Buffett-style goal.
whether China's stock often good and bad texture, Qi Zhang Qi down.'s stock market is always changing constantly, Buffett's approach rarely comes into play. Merchants Bank and China Vanke is the ability to continue to generate returns for shareholders of the rare examples. occupy the market by state-owned enterprises more profitable government policy. In the long run, the risk that the government protect the industry is very high. private enterprises usually rely on a founding , and if for some reason this person left, the company will soon be in trouble. These features make the Buffett approach to China's market is difficult to apply. This is why so many investors like Warren Buffett talking about the same time, short-term operation is carried out.
Buffett's approach is to achieve a. It only requires a large number of listed companies in mature markets. U.S. stock market listed companies have nearly ten thousand. never experienced depression (ie, negative GDP growth of more than 5%). On the contrary, the U.S. economy almost every decade in the 19th century to experience a recession. At that time, even Warren Buffett, it is difficult to succeed. great stability to the economy Buffett the opportunity to play a role in law. In this sense, he is made a fortune.
short, I doubt Buffett's hot right now is just a product of the bull market. When the bubble burst, it will not be How many people mention him. When the Shanghai A shares more than 2500 points, the Chinese stock market into a bubble state. bubble has its natural life, which is driven by human psychology. a stock market bubble for three years is possible, and to allow more than 60 times price-earnings ratio, which is 4 times the normal valuation levels.
bubble burst Chinese investors often linked with the government intervention that the government does not interfere as long as the bubble can last forever. This is wrong The. bubble burst on their own. the United States in 1929, is the case in Japan in 1989. Hong Kong's crash was caused by external interference, the technology bubble of excess capacity due to rupture in 2000. You never know what will break the bubble , but they always break.
Xiaonian: Why did China not Warren Buffett?
Original:
According to The net worth of the world's richest man, Bill long occupied this position. Gates fell to third, the second win for the Mexican telecom tycoon, Li Ka-shing the richest Chinese ranked eleventh.
the world's richest 10 people, Indians 4, 2 Americans, Mexico, Russia, Sweden and Germany each have one seat. In more than 10 billion USD out of the family property in 1125, China has 42, while 22 more than last year , but can not be compared to 469 in the United States, is also lower than India's 53. continental championship ranked the richest man in the Forbes 125, followed by India's Mittal, the richest man Bill Gates ranked fourth. visible super- Regal generation and economic development in a certain degree of relationship, but not the decisive factor. the United States as the standard for comparison may be not appropriate, more meaningful question is creating rich, of course not the goal of economic development, rich community is certainly more of a good thing. in the voluntary trading market economy, enterprises must create value for society in order to sell products and services, sales income from entrepreneurship profit and the accumulation of personal wealth. Buffet 620 million from his share of value creation for shareholders, the shareholders vote the way monetary recognition of his contribution. Similarly, Microsoft's software has greatly improved the use of computers efficiency, Gates is only 58 billion U.S. dollars created by Microsoft, a small part of the social value.
recognize the economic and social development, personal role in promoting the risk for those who dare to give full recognition and adequate financial compensation, only way to stimulate imagination and creativity of individuals, while maintaining their potential to play a fundamental way of social vitality. any society are few pioneers, followed by many people, the public how to treat minorities and how to institutionalize incentives pioneer pioneer to a large extent, determine the path of social development.
philosophy of traditional Chinese society is meet the majority of virtue, discrimination and repression as the pioneer of a few, so conservative and backward and ignorant with our two thousand years. in the Chinese context, the a class, businessmen in the bottom, the highest tip of the pyramid is a former imperial officials.
Max. Weber pointed out that the Confucian ideology of contempt for the mainstream business and profit, the modern capitalist mode of production can not be produced in traditional Chinese society (Spirit God designated occupation, that the performance of professional obligations, the acquisition of wealth is not only morally desirable, and that believers must be hands-on. Protestant man, confidently make money.
Although many descendants of Weber's research disputes such as the Italian Catholic history have occurred, mm, though not sufficient condition for acceptance, changes in social attitudes is the development of modern economy and a necessary condition for generation. In other words, the new spiritual and ethical may not lead to a new economic form, and the old sense of the environment is impossible to support new production way. from traditional society to modern society in transition, must be stripped and abandoned the traditional concept, but only this is not enough, other aspects have to keep up, especially technology and institutional innovation.
Weber discussed awareness of the impact on the economy, Britain is not alone card, from the Netherlands, the birthplace of modern capitalism, to the late-Switzerland, Germany and the United States, the Protestant countries of the world developed market economy constitute the main body. China's reform and opening up, also the Orient case, if not then Comrade Xiaoping advocated see, they laid the economic basis of the most important long-term prosperity.
Although the original sin the lofty mission entrusted; and from members of the state-owned power company calls for a higher price, but could not see the anger feelings. the same to fulfill their responsibilities for their own interest groups represented by words, why different social responses? could be interpreted as scholars, farmers , industrial and commercial resurgence of the subconscious? or the transformation of society is called a double standard?
CPPCC National Committee members are not philanthropists, they can not and should of agriculture, industry representatives. In the framework of the rule of law, agricultural, industrial and commercial all speak their own words, their fight for the interests of the Group, through fair and transparent game, adjust the interests of the agreements reached. for each of the CPPCC and the NPC the interests of the game provides a good platform for further improvement is to increase agricultural, industrial and commercial places, reduce the is not independent of the interests of the subject, special (or Mirta)? answer not a crop species like the desert, as chosen by the soil and climate caused by, there is no significant relationship with the seed. produce Buffett soil the property rights system, respect for and protection of private property rights, any person who shall not be violated under any name other property, whether property owner is rich or low-income, and regardless of infringement or a guide and support the public good on behalf of vulnerable groups.
Buffett and Bill Gates need to be a social awareness of climate , which recognize and respect the value creators, recognition and respect for the resulting accumulated wealth. the formation of such a social consciousness to have a rational basis, do not ask you much less wealth Bibafeite and Gates, but ask if the Without them, it will be less your wealth? you are willing to live without them are flat in the world? still have them, your life will be better for society? eat and fish can not have both, all the world is not flat Buffett and Gates may have, if the average distribution of income, Pakistan, cover the generation that lost the incentive of adventure and innovation. The most fundamental problem is that what you want in the end, is ;, or The heart and desire, the protection of private property rights will be more powerful, the creator of the value of the higher social status, Buffett and Gates will continue to emerge, not only to bring more new products, new technologies , the new models and new thinking, but also to both of them as an example, donated property, contribute to the community. After all, more wealth, 100 billion, of their material life has no real influence, and represent the value of life further. wealth generated great happiness, than repay the community, which is rich should be rational.
(2008 年 03 月 15 Japanese Economic Observer)
Golden Rock: Why not have China's stock market Warren Buffett? < br> Original:
why the Chinese stock market will not have Warren Buffett?
This article first appeared in the to six thousand, investors sing a song: do not sell dead! from the main stock index from 6000 to 3000, people are quietly singing: do not sell going to die! Many people interpret Buffett's value investing to buy not sell, that is, the long-term holders of stock Buffett made money believers, this interpretation is open to question Buffett.
in the interpretation of Buffett's investment model, make each person to imagine a first financier's image: what brand of clothes to wear? open car? live? What desk? out will bring what? and what kind of person where to eat? and so on. when I come back Description Buffett details of life: where he lived the equivalent of the outskirts of Guiyang, China town, the house was in 1958, spent $ 58,000 to buy, and often wore jeans in the Kentucky Fried Chicken dinner, no computer on the desk, almost do not carry mobile phones, certainly not texting. once a year and the charity auction lunch with Buffett, with 62 million dollars last year, winning the Chinese Duan Yongping, and after dinner for Duan Yongping shock: He on the luxury Mercedes-Benz, the Vampire Slayer especially on a truck! now compare this vision of the financier Warren Buffett and you are a class of people? In fact, Buffett has long been to China, and it is Bill. Gates together, when Like people around like groupies Gates, only one person accompany reticent Buffett, he is later to create When the caddy, the investment wealth is the dream of his youth, his fiancee to marry him talk about the sentence: business model, insurance companies collected premiums to resolve a long-term source of funds, and do not pay interest, as well as premium income, which is cheaper than bank financing tools. the acquisition of Berkshire. Hathaway company, Pakistan Buffett themselves, can have sufficient funds for long-term investment. Berkshire is a reinsurance company, the New York Stock Exchange, Buffett's insurance with the company books derived float two investment business, a stock investment, and second, equity investment, so people can use three numbers to evaluate the growth performance of Berkshire Hathaway, one of Berkshire's market capitalization growth, and second, equity investment income, return on equity investment in third. Unfortunately is to compare these three figures, the average annual return on stock investment is the lowest.
in the 1965-2006 years, the performance of Berkshire stock is the average 21.40%, compared the performance of the S & P 500 Index only 10.40%. Berkshire shareholders dividend in 65 years is $ 4 per share, or $ 4 for 75 years, 85 years jump to $ 52, 95 175 U.S. dollars per share in 2006 up to 3,625 dollars. visible Berkshire Most investment income is realized in the years 1995-2006, and during that time, Berkshire's main business expanded to a number of areas from insurance, equity investment have entered the harvest season. familiar with Berkshire's business people know, Buffett's main decision-making 10 years of equity investment, mergers and acquisitions, integration of sales, and even people familiar with Buffett's investment in oil is the concept of decision-making equity investments, Buffett said, I do not know China, did not understand the oil, but I know the oil. So, Buffett's investment in the oil just a way of investing in oil, a more mobile way. We then Buffett letter to shareholders in 2006 to be circumstantial, Berkshire's investment income in the 1965-2006 average annual growth rate of 17.9%, of which 1995-2006 was 31.7%, which projected ,1965-1995 years, the average annual growth rate of investment income only 12.8% in this period, Berkshire's investment income is mainly from equity investments, equity and equity investment income trading occurred mostly after 1995.
compared these figures, saying that Buffett is a Successful equity investors are more appropriate. Berkshire's main business is insurance, the main risk is to invest, with the support of the insurance float two types of stocks and equity investments of Berkshire's business model, so a more accurate said that Buffett is an investment in the business enterprise. Buffett's business model is illegal in China, with Berkshire's standard business model compared to Warren Buffett should be in China or the China Life China Ping An, But the China Insurance Regulatory Commission approved the insurance companies have not yet invested in non-listed private equity, do not allow the full premium for investing in stocks, so how can China's stock market has Buffett's Berkshire model? course Buffett's investment philosophy and Berkshire's business model is totally different, in my view, effective in the Chinese stock market is stock selection with Buffett's investment philosophy, investment by Soros mode operation (because Soros is macro stock market investors). This raises another question: What is Warren Buffett's investment philosophy?
huge profits with stock investment story to prove that he is ; actually very funny, because Buffett was not the pursuit of huge profits in stocks; with China's economic growth and asset revaluation to support the dead do not sell the opportunities, the three word not follow the Wall Street analysts. K is the ECG chart, Buffett began buying the oil in batches when the investment bank was downgraded several times in the oil, so when there is a well-known analyst said Buffett ; silly. secrets of success: the first vote, the second input, the third or the input!
fact, not only the Chinese stock market will not have Warren Buffett, the U.S. stock market has not Warren Buffett, because Buffett always peace of mind an outsider with common sense and knowledge of spectators, watching the pit of greed and fear. so he here to say
Andy Xie: China has no Buffett
Xie = text May 17, 2007
story of China's current lack of investment in the stock market Buffett value investing are two important elements, one is the valuation and the other is the sustainability of profit model
not unfamiliar. Recently, his name appeared more often. because many people take their success in the Chinese stock market, due to the use of the wisdom of Buffett.
China really emerged a growing number of Palestinian Buffett-style investor? is not the case because the market hit a new high? I thought for a long time, but the opposite answer. imitate Buffett thinks a lot of people, in fact, is speculative. China's stock market is in bubbles and excessive enthusiasm, and that this is the most reluctant to invest in the market, Warren Buffett.
Hong Kong Kam
many people are in the current bull market in this round of big fortunes. Of course, this is an achievement . However, the money would mean close to Buffett it? I doubt it.
investors need to experience the great test of time. Buffett has created in his life, 28% of annual revenue levels, this very growth in 10 years or 30 years, 11.8-fold increase of 1645 times. I know some investors from the bull market that began in 2005, has been made in the 6 times to 10 times earnings. in such a short period of time to achieve such returns is not easy, but it does not transform them into Buffett. Their success may come from skills may also come from luck. In fact, some strong evidence that they fully benefit from the market success trend, that is luck, rather than the individual's investment skills. that make money faster, and go.
1997, the Hong Kong stock market gains across the board the property market, investment climate hot. it seems everyone is to join the stock market or property market, it is few people can concentrate on work during the day. It was not without envy said to me, people spend the money they earned something like designer clothes, while itself as Buffett does not care. While everyone understands the market in such investment is walking a tightrope, but no one believed the bubble burst in front.
At that time, few people can think of, the Thai baht collapse of such a secondary currency will destroy the entire bull market. baht crash caused a In this economic crisis suffered heavy losses, the balance sheet has shrunk dramatically. They are also creditors in Hong Kong, five months after the crisis, they began pulling from the Hong Kong market.
Hong Kong stock market crash in the autumn of 1997, to 1998 reach the bottom of the summer, when the Hang Seng Index has fallen by two-thirds of the higher points. The real estate prices fell by half in the year, when the tech bubble in 2000 after experiencing a brief recovery, but also continued to fall until SARS period in 2003 before bottoming out, the cumulative drop of 75%.
bubble has brought great pain. whole generation of people grew up in a bear market, a bleak future in their eyes. in their own thinking stereotypes to mature age, the experience of the asset prices continue to shrink. This makes their life not dare risk a big risk. This is why now all the craze in Hong Kong property market remains very modest, the price is only about 1997 half the level before the crisis.
market reversal is very slow. developers have secretly at a discount. only centralized location in the financial industry, real estate prices was a marked increase. This is actually a global liquidity bubble part, because the foam makes the hedge funds and private equity investment fund rapid growth. These funds invest in the people earn their first dollar, have to charge 2% management fee, this income to housing prices in neighborhoods where they live soared.
story
similar story in China may be some of China's major cities. soaring stock market and the Hong Kong market a decade ago, surprisingly similar. cities continue to spread the investment in a stock riches myth. which is one of the most talked about stocks is Moutai. A typical version of the legend: a retired all his savings to buy a Maotai stock, now a billionaire. Maotai high stock valuation is speechless, its business volume but also because the stock market boom and rising stock market to expand mm increased the wealth effect on demand for 50 Year Old Maotai.
but I was a little confused, how many of the Maitai 50 Year Old ? Are they in the say this: first, Maotai is China's famous brand; Second, Chinese people like Maotai; Third, with economic development and wealth, people spending more and more Maotai. Therefore, according to the principles of Buffett should be long-term holders of stock.
However, the story is missing the value of Buffett's investment in the two important elements, one is the valuation, and the other is the profit model of sustainability. Buffett's fundamental principle is at the right price to buy a good company. But when a good company's stock trading at 100 times earnings, this is usually a bad investment. good companies and good stocks can not draw parallels.
on Maotai demand in doubt. Maotai a large demand from the hospitality officials. When a commodity phase after by government officials, their prices will soar, because the merchants would buy it at all costs. However, Maotai is high degree of alcohol. globally, taking into account health reasons, a high degree of wine consumption has declined for 20 consecutive years. China will face this trend. to the doctor warned officials not to drink Maotai time, and then look at the price of Maotai it. Although Maotai have a good brand, its value still depends on the company's future ability to constantly adjust itself to adapt to market changes in tastes. It's future is not like most investors thought it would be safe now.
money can change a person. I note that the new upstart class have some unique places. They develop two new tea drinking habits Buddhist peace talks.
of the former, I do not mean ordinary tea, and talk about wine like the French do talk about tea. This is not nothing wrong, but it does bring to market the real effects of aged Pu'er tea prices skyrocketing. you may not put a tea prices and the stock market contact together. but you will see that when the stock market bubble burst, prices will go in tea.
Buddhism is another hot topic. the rich spiritual needs does not have any disadvantages, but it caused statues and other goods the price rise. When you see so many people have a rare Buddhist articles, I inevitably think: Where are all these things before it?
Buffett law in addition to tea and difficult to effectively
Buddha, talking about Buffett is the most fashionable. in the rich past, people would not mind wealth comes from inheritance or the lottery. But after getting rich, people want others to believe that their rich because his special ability. Naturally, those in the stock market Gold in Amoy to put their own stories of people like Warren Buffett, as depicted.
some people do because of intelligence and wealth, but most people just happened to luck mm into the market at the right time. But I am not sure, someone like Warren Buffett have done. China's stock market has not matured to allow Buffett's rules to function effectively.
First, let us look at investment performance. in the split share structure reform, The Shanghai Composite Index reached 2005, about 800 to 900 points at the bottom. Since then, the index has risen 350%. this performance, in part because the first day of listing of new shares to be included in index calculation. Last year in the second half The Government has changed this approach. In addition, due to newly issued shares in the index of large state-owned enterprises account for a large weight, the current index is not greater comparability of two years ago. So, you may not be up in the hands of the stock 350% so much, I estimate the level of return is about 200%.
tripled if the market rises, many high-risk stocks may rise even more. For example, penny stocks (small cap stocks) are usually in a bull market greater increase, while decreases were greater in a bear market. This stock is called high-b value stocks.
b coefficient is a stock relative to the relative volatility of the market. mature markets of the b coefficient of penny stocks about about 1.5, that is, their volatility is larger than one-third of the market. My rough estimate of the result is that China's b value of penny stocks more than 2. so the market rose 2 times, they will rise 5 times.
many Chinese investors like to boast about their rate of return. because they often hold penny stocks, if they return since 2005 of more than 500%, they outperform the market. If you hold a higher risk of stock, their earnings may be even higher. Therefore, high yield investment performance does not mean good. relative to the market as a whole to obtain higher returns, relative to the overall market will bear greater risks.
and b value is a value corresponding to. a good stock selection rather than by increasing the level of risk posed by more than the market average returns. For example, if two steel stock valuation levels in the same transaction, the smart investors will choose the one that better quality. In time, the stock will perform better than the trend. This is a. lot of excess returns of hedge funds claim to be a creator, and thus charge higher management fees ( For example, 2%, while the average level of 0.5%) and profit-sharing (investment income 20%).
facts and this is far from. Recent research shows that good performance of hedge funds rather than a, mainly b effect. For example, many hedge fund investments are concentrated in the hot commodities, penny stocks, or emerging markets, these sectors performed strongly at the macro trend, which all belong to a class b. However, it was that fund managers have chosen the right industry , so that their performance not only from luck. this debate will continue, but in any case, their performance with little to choose good company, but this is a nature.
Chinese investors Buffett to borrow to explain their success, I think it is too early. Buffett's approach is to choose a good company and cheap or reasonable price in the bid. This method is usually resistant to the rapid rise in those hot stock, hot stocks, by definition, because of high valuations. For example, Buffett's approach is not very helpful in high-tech industry. Apple's Steve Jobs in five years ago after the acquisition, its shares rose 10 times. This solely because of his ability to create remarkable new products. Buffett's approach ignores this aspect. This is why Buffett missed the 20th century, the technology stock boom of the 90s.
elected by the stock Buffett generally more stable prices, not faster. Instead, investors obsessed with hot stock. It recommended a stock target price given there is usually several times a year increase, it is hard to be a Buffett-style goal.
whether China's stock often good and bad texture, Qi Zhang Qi down.'s stock market is always changing constantly, Buffett's approach rarely comes into play. Merchants Bank and China Vanke is the ability to continue to generate returns for shareholders of the rare examples. occupy the market by state-owned enterprises more profitable government policy. In the long run, the risk that the government protect the industry is very high. private enterprises usually rely on a founding , and if for some reason this person left, the company will soon be in trouble. These features make the Buffett approach to China's market is difficult to apply. This is why so many investors like Warren Buffett talking about the same time, short-term operation is carried out.
Buffett's approach is to achieve a. It only requires a large number of listed companies in mature markets. U.S. stock market listed companies have nearly ten thousand. never experienced depression (ie, negative GDP growth of more than 5%). On the contrary, the U.S. economy almost every decade in the 19th century to experience a recession. At that time, even Warren Buffett, it is difficult to succeed. great stability to the economy Buffett the opportunity to play a role in law. In this sense, he is made a fortune.
short, I doubt Buffett's hot right now is just a product of the bull market. When the bubble burst, it will not be How many people mention him. When the Shanghai A shares more than 2500 points, the Chinese stock market into a bubble state. bubble has its natural life, which is driven by human psychology. a stock market bubble for three years is possible, and to allow more than 60 times price-earnings ratio, which is 4 times the normal valuation levels.
bubble burst Chinese investors often linked with the government intervention that the government does not interfere as long as the bubble can last forever. This is wrong The. bubble burst on their own. the United States in 1929, is the case in Japan in 1989. Hong Kong's crash was caused by external interference, the technology bubble of excess capacity due to rupture in 2000. You never know what will break the bubble , but they always break.
Xiaonian: Why did China not Warren Buffett?
Original:
According to The net worth of the world's richest man, Bill long occupied this position. Gates fell to third, the second win for the Mexican telecom tycoon, Li Ka-shing the richest Chinese ranked eleventh.
the world's richest 10 people, Indians 4, 2 Americans, Mexico, Russia, Sweden and Germany each have one seat. In more than 10 billion USD out of the family property in 1125, China has 42, while 22 more than last year , but can not be compared to 469 in the United States, is also lower than India's 53. continental championship ranked the richest man in the Forbes 125, followed by India's Mittal, the richest man Bill Gates ranked fourth. visible super- Regal generation and economic development in a certain degree of relationship, but not the decisive factor. the United States as the standard for comparison may be not appropriate, more meaningful question is creating rich, of course not the goal of economic development, rich community is certainly more of a good thing. in the voluntary trading market economy, enterprises must create value for society in order to sell products and services, sales income from entrepreneurship profit and the accumulation of personal wealth. Buffet 620 million from his share of value creation for shareholders, the shareholders vote the way monetary recognition of his contribution. Similarly, Microsoft's software has greatly improved the use of computers efficiency, Gates is only 58 billion U.S. dollars created by Microsoft, a small part of the social value.
recognize the economic and social development, personal role in promoting the risk for those who dare to give full recognition and adequate financial compensation, only way to stimulate imagination and creativity of individuals, while maintaining their potential to play a fundamental way of social vitality. any society are few pioneers, followed by many people, the public how to treat minorities and how to institutionalize incentives pioneer pioneer to a large extent, determine the path of social development.
philosophy of traditional Chinese society is meet the majority of virtue, discrimination and repression as the pioneer of a few, so conservative and backward and ignorant with our two thousand years. in the Chinese context, the a class, businessmen in the bottom, the highest tip of the pyramid is a former imperial officials.
Max. Weber pointed out that the Confucian ideology of contempt for the mainstream business and profit, the modern capitalist mode of production can not be produced in traditional Chinese society (Spirit God designated occupation, that the performance of professional obligations, the acquisition of wealth is not only morally desirable, and that believers must be hands-on. Protestant man, confidently make money.
Although many descendants of Weber's research disputes such as the Italian Catholic history have occurred, mm, though not sufficient condition for acceptance, changes in social attitudes is the development of modern economy and a necessary condition for generation. In other words, the new spiritual and ethical may not lead to a new economic form, and the old sense of the environment is impossible to support new production way. from traditional society to modern society in transition, must be stripped and abandoned the traditional concept, but only this is not enough, other aspects have to keep up, especially technology and institutional innovation.
Weber discussed awareness of the impact on the economy, Britain is not alone card, from the Netherlands, the birthplace of modern capitalism, to the late-Switzerland, Germany and the United States, the Protestant countries of the world developed market economy constitute the main body. China's reform and opening up, also the Orient case, if not then Comrade Xiaoping advocated see, they laid the economic basis of the most important long-term prosperity.
Although the original sin the lofty mission entrusted; and from members of the state-owned power company calls for a higher price, but could not see the anger feelings. the same to fulfill their responsibilities for their own interest groups represented by words, why different social responses? could be interpreted as scholars, farmers , industrial and commercial resurgence of the subconscious? or the transformation of society is called a double standard?
CPPCC National Committee members are not philanthropists, they can not and should of agriculture, industry representatives. In the framework of the rule of law, agricultural, industrial and commercial all speak their own words, their fight for the interests of the Group, through fair and transparent game, adjust the interests of the agreements reached. for each of the CPPCC and the NPC the interests of the game provides a good platform for further improvement is to increase agricultural, industrial and commercial places, reduce the is not independent of the interests of the subject, special (or Mirta)? answer not a crop species like the desert, as chosen by the soil and climate caused by, there is no significant relationship with the seed. produce Buffett soil the property rights system, respect for and protection of private property rights, any person who shall not be violated under any name other property, whether property owner is rich or low-income, and regardless of infringement or a guide and support the public good on behalf of vulnerable groups.
Buffett and Bill Gates need to be a social awareness of climate , which recognize and respect the value creators, recognition and respect for the resulting accumulated wealth. the formation of such a social consciousness to have a rational basis, do not ask you much less wealth Bibafeite and Gates, but ask if the Without them, it will be less your wealth? you are willing to live without them are flat in the world? still have them, your life will be better for society? eat and fish can not have both, all the world is not flat Buffett and Gates may have, if the average distribution of income, Pakistan, cover the generation that lost the incentive of adventure and innovation. The most fundamental problem is that what you want in the end, is ;, or The heart and desire, the protection of private property rights will be more powerful, the creator of the value of the higher social status, Buffett and Gates will continue to emerge, not only to bring more new products, new technologies , the new models and new thinking, but also to both of them as an example, donated property, contribute to the community. After all, more wealth, 100 billion, of their material life has no real influence, and represent the value of life further. wealth generated great happiness, than repay the community, which is rich should be rational.
(2008 年 03 月 15 Japanese Economic Observer)
Golden Rock: Why not have China's stock market Warren Buffett? < br> Original:
why the Chinese stock market will not have Warren Buffett?
This article first appeared in the to six thousand, investors sing a song: do not sell dead! from the main stock index from 6000 to 3000, people are quietly singing: do not sell going to die! Many people interpret Buffett's value investing to buy not sell, that is, the long-term holders of stock Buffett made money believers, this interpretation is open to question Buffett.
in the interpretation of Buffett's investment model, make each person to imagine a first financier's image: what brand of clothes to wear? open car? live? What desk? out will bring what? and what kind of person where to eat? and so on. when I come back Description Buffett details of life: where he lived the equivalent of the outskirts of Guiyang, China town, the house was in 1958, spent $ 58,000 to buy, and often wore jeans in the Kentucky Fried Chicken dinner, no computer on the desk, almost do not carry mobile phones, certainly not texting. once a year and the charity auction lunch with Buffett, with 62 million dollars last year, winning the Chinese Duan Yongping, and after dinner for Duan Yongping shock: He on the luxury Mercedes-Benz, the Vampire Slayer especially on a truck! now compare this vision of the financier Warren Buffett and you are a class of people? In fact, Buffett has long been to China, and it is Bill. Gates together, when Like people around like groupies Gates, only one person accompany reticent Buffett, he is later to create When the caddy, the investment wealth is the dream of his youth, his fiancee to marry him talk about the sentence: business model, insurance companies collected premiums to resolve a long-term source of funds, and do not pay interest, as well as premium income, which is cheaper than bank financing tools. the acquisition of Berkshire. Hathaway company, Pakistan Buffett themselves, can have sufficient funds for long-term investment. Berkshire is a reinsurance company, the New York Stock Exchange, Buffett's insurance with the company books derived float two investment business, a stock investment, and second, equity investment, so people can use three numbers to evaluate the growth performance of Berkshire Hathaway, one of Berkshire's market capitalization growth, and second, equity investment income, return on equity investment in third. Unfortunately is to compare these three figures, the average annual return on stock investment is the lowest.
in the 1965-2006 years, the performance of Berkshire stock is the average 21.40%, compared the performance of the S & P 500 Index only 10.40%. Berkshire shareholders dividend in 65 years is $ 4 per share, or $ 4 for 75 years, 85 years jump to $ 52, 95 175 U.S. dollars per share in 2006 up to 3,625 dollars. visible Berkshire Most investment income is realized in the years 1995-2006, and during that time, Berkshire's main business expanded to a number of areas from insurance, equity investment have entered the harvest season. familiar with Berkshire's business people know, Buffett's main decision-making 10 years of equity investment, mergers and acquisitions, integration of sales, and even people familiar with Buffett's investment in oil is the concept of decision-making equity investments, Buffett said, I do not know China, did not understand the oil, but I know the oil. So, Buffett's investment in the oil just a way of investing in oil, a more mobile way. We then Buffett letter to shareholders in 2006 to be circumstantial, Berkshire's investment income in the 1965-2006 average annual growth rate of 17.9%, of which 1995-2006 was 31.7%, which projected ,1965-1995 years, the average annual growth rate of investment income only 12.8% in this period, Berkshire's investment income is mainly from equity investments, equity and equity investment income trading occurred mostly after 1995.
compared these figures, saying that Buffett is a Successful equity investors are more appropriate. Berkshire's main business is insurance, the main risk is to invest, with the support of the insurance float two types of stocks and equity investments of Berkshire's business model, so a more accurate said that Buffett is an investment in the business enterprise. Buffett's business model is illegal in China, with Berkshire's standard business model compared to Warren Buffett should be in China or the China Life China Ping An, But the China Insurance Regulatory Commission approved the insurance companies have not yet invested in non-listed private equity, do not allow the full premium for investing in stocks, so how can China's stock market has Buffett's Berkshire model? course Buffett's investment philosophy and Berkshire's business model is totally different, in my view, effective in the Chinese stock market is stock selection with Buffett's investment philosophy, investment by Soros mode operation (because Soros is macro stock market investors). This raises another question: What is Warren Buffett's investment philosophy?
huge profits with stock investment story to prove that he is ; actually very funny, because Buffett was not the pursuit of huge profits in stocks; with China's economic growth and asset revaluation to support the dead do not sell the opportunities, the three word not follow the Wall Street analysts. K is the ECG chart, Buffett began buying the oil in batches when the investment bank was downgraded several times in the oil, so when there is a well-known analyst said Buffett ; silly. secrets of success: the first vote, the second input, the third or the input!
fact, not only the Chinese stock market will not have Warren Buffett, the U.S. stock market has not Warren Buffett, because Buffett always peace of mind an outsider with common sense and knowledge of spectators, watching the pit of greed and fear. so he here to say
Sunday, December 26, 2010
Rescue the property market a new New Deal and the dynamic of the year
Annex:
dynamic summary of the recent bailout policies
1, the State Council issued No. 131131 transformation problem. (b) various channels to raise funds for construction. (c) Housing Fund to carry out a pilot for housing construction.
Second, to further encourage housing consumption of ordinary goods (d) to increase their own homes and improve the type of housing consumption credit support. in the implementation of the first people to buy ordinary housing loans, loans to enjoy the preferential interest rate and down payment at the same time, to have the loan to buy a house, but the per capita living space less than the local average level, and then apply for a loan to buy the second set for the improvement of living conditions of ordinary people from the housing, mutatis mutandis, the implementation of the first loan to buy ordinary housing preferential policies. on other loans to buy second and more housing, lending rates and other benchmark interest rate by commercial banks based in reasonable assurance on a risk. (e) the transfer of part of the housing business tax relief for the provisional implementation of the policy year. ordinary individuals to purchase existing housing more than 5 years (including 5 years) for sale exempted from business tax, to more than 2 years (including 2 years ) transfer exempted from business tax; to individuals to purchase ordinary housing transfer of less than 2 years, according to the transfer of income from the full collection of business tax, the transfer of income to their original price minus the purchase of housing business tax. individuals to purchase existing ordinary housing non- more than 5 years (including 5 years) the transfer of the transfer income minus their original cost to purchase a home the difference between the collection of sales tax, to more than 2 years (with 2 years) the transfer of the transfer income minus their original cost to purchase a home business tax; individuals to purchase less than 2 years of non-ordinary housing assignment, based upon the transfer of sales tax revenue collected in full. The above provisional implementation of the policy to December 31, 2009. Third, to support real estate development enterprises to actively respond to market changes (f) to guide real estate development enterprises to actively respond to market changes. real estate development companies according to market changes and needs, taking initiative to promote reasonable price sales of commodity housing. Local people's governments at all levels to do well before the end of 2008 the real estate project payment settlement, the farmers payment of wages and other supervision and inspection. for real estate development enterprises to adjust the sales price of housing disputes arising in the course, we must work hard to resolve the work, according to the contract to guide the parties through legal channels. (vii) to support real estate development enterprises reasonable funding needs. commercial banks according to the principles of credit and regulatory requirements, increase in the low-cost, small and medium size apartment building, especially in the construction of the project credit support; on the strength of a reputable real estate development enterprises mergers and acquisitions the enterprise or project, provide financing support and related financial services. enterprises with better conditions to support credit approval to issue corporate bonds, real estate investment trust to carry out the pilot, expand direct financing channels. (h) the removal of urban real estate tax. for further fair tax burden, improve the property tax system, according to legal procedures to cancel the city real estate tax, the uniform application of foreign enterprises and the ) implementation of the local people's government stabilize the real estate market functions. (x) according to local conditions to solve the housing difficulties of other groups of housing.
Fifth, strengthen the real estate market monitoring (k) continue to strengthen the real estate market monitoring and analysis. (xii) strengthen supervision and inspection.
six, and actively create a good atmosphere for public opinion (m) adhere to the correct guidance of public opinion.
policy on the Background:
Premier Wen Jiabao, 17 December 2008 State Council executive meeting presided over to study the deployment to promote the healthy development of the real estate market policy measures. recent countries to take to expand domestic demand and promote stable and rapid economic growth policies and measures, the meeting identified the following policies and measures of
(a) to increase construction of affordable housing efforts. ( b) to further encourage housing consumption of ordinary goods. (c) to guide real estate development enterprises to actively respond to market changes, and promote housing sales. supports a reasonable financing needs, and increase in low-cost, small and medium size apartment building, especially in the construction credit support to the project, on the strength of a reputable real estate development companies to finance mergers and acquisitions and related financial services. in accordance with legal procedures to cancel the city real estate tax. in the State Council executive meeting of the deployment to promote the healthy development of the real estate market policy measures, at the outset, a clear clear policy intent is to save the property market to secure economic growth, promote domestic demand. encourage the general consumption of commodity housing initiatives to further overweight, the State Council of the current status of the property market, the Chinese government to deploy high-level feature of the healthy development of the real estate market policy measures, indicating that the central attaches great importance to the real estate industry, initiatives, to give the market good enough information to restore confidence conducive to the market, then gradually warming trend. is central to the two sets of mortgage policy to open a smaller hole in the market place who does not feel.
for Housing City health development is the development of the central government held the industry intent of thirteen measures with innovative content, and rescue policy autonomy given to the intention of commercial banks is also more obvious, and local governments also have a display space, the future performance of the property market depends on how the use of autonomy. New Deal to encourage real estate development companies at a reasonable price MERCHANTABILITY, support the reasonable housing prices and the cancellation of the credit needs of urban real estate tax and so boost the confidence of the real estate business, the role also significantly reducing the burden, considerable financial pressure to solve specific developers. New Deal for the first time face to encourage improvements in the type of housing needs, market demand, which can promote the release of active degrees to be further enhanced, but also to promote market stability and orderly development.
the real estate industry's position is that an unprecedented height, in the past building materials and home appliances household goods and other industries important, Wen Ding and development of the financial sector is essential for the promotion of consumption structure upgraded with an important role in improving people's livelihood. There are two key tasks have talked about the real estate industry, the burden of living an ordinary commodity housing, real estate in expanding domestic demand to play a positive role. Working Conference of the spirit. re-boost the real estate industry as to promote investment and ensure the necessary economic choices. real estate pushed to the ; the first, and so sent out a clear policy mix, There are both subjective and objective factors. subjectively market trends during the downturn in the past year has shown a pattern and characteristics of a bear market, market dynamics Ruoshi particularly embarrassing, some of the property market has little vitality. The domestic and international economic stage environment has worsened the recession is the world's common problems, to preserve the economic stability of the rapid development as the primary task of economic work. In this critical moment, save the city become a top priority, but only to save the property market will have a multiplier of the overall economic situation effect.
2, People's Bank of China, fourth quarter of 2008 the full rate cut five times per day to maintain growth
the year 2008, the PBOC announced that the fifth interest rate cut: from December 23, the lower one-year RMB benchmark deposit and lending interest rates seven percent of the 0.2, the first time this year cut interest rates from mid-September, less than hundred days time, the central bank cut interest rates so frequently used tools, to maintain growth of the heart is evident. The central bank said, the other period of the deposit and lending interest rates adjusted accordingly. Meanwhile, cut the central bank refinancing and rediscount rates. From December 25, the lower the financial institutions of RMB deposit reserve ratio by 0.5 percentage points. the central bank rate cut basically meet market expectations. In the fifth interest rate cut before the central bank announced one after another of the economic indicators released, the Chinese economy may face downside risks rather than expected. The rate cut last time China cut interest rates during 2008, and a survey shows that over half of institutional investors that the 2009 rate cut will reach or more than one hundred basis points. In the fifth time the Chinese central bank announced interest rate cut before the Fed has cut U.S. interest rates at least seventy-five basis points, down to lowest point in history.
more than two months, the central bank has cut interest rates four times, most recently cut interest rates more than ten year record of the most significant. But after the hustle and bustle, into a corner of the property market did not immediately pull through, wait and see atmosphere is still diffuse. Market participants generally believe that the current problem is that the property market, has introduced a policy of rescue does not solve the housing market confidence. the return of warmer conditions in the property market situation is not yet available, price promotions are still relatively developers effective > The previous three were 0.27 percentage point rate cut, this time within two months of the fourth rate cut as much as 1.08 percentage points, far exceeding market expectations, its dynamics, and second only to August 1996 October 1997 of two large-scale cuts.
Zhenghua Comments: I believe that in time the last three months the central bank cut interest rates several times and even urgency, low interest rate will reduce the cost of real estate development companies, The people from the field to real interest rates are also reducing the burden, cut in the property market, the stock market is good news superimposed, reducing the burden of mortgage interest rates five times already Jinliang Cheng. cut interest rates again to help boost market confidence, not only can reduce the room financial costs to industry, and lower interest rates will further stimulate the enthusiasm of the residents of the purchase. reduced the interest rate reflects the decision-making policy.
are China, the central bank cut interest rates substantially single the effect of reducing the burden for the enterprise income is obvious, reducing the burden of listed companies, reduce financial costs, effectively promote the performance of listed companies improved. In addition, the banking sector is certainly positive. monetary policy relaxation, can also increase revenue for the bank. At present series of property market policy ; prop up the market bearish attitude majority. Currently the game is intensifying between the seller and the buyer will remain market-driven housing prices down.
I believe that the rate cut greatly enhance the real estate market, consumer confidence, especially greatly stimulated first time home buyers purchase intention. However, due to the implementation of two sets of loans are still tight policy is not conducive to improve the type of demand for the release. so short period of time does not change the status of the property market turnover decline of the downturn, the future property market may be show One is a phased process, at this stage the market is still a major psychological impact. cut mainly aimed at the economic level of liquidity, focusing on stimulating domestic demand, to secure stable and rapid economic development as the next two years of economic primary task, rather than a single for the real estate industry.
I also believe that the government prop up the intensity of first-aid breakthrough innovation, policy intentions are clear. substantial policy interest rate cut led the fundamentals of good running of the situation, policy The warm wind blowing, boost market confidence, the basic policy of continually becoming the face of the property market is good. successive interest rate cuts in the property market has had a subtle effect, but the rate cut to stimulate the property market can not become the main cause of warming. property policy continued good, played a supporting role in the market, to some extent the market has played a stabilizing role, but watching the property market in general thicker atmosphere, the occasion of the end mark, the industry is expected to remain bearish, and therefore, very short period of time the New Deal difficult to play on the overall market, quick and immediate effects.
central bank released last November 17 the will a new low. Thus, the central bank Shanghai headquarters of the New Deal effect remains to be seen holding the attitude.
stock of mortgage interest rates four major banks to apply for preferential
Qizhe many days of silence, the Construction Bank, Industrial and Commercial Bank Bank of China, Agricultural Bank of the four lines on the stock of mortgage lending rate measures to finally let go the first day of the New Year: as long as 27 October 2008 implementation of the benchmark interest rate discount of 0.85 times, no bad credit record of quality customers, in principle, can be Application Qizhe prime rate.
stock of mortgage refers to the October 27, 2008 mortgage payment before the New Deal in the individual housing loans to pay off part of yet. As of December 31, 2008, more than the national Bank mortgage customers has been launched for the stock Qizhe prime rate, such as Minsheng Bank, Bank of Communications, Shanghai Pudong Development Bank, China Everbright Bank, and other small commercial banks.
It is understood that other details of the majority of small and medium banks issued similar, basic requirement is the implementation of the benchmark interest rate eight pre-discount for an offer no bad credit record, some banks have loans for the first suites, and other restrictions.
afterwards: 7 million in discount rate interest loans could save 170,000 yuan
If you press room Loan balance due 100 million, loans of 20 years, eight half of the amount of the loan interest rate calculations, home buyers pay interest of about 1 million yuan (5.94% * 0.85 * 20 * 100 million = 1,009,800 yuan), according to the benchmark interest rate Qizhe calculation, the interest paid by buyers is about 83 million (5.94% * 0.7 * 20 * 100 million = 831,600 yuan), both compared to the interest rate for home buyers Qizhe save 178,200 yuan of interest .
Zhenghua Comments: New Deal in the market in terms of personal loans is a key measure for the industry, recognized the macro-control measures that have particularly strong lethal credit focus, 7 discount rate discount is the industry's attention, the four major banks personal loans interest rates in the stock of mortgage incentives 7 fold relaxation, aimed at stabilizing the property market to promote market stable and to pick up, focus on the overall banking system, compressed profit stability.
3, Ministry of Finance, the business tax on the transfer of individual housing policy notice
Ministry of Finance and State Administration of Taxation December 29, 2008 release fiscal [2008] No. 174 on individual housing transfer notice of business tax policy. summarized as follows:
one, since 2009 January 1 to December 31, individuals will purchase less than 2 years external sales of non-ordinary housing, full charge sales tax; individuals will purchase more than 2 years (including 2 years) of non-ordinary housing or less than 2 years external sales of ordinary housing, in accordance with its sales revenue minus the purchase price of housing after the business tax; individuals will purchase more than 2 years (including 2 years) ordinary housing foreign sales, exemption from sales tax. Second, the general housing and non-ordinary housing standards, the specific procedures for tax exemption, the time to buy houses, invoicing, the difference between the tax deduction certificate, non-purchase behavior and the form of access to housing other related tax regulations, in accordance with the Notice of property tax administration Since 1 January 2009, the the new policy to reduce taxes on the trading session, aimed at reducing the burden of an active trading market activities to encourage their own homes and improve the type of market demand for the release. individual housing is related to the transfer of the property market a second-hand housing market linkage development and delivery degree of investment activity increase is related to the central government the did not produce results, you can extend; if the prevailing market speculation caused, you can cancel or re-adjustment.
4, state 900 billion yuan investment plan
accordance with the standards, work to implement rental investment 215 billion in shantytowns, 101.5 billion yuan investment, affordable housing investment 600 billion yuan.
Zhenghua Comments: Real estate has been focused on the livelihood security, detailed and quantified 900 billion yuan of housing investment protection program to promote China's real estate market into a healthy and orderly track, substantial residential construction which entered a guarantee by the central government-led housing a new stage of rapid development. The Government has increased support and upgrades, which is bound pattern of housing development have a profound impact.
5, Shanghai Municipal Government, the latest Bureau, the Municipal Construction and Transportation Committee, Urban Planning and Land Resources Bureau jointly issued a notice, the following implementation of the observations: First, to actively carry out the construction of affordable housing in the state on the basis of credit policy, to further broaden the protection of housing construction financing channels, In the premise of ensuring safety of funds, actively seek to add the city housing fund for the city of idle funds such as the construction of affordable housing pilot project to increase the supply of affordable housing. Second, the transfer of individuals to purchase more than 2 years (including 2 years) housing, ordinary housing exempted from business tax, the transfer of non-ordinary housing according to their income and purchase price of the housing business tax; individual purchase of less than 2 years of the transfer of housing, general housing, according to the transfer of income and housing price difference between the purchase of the business tax, non-ordinary housing according to the transfer of sales tax revenue collected in full. Third, is the loan to buy a housing residents to improve living conditions, then the loan to buy the second set of ordinary housing, mutatis mutandis, the implementation of the first loan to buy ordinary housing preferential policies; meet the housing Personal loans to fund the purchase conditions, have been determined, according to the first purchase of ordinary housing occupied housing provident fund loans policy enforcement. second set and other loans to buy more housing, lending interest rates in the benchmark interest rate by commercial banks on the basis of reasonably determined by risk. Fourth, the purchase of 90 square meters of housing to improve the living conditions of ordinary, Zanan deed tax rate of 1%. V. purchase of second homes of ordinary families apply for housing provident fund loans, in compliance with loan conditions cases per family (with 2 or more people, including 2 person) the maximum basic housing accumulation fund loan limit increased from 20 million to 40 million; if additional fund, the maximum loan limit per household for the 60 million ; for only one person in the family loans, continue to enforce existing lending policies, the basic housing fund maximum loan limit is 20 million, if additional fund, the maximum loan amount is 30 million. VI, to scientifically determine the land total supply, structure, layout and timing, real estate development sites to maintain continuity and stability. all districts and counties to meet the housing construction plan and the annual housing land required for housing construction plan, while ensuring the protection of housing and common commercial housing land supply. VII guide the real estate development enterprises to actively respond to market changes, reasonable pricing, and promote real estate sales. encourage and guide financial institutions to increase ordinary commodity housing construction projects, particularly in the construction of the project credit support, with a good reputation on the strength real estate development companies involved in mergers and acquisitions and the construction of affordable housing, providing financing and related financial services. VIII, to further strengthen market monitoring, standardize the order of real estate transactions; adhere to the correct guidance of public opinion to create a good atmosphere for public opinion, to encourage housing and reasonable consumption. relevant departments to strengthen supervision, the introduction of the machine on the use of opportunistic shill bidding policy of spreading false information and disrupt the market order, should be investigated and punished according to law. the second, third, fourth, five implementation period, from 2009 1 January 1 until December 31 only.
Zhenghua Comments: Shanghai new and relevant content, indicating that the policy support livelihood of the home-based housing needs, policies favoring greater efforts on the improvement of housing demand in the two sets of mortgage-based policy is also to be the policy of the support of the release of favorable interest rate policy, and on the purchase of 90 square meters of housing also impose concessions deed. policy is entirely out of the basic needs of housing, livelihood support.
Shanghai has just introduced the In addition to per capita living space of the first suite of restrictions on buying a second standard the enthusiasm of buyers needs to improve the model.
Annex
some new trends in housing prices
1, developers, small loan companies to switch
phenomenon: the main sponsor of many real estate companies in Shanghai
small loan companies are entering the restructuring of financial institutions, nor is it Fei and Industrial Group Co., Ltd. and Shanghai Science and Technology in South Asia, the other main sponsor of all the real estate business.
this phenomenon not only in Shanghai. In the first microfinance company in Zhejiang, the new lake Bao, Zhejiang Furun , Guangyu Group, housing prices have been involved in small loan company. in Sichuan, Sichuan Sanli investment real estate company set up the first microfinance company - Guangyuan, small loan companies financial benefits. The other real estate speculators Sichuan Kaiyuan , established two years ago has become a full small loans Guangyuan Co., Ltd. a large shareholder. in Chongqing, the newly opened area Ruikang microfinance longevity limited liability company, and also by operating the real estate industry in Chongqing Hing Mau ( Group) Co., Ltd. to fund the establishment.
the property market downturn because housing prices or route through transition
in the context of the global financial crisis, housing prices generally tight financial chain. Why are they still keen on small loan company? room rate money, tens of millions to be do have. rich, a big number. He also believes that the industry downturn, small loan company is also involved in diversified housing prices in one direction. local government support. industry analysts believe that small loan companies in order to run the pilot, local governments will take to raise the threshold, etc., many small companies are excluded, only the room rate and other large companies are eligible. Small Song Jiang Longxin Loans Chairman introduced the Shanghai No. 39 to require the government to do, small loan company the main sponsor of net assets of not less than 5,000 yuan, asset-liability ratio no higher than 70% for 3 consecutive years, the total earnings and profits of 15 million yuan.
seek restructuring financing, profits have both
Another reason is that real estate would like to transition and financial support. industry analysts believe that the real estate industry's high-speed development period has ended, you need to transition . small loan company that the primary financial enterprises in the future could become the core of rural banks and other financial companies, to provide financing services to their room rate. In addition, can maintain a good image, and get some business income. Experts said that the current financial hard to find a photo industry, eligible to apply for small loans into the company's future rural banks, deposits. This may also enter the room rate a small loan company purposes.
real estate and finance can not be separated if bigger, and requires cooperation. have real estate as collateral, financial institutions, comparative ease; room rate loans to the money, but also do other investments.
procedure is so simple for a small loan company in Shanghai opened to a warm welcome. microfinance Ltd. Shanghai Baoshan Pauline opened only two days, according to the company, has more than 20 companies to visit, and calling this interruption. Song Jiang Longxin microfinance Account Manager said, the office also decorated, a lot of people come to counseling, home consultation over the 30. from the November 17 opening date, has approved three loans. Office learned from the account manager, here's enterprises are involved in wine, machinery , food packaging, food, instruments, and other industries.
do in Songjiang, a Taiwanese restaurant in the days prior to the Song Jiang Longxin micro-credit loans to companies to submit all the information and was told the next day you can get 200,000 yuan loans. The company is very excited: manager said, to rush in more than 20 customers before opening an investigation, eligible to sign a contract opening. early December opening soon in Shanghai Jiading West Microfinance Limited, now has more than 50 customers have loans intentions. The survey found that lending rates and the period is the focus of customer inquiries.
dynamic summary of the recent bailout policies
1, the State Council issued No. 131131 transformation problem. (b) various channels to raise funds for construction. (c) Housing Fund to carry out a pilot for housing construction.
Second, to further encourage housing consumption of ordinary goods (d) to increase their own homes and improve the type of housing consumption credit support. in the implementation of the first people to buy ordinary housing loans, loans to enjoy the preferential interest rate and down payment at the same time, to have the loan to buy a house, but the per capita living space less than the local average level, and then apply for a loan to buy the second set for the improvement of living conditions of ordinary people from the housing, mutatis mutandis, the implementation of the first loan to buy ordinary housing preferential policies. on other loans to buy second and more housing, lending rates and other benchmark interest rate by commercial banks based in reasonable assurance on a risk. (e) the transfer of part of the housing business tax relief for the provisional implementation of the policy year. ordinary individuals to purchase existing housing more than 5 years (including 5 years) for sale exempted from business tax, to more than 2 years (including 2 years ) transfer exempted from business tax; to individuals to purchase ordinary housing transfer of less than 2 years, according to the transfer of income from the full collection of business tax, the transfer of income to their original price minus the purchase of housing business tax. individuals to purchase existing ordinary housing non- more than 5 years (including 5 years) the transfer of the transfer income minus their original cost to purchase a home the difference between the collection of sales tax, to more than 2 years (with 2 years) the transfer of the transfer income minus their original cost to purchase a home business tax; individuals to purchase less than 2 years of non-ordinary housing assignment, based upon the transfer of sales tax revenue collected in full. The above provisional implementation of the policy to December 31, 2009. Third, to support real estate development enterprises to actively respond to market changes (f) to guide real estate development enterprises to actively respond to market changes. real estate development companies according to market changes and needs, taking initiative to promote reasonable price sales of commodity housing. Local people's governments at all levels to do well before the end of 2008 the real estate project payment settlement, the farmers payment of wages and other supervision and inspection. for real estate development enterprises to adjust the sales price of housing disputes arising in the course, we must work hard to resolve the work, according to the contract to guide the parties through legal channels. (vii) to support real estate development enterprises reasonable funding needs. commercial banks according to the principles of credit and regulatory requirements, increase in the low-cost, small and medium size apartment building, especially in the construction of the project credit support; on the strength of a reputable real estate development enterprises mergers and acquisitions the enterprise or project, provide financing support and related financial services. enterprises with better conditions to support credit approval to issue corporate bonds, real estate investment trust to carry out the pilot, expand direct financing channels. (h) the removal of urban real estate tax. for further fair tax burden, improve the property tax system, according to legal procedures to cancel the city real estate tax, the uniform application of foreign enterprises and the ) implementation of the local people's government stabilize the real estate market functions. (x) according to local conditions to solve the housing difficulties of other groups of housing.
Fifth, strengthen the real estate market monitoring (k) continue to strengthen the real estate market monitoring and analysis. (xii) strengthen supervision and inspection.
six, and actively create a good atmosphere for public opinion (m) adhere to the correct guidance of public opinion.
policy on the Background:
Premier Wen Jiabao, 17 December 2008 State Council executive meeting presided over to study the deployment to promote the healthy development of the real estate market policy measures. recent countries to take to expand domestic demand and promote stable and rapid economic growth policies and measures, the meeting identified the following policies and measures of
(a) to increase construction of affordable housing efforts. ( b) to further encourage housing consumption of ordinary goods. (c) to guide real estate development enterprises to actively respond to market changes, and promote housing sales. supports a reasonable financing needs, and increase in low-cost, small and medium size apartment building, especially in the construction credit support to the project, on the strength of a reputable real estate development companies to finance mergers and acquisitions and related financial services. in accordance with legal procedures to cancel the city real estate tax. in the State Council executive meeting of the deployment to promote the healthy development of the real estate market policy measures, at the outset, a clear clear policy intent is to save the property market to secure economic growth, promote domestic demand. encourage the general consumption of commodity housing initiatives to further overweight, the State Council of the current status of the property market, the Chinese government to deploy high-level feature of the healthy development of the real estate market policy measures, indicating that the central attaches great importance to the real estate industry, initiatives, to give the market good enough information to restore confidence conducive to the market, then gradually warming trend. is central to the two sets of mortgage policy to open a smaller hole in the market place who does not feel.
for Housing City health development is the development of the central government held the industry intent of thirteen measures with innovative content, and rescue policy autonomy given to the intention of commercial banks is also more obvious, and local governments also have a display space, the future performance of the property market depends on how the use of autonomy. New Deal to encourage real estate development companies at a reasonable price MERCHANTABILITY, support the reasonable housing prices and the cancellation of the credit needs of urban real estate tax and so boost the confidence of the real estate business, the role also significantly reducing the burden, considerable financial pressure to solve specific developers. New Deal for the first time face to encourage improvements in the type of housing needs, market demand, which can promote the release of active degrees to be further enhanced, but also to promote market stability and orderly development.
the real estate industry's position is that an unprecedented height, in the past building materials and home appliances household goods and other industries important, Wen Ding and development of the financial sector is essential for the promotion of consumption structure upgraded with an important role in improving people's livelihood. There are two key tasks have talked about the real estate industry, the burden of living an ordinary commodity housing, real estate in expanding domestic demand to play a positive role. Working Conference of the spirit. re-boost the real estate industry as to promote investment and ensure the necessary economic choices. real estate pushed to the ; the first, and so sent out a clear policy mix, There are both subjective and objective factors. subjectively market trends during the downturn in the past year has shown a pattern and characteristics of a bear market, market dynamics Ruoshi particularly embarrassing, some of the property market has little vitality. The domestic and international economic stage environment has worsened the recession is the world's common problems, to preserve the economic stability of the rapid development as the primary task of economic work. In this critical moment, save the city become a top priority, but only to save the property market will have a multiplier of the overall economic situation effect.
2, People's Bank of China, fourth quarter of 2008 the full rate cut five times per day to maintain growth
the year 2008, the PBOC announced that the fifth interest rate cut: from December 23, the lower one-year RMB benchmark deposit and lending interest rates seven percent of the 0.2, the first time this year cut interest rates from mid-September, less than hundred days time, the central bank cut interest rates so frequently used tools, to maintain growth of the heart is evident. The central bank said, the other period of the deposit and lending interest rates adjusted accordingly. Meanwhile, cut the central bank refinancing and rediscount rates. From December 25, the lower the financial institutions of RMB deposit reserve ratio by 0.5 percentage points. the central bank rate cut basically meet market expectations. In the fifth interest rate cut before the central bank announced one after another of the economic indicators released, the Chinese economy may face downside risks rather than expected. The rate cut last time China cut interest rates during 2008, and a survey shows that over half of institutional investors that the 2009 rate cut will reach or more than one hundred basis points. In the fifth time the Chinese central bank announced interest rate cut before the Fed has cut U.S. interest rates at least seventy-five basis points, down to lowest point in history.
more than two months, the central bank has cut interest rates four times, most recently cut interest rates more than ten year record of the most significant. But after the hustle and bustle, into a corner of the property market did not immediately pull through, wait and see atmosphere is still diffuse. Market participants generally believe that the current problem is that the property market, has introduced a policy of rescue does not solve the housing market confidence. the return of warmer conditions in the property market situation is not yet available, price promotions are still relatively developers effective > The previous three were 0.27 percentage point rate cut, this time within two months of the fourth rate cut as much as 1.08 percentage points, far exceeding market expectations, its dynamics, and second only to August 1996 October 1997 of two large-scale cuts.
Zhenghua Comments: I believe that in time the last three months the central bank cut interest rates several times and even urgency, low interest rate will reduce the cost of real estate development companies, The people from the field to real interest rates are also reducing the burden, cut in the property market, the stock market is good news superimposed, reducing the burden of mortgage interest rates five times already Jinliang Cheng. cut interest rates again to help boost market confidence, not only can reduce the room financial costs to industry, and lower interest rates will further stimulate the enthusiasm of the residents of the purchase. reduced the interest rate reflects the decision-making policy.
are China, the central bank cut interest rates substantially single the effect of reducing the burden for the enterprise income is obvious, reducing the burden of listed companies, reduce financial costs, effectively promote the performance of listed companies improved. In addition, the banking sector is certainly positive. monetary policy relaxation, can also increase revenue for the bank. At present series of property market policy ; prop up the market bearish attitude majority. Currently the game is intensifying between the seller and the buyer will remain market-driven housing prices down.
I believe that the rate cut greatly enhance the real estate market, consumer confidence, especially greatly stimulated first time home buyers purchase intention. However, due to the implementation of two sets of loans are still tight policy is not conducive to improve the type of demand for the release. so short period of time does not change the status of the property market turnover decline of the downturn, the future property market may be show One is a phased process, at this stage the market is still a major psychological impact. cut mainly aimed at the economic level of liquidity, focusing on stimulating domestic demand, to secure stable and rapid economic development as the next two years of economic primary task, rather than a single for the real estate industry.
I also believe that the government prop up the intensity of first-aid breakthrough innovation, policy intentions are clear. substantial policy interest rate cut led the fundamentals of good running of the situation, policy The warm wind blowing, boost market confidence, the basic policy of continually becoming the face of the property market is good. successive interest rate cuts in the property market has had a subtle effect, but the rate cut to stimulate the property market can not become the main cause of warming. property policy continued good, played a supporting role in the market, to some extent the market has played a stabilizing role, but watching the property market in general thicker atmosphere, the occasion of the end mark, the industry is expected to remain bearish, and therefore, very short period of time the New Deal difficult to play on the overall market, quick and immediate effects.
central bank released last November 17 the will a new low. Thus, the central bank Shanghai headquarters of the New Deal effect remains to be seen holding the attitude.
stock of mortgage interest rates four major banks to apply for preferential
Qizhe many days of silence, the Construction Bank, Industrial and Commercial Bank Bank of China, Agricultural Bank of the four lines on the stock of mortgage lending rate measures to finally let go the first day of the New Year: as long as 27 October 2008 implementation of the benchmark interest rate discount of 0.85 times, no bad credit record of quality customers, in principle, can be Application Qizhe prime rate.
stock of mortgage refers to the October 27, 2008 mortgage payment before the New Deal in the individual housing loans to pay off part of yet. As of December 31, 2008, more than the national Bank mortgage customers has been launched for the stock Qizhe prime rate, such as Minsheng Bank, Bank of Communications, Shanghai Pudong Development Bank, China Everbright Bank, and other small commercial banks.
It is understood that other details of the majority of small and medium banks issued similar, basic requirement is the implementation of the benchmark interest rate eight pre-discount for an offer no bad credit record, some banks have loans for the first suites, and other restrictions.
afterwards: 7 million in discount rate interest loans could save 170,000 yuan
If you press room Loan balance due 100 million, loans of 20 years, eight half of the amount of the loan interest rate calculations, home buyers pay interest of about 1 million yuan (5.94% * 0.85 * 20 * 100 million = 1,009,800 yuan), according to the benchmark interest rate Qizhe calculation, the interest paid by buyers is about 83 million (5.94% * 0.7 * 20 * 100 million = 831,600 yuan), both compared to the interest rate for home buyers Qizhe save 178,200 yuan of interest .
Zhenghua Comments: New Deal in the market in terms of personal loans is a key measure for the industry, recognized the macro-control measures that have particularly strong lethal credit focus, 7 discount rate discount is the industry's attention, the four major banks personal loans interest rates in the stock of mortgage incentives 7 fold relaxation, aimed at stabilizing the property market to promote market stable and to pick up, focus on the overall banking system, compressed profit stability.
3, Ministry of Finance, the business tax on the transfer of individual housing policy notice
Ministry of Finance and State Administration of Taxation December 29, 2008 release fiscal [2008] No. 174 on individual housing transfer notice of business tax policy. summarized as follows:
one, since 2009 January 1 to December 31, individuals will purchase less than 2 years external sales of non-ordinary housing, full charge sales tax; individuals will purchase more than 2 years (including 2 years) of non-ordinary housing or less than 2 years external sales of ordinary housing, in accordance with its sales revenue minus the purchase price of housing after the business tax; individuals will purchase more than 2 years (including 2 years) ordinary housing foreign sales, exemption from sales tax. Second, the general housing and non-ordinary housing standards, the specific procedures for tax exemption, the time to buy houses, invoicing, the difference between the tax deduction certificate, non-purchase behavior and the form of access to housing other related tax regulations, in accordance with the Notice of property tax administration Since 1 January 2009, the the new policy to reduce taxes on the trading session, aimed at reducing the burden of an active trading market activities to encourage their own homes and improve the type of market demand for the release. individual housing is related to the transfer of the property market a second-hand housing market linkage development and delivery degree of investment activity increase is related to the central government the did not produce results, you can extend; if the prevailing market speculation caused, you can cancel or re-adjustment.
4, state 900 billion yuan investment plan
accordance with the standards, work to implement rental investment 215 billion in shantytowns, 101.5 billion yuan investment, affordable housing investment 600 billion yuan.
Zhenghua Comments: Real estate has been focused on the livelihood security, detailed and quantified 900 billion yuan of housing investment protection program to promote China's real estate market into a healthy and orderly track, substantial residential construction which entered a guarantee by the central government-led housing a new stage of rapid development. The Government has increased support and upgrades, which is bound pattern of housing development have a profound impact.
5, Shanghai Municipal Government, the latest Bureau, the Municipal Construction and Transportation Committee, Urban Planning and Land Resources Bureau jointly issued a notice, the following implementation of the observations: First, to actively carry out the construction of affordable housing in the state on the basis of credit policy, to further broaden the protection of housing construction financing channels, In the premise of ensuring safety of funds, actively seek to add the city housing fund for the city of idle funds such as the construction of affordable housing pilot project to increase the supply of affordable housing. Second, the transfer of individuals to purchase more than 2 years (including 2 years) housing, ordinary housing exempted from business tax, the transfer of non-ordinary housing according to their income and purchase price of the housing business tax; individual purchase of less than 2 years of the transfer of housing, general housing, according to the transfer of income and housing price difference between the purchase of the business tax, non-ordinary housing according to the transfer of sales tax revenue collected in full. Third, is the loan to buy a housing residents to improve living conditions, then the loan to buy the second set of ordinary housing, mutatis mutandis, the implementation of the first loan to buy ordinary housing preferential policies; meet the housing Personal loans to fund the purchase conditions, have been determined, according to the first purchase of ordinary housing occupied housing provident fund loans policy enforcement. second set and other loans to buy more housing, lending interest rates in the benchmark interest rate by commercial banks on the basis of reasonably determined by risk. Fourth, the purchase of 90 square meters of housing to improve the living conditions of ordinary, Zanan deed tax rate of 1%. V. purchase of second homes of ordinary families apply for housing provident fund loans, in compliance with loan conditions cases per family (with 2 or more people, including 2 person) the maximum basic housing accumulation fund loan limit increased from 20 million to 40 million; if additional fund, the maximum loan limit per household for the 60 million ; for only one person in the family loans, continue to enforce existing lending policies, the basic housing fund maximum loan limit is 20 million, if additional fund, the maximum loan amount is 30 million. VI, to scientifically determine the land total supply, structure, layout and timing, real estate development sites to maintain continuity and stability. all districts and counties to meet the housing construction plan and the annual housing land required for housing construction plan, while ensuring the protection of housing and common commercial housing land supply. VII guide the real estate development enterprises to actively respond to market changes, reasonable pricing, and promote real estate sales. encourage and guide financial institutions to increase ordinary commodity housing construction projects, particularly in the construction of the project credit support, with a good reputation on the strength real estate development companies involved in mergers and acquisitions and the construction of affordable housing, providing financing and related financial services. VIII, to further strengthen market monitoring, standardize the order of real estate transactions; adhere to the correct guidance of public opinion to create a good atmosphere for public opinion, to encourage housing and reasonable consumption. relevant departments to strengthen supervision, the introduction of the machine on the use of opportunistic shill bidding policy of spreading false information and disrupt the market order, should be investigated and punished according to law. the second, third, fourth, five implementation period, from 2009 1 January 1 until December 31 only.
Zhenghua Comments: Shanghai new and relevant content, indicating that the policy support livelihood of the home-based housing needs, policies favoring greater efforts on the improvement of housing demand in the two sets of mortgage-based policy is also to be the policy of the support of the release of favorable interest rate policy, and on the purchase of 90 square meters of housing also impose concessions deed. policy is entirely out of the basic needs of housing, livelihood support.
Shanghai has just introduced the In addition to per capita living space of the first suite of restrictions on buying a second standard the enthusiasm of buyers needs to improve the model.
Annex
some new trends in housing prices
1, developers, small loan companies to switch
phenomenon: the main sponsor of many real estate companies in Shanghai
small loan companies are entering the restructuring of financial institutions, nor is it Fei and Industrial Group Co., Ltd. and Shanghai Science and Technology in South Asia, the other main sponsor of all the real estate business.
this phenomenon not only in Shanghai. In the first microfinance company in Zhejiang, the new lake Bao, Zhejiang Furun , Guangyu Group, housing prices have been involved in small loan company. in Sichuan, Sichuan Sanli investment real estate company set up the first microfinance company - Guangyuan, small loan companies financial benefits. The other real estate speculators Sichuan Kaiyuan , established two years ago has become a full small loans Guangyuan Co., Ltd. a large shareholder. in Chongqing, the newly opened area Ruikang microfinance longevity limited liability company, and also by operating the real estate industry in Chongqing Hing Mau ( Group) Co., Ltd. to fund the establishment.
the property market downturn because housing prices or route through transition
in the context of the global financial crisis, housing prices generally tight financial chain. Why are they still keen on small loan company? room rate money, tens of millions to be do have. rich, a big number. He also believes that the industry downturn, small loan company is also involved in diversified housing prices in one direction. local government support. industry analysts believe that small loan companies in order to run the pilot, local governments will take to raise the threshold, etc., many small companies are excluded, only the room rate and other large companies are eligible. Small Song Jiang Longxin Loans Chairman introduced the Shanghai No. 39 to require the government to do, small loan company the main sponsor of net assets of not less than 5,000 yuan, asset-liability ratio no higher than 70% for 3 consecutive years, the total earnings and profits of 15 million yuan.
seek restructuring financing, profits have both
Another reason is that real estate would like to transition and financial support. industry analysts believe that the real estate industry's high-speed development period has ended, you need to transition . small loan company that the primary financial enterprises in the future could become the core of rural banks and other financial companies, to provide financing services to their room rate. In addition, can maintain a good image, and get some business income. Experts said that the current financial hard to find a photo industry, eligible to apply for small loans into the company's future rural banks, deposits. This may also enter the room rate a small loan company purposes.
real estate and finance can not be separated if bigger, and requires cooperation. have real estate as collateral, financial institutions, comparative ease; room rate loans to the money, but also do other investments.
procedure is so simple for a small loan company in Shanghai opened to a warm welcome. microfinance Ltd. Shanghai Baoshan Pauline opened only two days, according to the company, has more than 20 companies to visit, and calling this interruption. Song Jiang Longxin microfinance Account Manager said, the office also decorated, a lot of people come to counseling, home consultation over the 30. from the November 17 opening date, has approved three loans. Office learned from the account manager, here's enterprises are involved in wine, machinery , food packaging, food, instruments, and other industries.
do in Songjiang, a Taiwanese restaurant in the days prior to the Song Jiang Longxin micro-credit loans to companies to submit all the information and was told the next day you can get 200,000 yuan loans. The company is very excited: manager said, to rush in more than 20 customers before opening an investigation, eligible to sign a contract opening. early December opening soon in Shanghai Jiading West Microfinance Limited, now has more than 50 customers have loans intentions. The survey found that lending rates and the period is the focus of customer inquiries.
Wednesday, December 22, 2010
Life is to actively seek - Kai-fu Lee felt his speech - the focus of American furniture Guangya blog network
A few days ago Education TV Station, watched the program. Kai-fu Lee to face Beijing University students, about his personal experience, of which about how he obtained the post of vice president of Google I rather think.
At Microsoft, Kai-fu Lee has served as general manager, and years of work, he thought he was just a big machine on the U.S. Microsoft a gear, there he is in fact not very important. So he was looking for a chance to play themselves.
One day he saw Google has a message on Sina, Google wants to develop China's cause, looking for insight to join. Kai-fu Lee was thought that Google's business must have a lot of good people want to join, they are waiting for search Phone companies looking to come or go directly to Google. find their own is not no face. that Microsoft's executives to candidates, and to the front bar a little bit embarrassed.
So Kai-fu Lee on Google in the GOOGLE search contact to find the person in charge of Google's e-mail address, send a message to go after 24 hours to get a response. after joining Google is not very well, because Microsoft told him, and spent months fighting the case. Xu's not talk after.
Kai-fu Lee were talking about this thing, so I have some ideas. Today he was so calm about this thing, everything should actively strive for, rather than passively waiting. to him today this position, toad words, compared to say a lot of people say much more useful training.
thank Li's frank words! as encouragement for future certainly positive!
At Microsoft, Kai-fu Lee has served as general manager, and years of work, he thought he was just a big machine on the U.S. Microsoft a gear, there he is in fact not very important. So he was looking for a chance to play themselves.
One day he saw Google has a message on Sina, Google wants to develop China's cause, looking for insight to join. Kai-fu Lee was thought that Google's business must have a lot of good people want to join, they are waiting for search Phone companies looking to come or go directly to Google. find their own is not no face. that Microsoft's executives to candidates, and to the front bar a little bit embarrassed.
So Kai-fu Lee on Google in the GOOGLE search contact to find the person in charge of Google's e-mail address, send a message to go after 24 hours to get a response. after joining Google is not very well, because Microsoft told him, and spent months fighting the case. Xu's not talk after.
Kai-fu Lee were talking about this thing, so I have some ideas. Today he was so calm about this thing, everything should actively strive for, rather than passively waiting. to him today this position, toad words, compared to say a lot of people say much more useful training.
thank Li's frank words! as encouragement for future certainly positive!
Tuesday, December 21, 2010
China's latest Olympic champion 2008 Gold List
August 20, 2008 8:48 pm
Wednesday morning Beijing Olympic Games gold medal winner list
Chen Xie Xia Guangdong
won a total score of 212 kg women's weightlifting 48kg gold medal and broke a total score of the Olympic Games records,
This is the Chinese delegation at the Beijing Olympic Games first gold medal harvest
Hebei player Pong
to 688.2 won the men's ring achievements 10m air pistol gold medal,
wins for the Chinese delegation have 2 of the Beijing Olympics gold medals
players Shaanxi Guo? B
in the Beijing Olympic Games women's 10m air pistol final to break the Olympic record 492.3, won the championship,
which is the representative of China Group III in this Olympic Games gold medals.
players in China Guo Jingjing, Hebei / China Shanghai player Wu Min Xia
three-meter at the Beijing Olympics women's doubles titles and captured the perfect
won 4 gold
China China Xian Dongmei
Guangdong Olympic Games in Beijing August 10 women's judo 52kg final, won the gold medal,
for the Chinese delegation received 5 gold (Athens, she is also a fifth gold)
17-year-old teenager, Hunan, China Long Qingquan
in the men's 56 kg class competition,
independence war each group master, by virtue of his excellent psychological quality and stability of the play to snatch 132 kg, 160 kg clean and jerk and total score of 292 kilograms won the representative of China Mission sixth in gold this Olympic Games,
players, Guangdong, China Lin Yue and Huo Liang of China Shanghai
doubles players 10-meter platform crowded, gold medals was the seventh player Chen Yanqing
in Jiangsu, China 2008 Beijing Olympic Games on August 11 women's weightlifting 58 kg class final, won the gold medal total score of 244KG.
8 of the Chinese delegation received payment. < br> Fujian, China, Zhang Xiangxiang
athletes in 29 Olympic Games Men's 62kg class weightlifting, a total score of 319kg to beat all opponents of absolute champion,
for the Chinese delegation won the ninth gold medal.
by the players won in Hubei, Hunan player Li Xiaopeng, Chen Yibing players Tianjin, Nanjing player Xiao Qin, Zou Kai, Sichuan athletes, Jiangsu players new and old players
Huang Xu of the Chinese men's gymnastics team composed of the Beijing 2008 Olympic Games appearances worked hard under the unfavorable situation Yuezhanyueyong to score 286.125 points and beat separate ways large master champion,
for the Chinese delegation won 10 gold medals.
players, Jiangsu, China Chen Ruolin and Wang Xin of China Hubei players
in Beijing Olympic women's doubles final to Shimi Tai perfect performance won the championship,
for the Chinese sports delegation to get 11 gold.
Zhong Man of China, Jiangsu players in the 2008 Beijing Olympics in August 12, the final of the men's individual saber,
Lopez defeated France's, eventually claim the championship title for the Chinese delegation received 12 gold
Liao Hui of China Hubei players in the 2008 Beijing Olympics August 12 men's weightlifting 69 kg class final, standout from the crowd,
achievements with a total score 348KG claim the championship title for the Chinese delegation received 13 gold.
Chinese women's gymnastics team gymnastics at the 2008 Beijing Olympic Games women's team final,
worth of ups and downs experienced by 188.90 points worked hard to win the final,
the first time in history the Olympic team title!
90 after the main girl enjoy first time on behalf of China women's gymnastics gold medal .
This is the history of the Chinese delegation received a fifth Olympic gold medal in gold groups.
Chinese delegation at the Olympic Games gold medal in the first 14 athletes in Beijing, China Chen Ying
in Beijing in 2008 Olympic Games on August 13 in the women's 25m pistol final project,
stabilizing and eventually claim the championship title,
for the Chinese delegation received 15 gold.
players, Shandong, China Wang Feng and Qin Kai of China Shaanxi players
in the 2008 Beijing Olympic Games on August 13 Men's 3m springboard final, eventually won the gold medal score of 469.08.
for the Chinese delegation won the first player 16 gold
Liu Chunhong
in Shandong, China Beijing 2008 Olympics Weightlifting Women's 69kg final,
a total score of 286kg easily broke the world record, far ahead of rivals, won the championship.
obtained for the Chinese Olympic delegation in Shanghai, China 17 gold
player Liu Song of the 29th Beijing Olympic Games women's 200 meters butterfly final, with 2 minutes 04 seconds to obtain the results of 18 titles and broke the world record!
This is the second swimmer in the Olympics was the first gold!
for the Chinese Olympic delegation won 18 gold medals
Du
Shandong players in the women's 50m rifle shooting three positions gold medal game, the first day to make up for the lost gold regret
for the Beijing Olympics the Chinese delegation won 19 gold medals
's Hubei Province, China Yang Wei
players at the 2008 Beijing Olympic Games to win men's gymnastics individual all-around champion for the Chinese delegation harvest
20 gold medals in Qingdao, Shandong
player Zhang Juanjuan
archery in Beijing Olympic Games women's individual race row by defeating the world's three top three Korean players
for the Chinese delegation received 21 gold medals
Liaoning Yang Xiuli
Judo players in the women's judo 78kg final after defeating Cuba's overtime worked hard to champion Aaron Nisi? Castillo
for the Chinese delegation won 22 gold medals, athletes, Hebei
Cao Lei < br> twenty-ninth Olympic Games women's weightlifting 75 kg class final Olympic record breaking two
to China's 23 gold medals in the football into the capsule
Tianjin, China Tong Wen
judo athletes in the Olympic women's 78 kg above grade to a final victory over Japan's,
the Chinese delegation received 24 gold medals
player Lu Dong Yong in Guangxi
at the Beijing Olympics weightlifting 85 kg class in which to break the Olympic record
China's delegation at the 25th Olympic Games, won the gold medal
Liaoning players Du Jing, Yu Yang
in the women's doubles final for the Chinese badminton team won the first gold
This is the Chinese delegation 26 gold medals in badminton veteran Zhang Ning of Liaoning
in the 2008 Olympic Games badminton women's singles final against teammate Xie
gains for the Chinese delegation of 27 athletes Jian Qiu Jin
in Jiangsu The last item mm Shooting Men's 50m rifle three position event in the final copy of the Athens
the myth, to achieve a reversal of
shaking as the Chinese delegation won 28 gold
Tang Liaoning Bin, Jin Ziwei, Xi Aihua Shandong, Jilin, Zhang Yang Yang in the women's quadruple sculls final
to achieve go-ahead, won the championship
This is the first time in the Olympic Games the Chinese team to win the gold medal rowing
is also the Chinese delegation at the 29th Olympic Games gold medals
Wang Jiao
Liaoning athletes in the women's freestyle 72 kg class final against the Bulgarian player Si Tanka? Zlateva
China Delegation of the 30th Olympic Games get gold medals from Sichuan
teenager Zou Kai Gymnastics event finals at the Olympic Games first, won the gold medal in floor exercise
race is the first Chinese delegation 31, the pommel horse gold
Wang Xiaoqin
from Jiangsu Province to 15.725 points to obtain a perfect performance pommel horse gold medal
which is 32 gold medals the Chinese delegation
Beijing's Zhang Yining, Guo Yue Liaoning, Wang Nan < br> women's team competing in the Chinese women's team final of 3 to 0 victory over rival Singapore women's team won the championship
This is an Olympic table tennis team event in the history of gold
is also China's first delegation in the Olympic Games 33 medals
Lindane
from Fujian in the Beijing Olympics badminton men's singles final in a showdown over the peak of the Malaysian star Lee Chong Wei
for the Chinese sports delegation has won the 34th Olympic Games gold medals
diver Guo Jingjing from Hebei
three-meter finals in the women's single won the gold medal in the total score 415.35 points
This is the Chinese delegation in the Olympic Games gold medals in the 35 < br> Tianjin gymnast Chen Yibing
in the 29th final of the Olympic gymnastics individual rings won
no suspense this is the 36th gold of the Chinese delegation
teenager from Beijing in the women's He Kexin
Gymnastics Apparatus Finals Uneven Bars in the action of highly difficult to beat a strong enemy thrilling win
separate ways This is the Chinese delegation at the 37th Olympic Games gold
20-year-old teenager from Fujian Wenna
the end of the Olympic National Stadium in the women's trampoline final in 37.80 into the first team to open China's trampoline gold medal
This is also the Chinese delegation at the 38th Olympic Games gold medals
Jiangsu Province Wang Liqin, Wang Hao Jilin, Liaoning Marlene
composed of three players in the Chinese table tennis men's team final in the win over the German team won the championship
This is obtained in this Olympic Games gold medals
39 athletes from Hunan, Li Xiaopeng
Gymnastics Apparatus Finals Parallel Bars in to get a score of 16.450, after a lapse of eight years after winning the championship again
This is the 40th gold medal team from Sichuan
teenager Zou Kai horizontal bar in the gymnastics individual finals competition for their own gain glory
third gold for Chinese delegation won 41 gold medals from the Jiangsu Lu Chunlong
in the men's trampoline final, won by 41 points This is about winning
team
42 gold medals from China's He Chong of Guangdong
in the Beijing Olympic Games Men's 3m springboard diving final to win the perfect play is the Chinese delegation
In the 43rd Olympic Games in China today have added gold medals
one gold, 44 gold out!!!
2008 8.20 pm 16:03 pm
China recorded 44 gold - Yin Jian won Olympic China's first crown race fan.
Yin Jian
from Sichuan in the Olympic women's windsurfing RS: X Class Medals round of the battle to score 39 points in the
won the first Olympic sailing gold medal of the Chinese delegation < br> This is also the Chinese delegation at the 44th Olympic Games gold medals, 45 gold a
.
as a Chinese I am proud of them I am proud of them
us
our wonderful Olympic glory
our fuel
China Beijing Olympic refueling refueling
a gold medal each and every smile!
affects all of the Chinese people every heart!!!
refueling ...
refueling ...
together we look forward to their better results!
8 20 March, Wu Jing Yu, Chinese athletes at the Beijing Olympics women's taekwondo 49 kg class
championship final against Thailand's Bedford Peng, won the gold medal. Wu Jing Yu, celebrating the victory.
Wednesday morning Beijing Olympic Games gold medal winner list
Chen Xie Xia Guangdong
won a total score of 212 kg women's weightlifting 48kg gold medal and broke a total score of the Olympic Games records,
This is the Chinese delegation at the Beijing Olympic Games first gold medal harvest
Hebei player Pong
to 688.2 won the men's ring achievements 10m air pistol gold medal,
wins for the Chinese delegation have 2 of the Beijing Olympics gold medals
players Shaanxi Guo? B
in the Beijing Olympic Games women's 10m air pistol final to break the Olympic record 492.3, won the championship,
which is the representative of China Group III in this Olympic Games gold medals.
players in China Guo Jingjing, Hebei / China Shanghai player Wu Min Xia
three-meter at the Beijing Olympics women's doubles titles and captured the perfect
won 4 gold
China China Xian Dongmei
Guangdong Olympic Games in Beijing August 10 women's judo 52kg final, won the gold medal,
for the Chinese delegation received 5 gold (Athens, she is also a fifth gold)
17-year-old teenager, Hunan, China Long Qingquan
in the men's 56 kg class competition,
independence war each group master, by virtue of his excellent psychological quality and stability of the play to snatch 132 kg, 160 kg clean and jerk and total score of 292 kilograms won the representative of China Mission sixth in gold this Olympic Games,
players, Guangdong, China Lin Yue and Huo Liang of China Shanghai
doubles players 10-meter platform crowded, gold medals was the seventh player Chen Yanqing
in Jiangsu, China 2008 Beijing Olympic Games on August 11 women's weightlifting 58 kg class final, won the gold medal total score of 244KG.
8 of the Chinese delegation received payment. < br> Fujian, China, Zhang Xiangxiang
athletes in 29 Olympic Games Men's 62kg class weightlifting, a total score of 319kg to beat all opponents of absolute champion,
for the Chinese delegation won the ninth gold medal.
by the players won in Hubei, Hunan player Li Xiaopeng, Chen Yibing players Tianjin, Nanjing player Xiao Qin, Zou Kai, Sichuan athletes, Jiangsu players new and old players
Huang Xu of the Chinese men's gymnastics team composed of the Beijing 2008 Olympic Games appearances worked hard under the unfavorable situation Yuezhanyueyong to score 286.125 points and beat separate ways large master champion,
for the Chinese delegation won 10 gold medals.
players, Jiangsu, China Chen Ruolin and Wang Xin of China Hubei players
in Beijing Olympic women's doubles final to Shimi Tai perfect performance won the championship,
for the Chinese sports delegation to get 11 gold.
Zhong Man of China, Jiangsu players in the 2008 Beijing Olympics in August 12, the final of the men's individual saber,
Lopez defeated France's, eventually claim the championship title for the Chinese delegation received 12 gold
Liao Hui of China Hubei players in the 2008 Beijing Olympics August 12 men's weightlifting 69 kg class final, standout from the crowd,
achievements with a total score 348KG claim the championship title for the Chinese delegation received 13 gold.
Chinese women's gymnastics team gymnastics at the 2008 Beijing Olympic Games women's team final,
worth of ups and downs experienced by 188.90 points worked hard to win the final,
the first time in history the Olympic team title!
90 after the main girl enjoy first time on behalf of China women's gymnastics gold medal .
This is the history of the Chinese delegation received a fifth Olympic gold medal in gold groups.
Chinese delegation at the Olympic Games gold medal in the first 14 athletes in Beijing, China Chen Ying
in Beijing in 2008 Olympic Games on August 13 in the women's 25m pistol final project,
stabilizing and eventually claim the championship title,
for the Chinese delegation received 15 gold.
players, Shandong, China Wang Feng and Qin Kai of China Shaanxi players
in the 2008 Beijing Olympic Games on August 13 Men's 3m springboard final, eventually won the gold medal score of 469.08.
for the Chinese delegation won the first player 16 gold
Liu Chunhong
in Shandong, China Beijing 2008 Olympics Weightlifting Women's 69kg final,
a total score of 286kg easily broke the world record, far ahead of rivals, won the championship.
obtained for the Chinese Olympic delegation in Shanghai, China 17 gold
player Liu Song of the 29th Beijing Olympic Games women's 200 meters butterfly final, with 2 minutes 04 seconds to obtain the results of 18 titles and broke the world record!
This is the second swimmer in the Olympics was the first gold!
for the Chinese Olympic delegation won 18 gold medals
Du
Shandong players in the women's 50m rifle shooting three positions gold medal game, the first day to make up for the lost gold regret
for the Beijing Olympics the Chinese delegation won 19 gold medals
's Hubei Province, China Yang Wei
players at the 2008 Beijing Olympic Games to win men's gymnastics individual all-around champion for the Chinese delegation harvest
20 gold medals in Qingdao, Shandong
player Zhang Juanjuan
archery in Beijing Olympic Games women's individual race row by defeating the world's three top three Korean players
for the Chinese delegation received 21 gold medals
Liaoning Yang Xiuli
Judo players in the women's judo 78kg final after defeating Cuba's overtime worked hard to champion Aaron Nisi? Castillo
for the Chinese delegation won 22 gold medals, athletes, Hebei
Cao Lei < br> twenty-ninth Olympic Games women's weightlifting 75 kg class final Olympic record breaking two
to China's 23 gold medals in the football into the capsule
Tianjin, China Tong Wen
judo athletes in the Olympic women's 78 kg above grade to a final victory over Japan's,
the Chinese delegation received 24 gold medals
player Lu Dong Yong in Guangxi
at the Beijing Olympics weightlifting 85 kg class in which to break the Olympic record
China's delegation at the 25th Olympic Games, won the gold medal
Liaoning players Du Jing, Yu Yang
in the women's doubles final for the Chinese badminton team won the first gold
This is the Chinese delegation 26 gold medals in badminton veteran Zhang Ning of Liaoning
in the 2008 Olympic Games badminton women's singles final against teammate Xie
gains for the Chinese delegation of 27 athletes Jian Qiu Jin
in Jiangsu The last item mm Shooting Men's 50m rifle three position event in the final copy of the Athens
the myth, to achieve a reversal of
shaking as the Chinese delegation won 28 gold
Tang Liaoning Bin, Jin Ziwei, Xi Aihua Shandong, Jilin, Zhang Yang Yang in the women's quadruple sculls final
to achieve go-ahead, won the championship
This is the first time in the Olympic Games the Chinese team to win the gold medal rowing
is also the Chinese delegation at the 29th Olympic Games gold medals
Wang Jiao
Liaoning athletes in the women's freestyle 72 kg class final against the Bulgarian player Si Tanka? Zlateva
China Delegation of the 30th Olympic Games get gold medals from Sichuan
teenager Zou Kai Gymnastics event finals at the Olympic Games first, won the gold medal in floor exercise
race is the first Chinese delegation 31, the pommel horse gold
Wang Xiaoqin
from Jiangsu Province to 15.725 points to obtain a perfect performance pommel horse gold medal
which is 32 gold medals the Chinese delegation
Beijing's Zhang Yining, Guo Yue Liaoning, Wang Nan < br> women's team competing in the Chinese women's team final of 3 to 0 victory over rival Singapore women's team won the championship
This is an Olympic table tennis team event in the history of gold
is also China's first delegation in the Olympic Games 33 medals
Lindane
from Fujian in the Beijing Olympics badminton men's singles final in a showdown over the peak of the Malaysian star Lee Chong Wei
for the Chinese sports delegation has won the 34th Olympic Games gold medals
diver Guo Jingjing from Hebei
three-meter finals in the women's single won the gold medal in the total score 415.35 points
This is the Chinese delegation in the Olympic Games gold medals in the 35 < br> Tianjin gymnast Chen Yibing
in the 29th final of the Olympic gymnastics individual rings won
no suspense this is the 36th gold of the Chinese delegation
teenager from Beijing in the women's He Kexin
Gymnastics Apparatus Finals Uneven Bars in the action of highly difficult to beat a strong enemy thrilling win
separate ways This is the Chinese delegation at the 37th Olympic Games gold
20-year-old teenager from Fujian Wenna
the end of the Olympic National Stadium in the women's trampoline final in 37.80 into the first team to open China's trampoline gold medal
This is also the Chinese delegation at the 38th Olympic Games gold medals
Jiangsu Province Wang Liqin, Wang Hao Jilin, Liaoning Marlene
composed of three players in the Chinese table tennis men's team final in the win over the German team won the championship
This is obtained in this Olympic Games gold medals
39 athletes from Hunan, Li Xiaopeng
Gymnastics Apparatus Finals Parallel Bars in to get a score of 16.450, after a lapse of eight years after winning the championship again
This is the 40th gold medal team from Sichuan
teenager Zou Kai horizontal bar in the gymnastics individual finals competition for their own gain glory
third gold for Chinese delegation won 41 gold medals from the Jiangsu Lu Chunlong
in the men's trampoline final, won by 41 points This is about winning
team
42 gold medals from China's He Chong of Guangdong
in the Beijing Olympic Games Men's 3m springboard diving final to win the perfect play is the Chinese delegation
In the 43rd Olympic Games in China today have added gold medals
one gold, 44 gold out!!!
2008 8.20 pm 16:03 pm
China recorded 44 gold - Yin Jian won Olympic China's first crown race fan.
Yin Jian
from Sichuan in the Olympic women's windsurfing RS: X Class Medals round of the battle to score 39 points in the
won the first Olympic sailing gold medal of the Chinese delegation < br> This is also the Chinese delegation at the 44th Olympic Games gold medals, 45 gold a
.
as a Chinese I am proud of them I am proud of them
us
our wonderful Olympic glory
our fuel
China Beijing Olympic refueling refueling
a gold medal each and every smile!
affects all of the Chinese people every heart!!!
refueling ...
refueling ...
together we look forward to their better results!
8 20 March, Wu Jing Yu, Chinese athletes at the Beijing Olympics women's taekwondo 49 kg class
championship final against Thailand's Bedford Peng, won the gold medal. Wu Jing Yu, celebrating the victory.
Monday, December 20, 2010
Planning to become one of the best methods and interpretation 40
1, the blue bar just a rough picture frame
, and even borrowed the picture of the game prototype; or use paper, pens, playing cards and dice. Art means to strengthen, doubled to improve, but does not replace the games the lack of fun. If you can make at least the expression means something interesting, then have a better means of expression, it is more interesting.
2, implying
decide your game is ; on ;, is again the context of a bunch of the same combination of small game may help you a lot. The various systems will be too independent to make the content difficult to balance a game.
4, you should summarize
can from your game out of some of the key design concepts of verbs and sentences, in order to describe your idea. If you can not, you definitely wrong somewhere.
5, stylized
should be the theme of the best games, systems, and the perfect combination of expression. This will make your game more style. Do not underestimate the style of the production.
6, lengthy meetings in particular creativity useless
seminars, you want people all the time in the closing of smug, not exhausted and cynical. lengthy meeting will lead to collective considerations and too complicated. to maintain creativity and a brief discussion of the compact.
7, using the sketch of the < br> game design sketch is a very powerful tool. Sketchpad can pass through the screen, or so much information, in the early to draw down the player's gaming experience is and useful. painting a picture of the player will see and do on sketches of things and do mark an important note.
8, do not code / planning
paper on the bike plan, while riding down the street down; or in the bath; or in a separate canoe on. in any other place planning. not worry too much because they can not write it down and you lose what makes you excited to focus on those core essence. the environment changed stimulate creativity.
9, speaking and listening
fresh ideas collide with each other, even to old ideas will collide with each other in unpredictable ways, the resulting creation. you through the cheap,bailey UGG boots, do not hide them.
10, each piece is different snow
if you assigned 12 people to create How these ideas, it does not matter.
11, the early consideration of asset issues
assets; doing a game or system on how much sound, photographs, and other calculations, often surprise you.
12 , steal and borrow
system is not sacrosanct. they are just tools to achieve the ultimate game. If a system is useful, took over with, even if you have seen in other games. but you did not you noticed Article sick of life.
13, early demo, demo
often the first system if you even come out before the game is very interesting, great; if not, beware. If the rule before determining arranged on the board on what is very interesting, cool; if not, beware.
14, different people play different
not been carried out with the same gang trial. disrupt them.
15, closed
see other people play the mouth when not speaking. just look, write down all their folly, because you are stupid enough, did not do the more obvious things to do.
16, you do not play
Customs people are talking about that game. but you should play about 10 minutes usually enough, but played better the first boss.
17, KISS (keep it simple, stupid)
If you There are many systems, with simple data so that each system is simple, if you have a system, spend a little time in the data.
18, algorithm, rather than a fixed data
the best game in the algorithms are enormous, which is also a variety of games are played; negative example is dependent on you to provide a fixed puzzle game. strive to do the former - you may not be able to reach (which is understandable), but you always this become more intelligent.
19, to retain all
sketches, the early documents, the old prototype, paper game, reserve rules. You never know when it will use them.
20, Do not talk to any art, games and fun
marriage, try an art form, and then try another, and then try another.
, and even borrowed the picture of the game prototype; or use paper, pens, playing cards and dice. Art means to strengthen, doubled to improve, but does not replace the games the lack of fun. If you can make at least the expression means something interesting, then have a better means of expression, it is more interesting.
2, implying
decide your game is ; on ;, is again the context of a bunch of the same combination of small game may help you a lot. The various systems will be too independent to make the content difficult to balance a game.
4, you should summarize
can from your game out of some of the key design concepts of verbs and sentences, in order to describe your idea. If you can not, you definitely wrong somewhere.
5, stylized
should be the theme of the best games, systems, and the perfect combination of expression. This will make your game more style. Do not underestimate the style of the production.
6, lengthy meetings in particular creativity useless
seminars, you want people all the time in the closing of smug, not exhausted and cynical. lengthy meeting will lead to collective considerations and too complicated. to maintain creativity and a brief discussion of the compact.
7, using the sketch of the < br> game design sketch is a very powerful tool. Sketchpad can pass through the screen, or so much information, in the early to draw down the player's gaming experience is and useful. painting a picture of the player will see and do on sketches of things and do mark an important note.
8, do not code / planning
paper on the bike plan, while riding down the street down; or in the bath; or in a separate canoe on. in any other place planning. not worry too much because they can not write it down and you lose what makes you excited to focus on those core essence. the environment changed stimulate creativity.
9, speaking and listening
fresh ideas collide with each other, even to old ideas will collide with each other in unpredictable ways, the resulting creation. you through the cheap,bailey UGG boots, do not hide them.
10, each piece is different snow
if you assigned 12 people to create How these ideas, it does not matter.
11, the early consideration of asset issues
assets; doing a game or system on how much sound, photographs, and other calculations, often surprise you.
12 , steal and borrow
system is not sacrosanct. they are just tools to achieve the ultimate game. If a system is useful, took over with, even if you have seen in other games. but you did not you noticed Article sick of life.
13, early demo, demo
often the first system if you even come out before the game is very interesting, great; if not, beware. If the rule before determining arranged on the board on what is very interesting, cool; if not, beware.
14, different people play different
not been carried out with the same gang trial. disrupt them.
15, closed
see other people play the mouth when not speaking. just look, write down all their folly, because you are stupid enough, did not do the more obvious things to do.
16, you do not play
Customs people are talking about that game. but you should play about 10 minutes usually enough, but played better the first boss.
17, KISS (keep it simple, stupid)
If you There are many systems, with simple data so that each system is simple, if you have a system, spend a little time in the data.
18, algorithm, rather than a fixed data
the best game in the algorithms are enormous, which is also a variety of games are played; negative example is dependent on you to provide a fixed puzzle game. strive to do the former - you may not be able to reach (which is understandable), but you always this become more intelligent.
19, to retain all
sketches, the early documents, the old prototype, paper game, reserve rules. You never know when it will use them.
20, Do not talk to any art, games and fun
marriage, try an art form, and then try another, and then try another.
Sunday, December 19, 2010
2009 Pulitzer Prize winning full view
Editor: edi Views: 9 compiled and distributed on: 2009/4/23 10:45 【medium and small】
2009 U.S. list of Pulitzer Prize winners announced on the 20th, the following are all the winning entries, author, and award presentation reasons:
Public Reporting Awards mm Las Vegas, , through the use of its resources mm news reports, editorials, cartoons, pictures, images, and online materials available in print or online to be judged, for this outstanding example of the gold medal should be awarded.
awarded the The Sun > report Introduction:
death of a construction site (see the original report:
in Las Vegas Strip, 320 billion U.S. dollars building boom, every six weeks there is a construction worker was killed. last year's Vegas Sun state and federal government to investigate such incidents, and in the U.S. House of Representatives and the Senate held a hearing. Senator Barack. Obama, Hillary Clinton. Clinton, Ted. Kennedy, Harry. Reid and other lawmakers sent a letter to President Bush demanding reform of the Security Department of Labor regulations. Sun follow-up reports of the safety regulators and the ambiguous relationship between the construction companies. The workers could expose the fact that increasing the number of deaths and angry, but they have to leave the meter Mei's immigrant city center (MGM Mirage's CityCenter), the largest in U.S. history to stop the private commercial development project until the contractor agreed to enhance security. In the past 18 months, 12 workers died. However, after improvement, no fatalities. Since June 2008, no workers were killed in the situation.
cartoon award mm San Diego The San Diego Union-Tribune) Steve. Boolean (Steve Breen) the award, his keen use of classic style to create a wide range of topics, so that comic readers have had the strength, clarity and humor.
About
Steve Breen1970 was born in Los Angeles, he grew up in Los Angeles next to the Orange County (Orange County), is home to the second of eight brothers and sisters. He graduated from California in 1988, Huntington Beach High School (Huntington Beach High School) , and attended the University of California, Riverside (the University of California at Riverside). where he earned a bachelor's degree in political science. It is in this university, he began drawing cartoons for the school newspaper Highlander In 1991, as the top The University of cartoonist Steve get Charles. Howard Schultz Award (Scripps Howard Charles M. Schulz Award) and for the outstanding college cartoonist award provided 约翰洛赫尔 (John Locher award). He by MacNelly,, Paul Conrad,, Pat Oliphant Don Wright, and the impact of other cartoonists. Breen was supposed to be a high school history teacher, but when in July 1994, Asbury Park Press (Asbury Park Press) that he is willing to provide Arts sector job. He became a full-time in 1996, editorial cartoonist .1998 April, Breen won the Pulitzer Prize for editorial cartooning prize .2001 July, he returned home to join Tribune. Report
welter of literary talent and his great grasp of the historical situation.
Synopsis:
Robinson's award-winning column is about the African-American Barack - Obama won the post of head of state election campaign. < br> Author:
Eugene. Robinson is the Robinson in the foreign correspondent, had also served as diplomatic editor, and assistant editor of the newspaper as was responsible for award-winning fashion column .2005, he began to open in the op-ed page had a signed comment column. He is also the work : Association members, and won numerous awards for news category.
Depth mm and Julie Cart, they are the western United States in dealing with the growing wildfire threat, its cost-effectiveness of the exploration of fresh and hard.
winners Profile:
Bettina Boxall
of the Ministry of experienced freelance writer
* In 1987 to 92 SE / Long Beach branch, the main regional news reports and government information.
* Sac County trial and urban crime news.
* *
United Press International, 1978 to 80 years, Social Affairs reporter.
domestic mm Detroit News, Giblin
Award words:
awarded to the her female sexual relations chief of staff, led to the perjury investigation, and eventually the two prison officials.
Mesa, Arizona, awarded the use of limited resources to show how a popular sheriff to focus on immigration enforcement issues. These problems have hindered the migration of violent crime investigations and other aspects of public safety threat.
About the author:
Ryan Gabrielson is the Arizona's largest community college system in the major financial and academic fraud, as well as in southern Texas, the corruption of public construction projects. He was studying journalism at the University of Arizona, and won several national and state awards, including the Six Sigma Delta Chi Award (Sigma Delta Chi award) survey.
Paul Giblin for the Mesa, Arizona, The paper work and the different terms in this period as the Secretary Scottsdale (Scottsdale Bureau chief), metro columnist (metro columnist) and business journalists. Giblin has 24 years in Arizona, Hawaii and New Mexico reported experiences. He reports had appeared in the (politics and government reporting) report of the first prize, in 2004 Arizona Associated Press Editors Association (Arizona Associated Press Managing Editors association) Award for News section and special sections (news columns and feature columns) first, in 2004 Arizona Newspaper Association (the Arizona Newspapers Association) Prize for Freedom of information (Freedom of Information Award). (translation statement | water)
national news coverage mm br> Awards words:
awarded statement, tell the facts, let the voters get the facts.
About
PolitiFact was established in April 2007, the case against the presidential election to verify, and extend to January 2009 members of the Members and the White House In 2009 fact-finding in January, PolitiFact established Obameter, devoted to Obama's campaign promise to track. In addition, PolitiFact has also established a Truth-O-Meter, candidates, elected, political parties, interest groups , academics, talk show host to verify the statement. (translated words | water)
feature writing mm Fine exchanged and touching story. She described a prison full of cockroaches in the house, to be forgotten, can not talk, life can not take care of the little girl.
Author:
Lane DeGregory graduated from Virginia University, former editor of the University Journal. In ten years of news career, she has written many news and feature articles. She wrote the story received the 2000, 2004 and 2006 . He is very practical to reward local government to conceal the secret exposed the dangers, and he warned residents to effectively adhere to their right to know and write a series of editorials.
About
Mark Mahoney, aged 45, since 1988 Start the Post Star newspaper. In addition to writing all the focus for newspaper editorials and comment on current affairs, he has also responsible for organizing the supervision of the newspaper's editorial board, and a well-known blog writing, this blog is mainly about the First Amendment topic, called Awards and editor of an amendment, president of Lee Enterprises News Awards.
his career began in 1988 as a night at the Post Star reported that a reporter. Before that, he was in New York state capital Albany as the State News Service Justice News correspondent. He has written columns for a large number of free and has compiled and published some of it. He also is the nation's newspaper editors of the quarterly New York, graduated from Ithaca College, Bachelor of Science degree, majoring in communications management. He is a member of American Association of Editorial Writers, and served as Chairman of the Board of Education NCEW. (translated words | water)
breaking news photography mm Miami Miami Herald :
Patrick Farrell University of Miami in 1981 and received Bachelor of Fine Arts TV film production. He is a native of Miami who grew up in a family of 12 children, parents divorced when he was 13, so he put their parents bathroom bedroom transformed into the darkroom. (translated words | water)
novel class mmElizabeth Strout odd impact, the title hero mm blunt, there are shortcomings and attractive for readers to recount Olive mm.
Synopsis:
Olive. Birgit Ridge, a sometimes harsh, sometimes tolerance, sometimes sensitive, sometimes restrained retired female teachers, she lived in the town of Crosby, Maine, and even changes in the world deplores, but she does not always aware of the changes around her: a Lounge music people cherished a romantic past; she had taught a student lost the confidence to live; Olive has adult children by their own repressed irrational sentimentality; and her husband, Henry, found loyalty to both their marriage better, and like a curse. When the town or a leisurely or urgent people get mad struggle with their own problems, the Olive exploring a deeper level of themselves and their lives are sometimes very painful mm but always with a merciless realism. Olive. Puget Ridge insight into the human condition in the deeper levels of meaning mm conflicts, misery and joy, and the patient share the necessary approach to life. < br> Author:
Elizabeth. Strout is Los Angeles Times who won the first novel award and Sai Dengbang Chicago Tribune Heartland Prize (Chicago pulpit Center Award). She was also nominated PEN / Faulkner Award and the British Orange Prize finals. She had several short stories published in the journal, including the New Yorker and O: The Oprah Magazine. She is the Queen's University (located in Charlotte, North Carolina) is a member of MFA programs, living in New York City. (translated words | water) < br> Non-fiction mmDouglas A. Blackmon a name: African American Civil War to World War II, the second from slavery intimidation against black laws, thousands of African Americans were arrested, and accept staggering fine and pay the costs of the arrest. Since there is no ability to pay these local coal mines, lumber yard, brick factory, railway, quarry and plantation. thousands of other landowners in the South, African Americans were long years of forced labor. government officials imprisoned blacks to sell the small town businesses home, rich peasants and enterprises, including United States Steel Corporation, as the abundant cheap labor. large number of formal abolition of slavery. New Slavery and the federal government using legal loopholes in the policy, hindering the prosecution of white to black control of black people against their will. southern states sufficient financial reason, the new slavery is a critical tool that makes African Americans for full participation in the American political system, the road to meet resistance. book based on a large number of first-hand information and personal interviews, recorded in the the failure of the resistance of labor trafficking, discriminatory policies to benefit from the new modern business and the United States in the 1940s for fear of being enemy in World War II propaganda and the eventual abolition of this policy insider. This book is the United States today, the potential still exists summary and reflection of racial discrimination.
Author:
Douglas A. Blackmon is Atlanta bureau chief of The Wall Street Journal. his race, the economy and American society has a unique observation. He is currently residing with his family in Mississippi. (Translation made | water)
biography mmJon Meacham book, its core is a close friend of Jackson and his circle in which the turbulent times. highly respected people also hated, respected but also suffered verbal abuse, Jackson was a flame all the way to the peak power of the orphans, the Democratic him the country with his situation will reverse. Jackson's election in 1828 ushered in a new and lasting era, the era, the political elites but for no longer swayed by the civilian population. Democracy in the Jackson era took place, he expressed a change in a troubled and beleaguered in the country of hope and concern. In order to describe the legendary term President Jackson, the famous author John. Mitcham deep into the Jackson era of the White House, according to newly discovered family letters and documents, He described the building with Jackson that the victory after the storm and all the private world, including family, women, private consultants and so on.
distinguished as one of our success was only vaguely recall the president, Jackson was a long time The war fighter, the founder of the Democratic Party, or the presidential system we now know the owner. His story contains violence, sex, courage, and tragedy. by virtue of their strong, powerful personality, courage and with the people of the obvious the mysterious link between Jackson to the White House from the government pushed to the periphery of the center of national decision-making to clarify the inherent challenges that must be implemented in order to listen to their will and interest groups (or the face of mass anger) the change of vision. those who follow the White House Jackson footprint with the most outstanding presidents, from Abraham Lincoln to Theodore Roosevelt to Franklin. Roosevelt to Truman, are all to Jackson as an example and an inspiration, and from the acquisition of virtue in his vision. Jackson described as sets of human contradiction Great. As the Indians driven from their land out of the initiator, but warm and sensitive and he is willing to give everything to hand power to the people, in short, he resembled his country: between the kind and vicious, transfer between the wise and the blind, and his life at all costs for the security of the Republic of the struggle. John. Meacham in delineate a full picture of human nature.
About the Author John
. Mitcham, is the Churchill: Portrait of a cordial friendship of history )
Drama mmLynn Nottage country ruins a family caused by death. then again how she protected her fight for women rights? how long she can continue? whether the price of human life measured?
Touchstone on Bertone. Brecht's works mmAnnette Gordon-Reed .
Synopsis:
17 century in the United Kingdom and one of colonial Virginia, trade between the state and a ship's captain living in the vicinity of Williamsburg, a combination of African slave. captain named Hemings, who gave birth to a daughter named Elizabeth.
This is the Washington Post, Time magazine, Amazon and so the same newspaper described as the best books this year at the beginning of epic. of the Gordon-Reed is a critically acclaimed biography of Thomas Jefferson and Sally Hemings writer, he Inside the book in another one on the Hemingses, Jefferson and his white family's amazing story. This book describes Sarah Hemings (nickname sally) many details of life, she was with Thomas Jefferson 38 years of contacts in the upbringing his seven children. The family history in the United States the story of a great man to occupy a very special place. We not only have access to the book Elizabeth Hemings, the family matriarch, mother of 12 children, 6 and one of them was born upstart Virginia, but also her family's membership by Jefferson and Martha Jefferson married into the private property and integrate together, understanding Jefferson's life, her children, that is Martha's brothers and sisters, in Jefferson's play an important role in life. We first came to Paris as a Hemingses, where James Hemings into a famous restaurant as a cook, when Sally14 years old, is the daughter of Jefferson's female companion; came to Philadelphia later, James Hemings became the new secretary of state's closest aides life; to Charlottetown, to Richmond, Hemings brothers and sisters have a situation, and finally to the Monticello estate, and later most of Jefferson's slaves, including the Hemings one, six months after the death of the Jefferson have been auctioned out. Hemingses one in Monticello with the experience as vivid estate, Monticello Manor not only the American leaders, the famous author of the Declaration of Independence was, Hemingses a story of their and our 3rd President of the blood contact can not be erased from the historical data in. book sentiment and profound insight into human nature, out in the extremely difficult and complex historical context. Hemingses an estate in Monticello story is great literature, a considerable achievement.
Author:
Annette Gordon-Reed is a professor of law at New York Law School, and served as professor of history at Rutgers University. (translated words | water)
Poetry mmW.S. Merwin light and darkness, secular and immortality, these subtle sense of mystery throughout the Melvin's latest collection of poems. light and shadow in the distinct colors, memories of the mines of Pennsylvania, a childhood conversation with teachers, and shine the living language.
Author:
WS Melvin was born in New York, grew up in New Jersey's Union (Union City), and Scranton, Pennsylvania, his father was a Presbyterian minister. He has studied at Princeton University, where he studied John. Berryman and RP Blake Moore. graduate level, Melvin continue their studies at Princeton, Latin, and ultimately allowed him to Latin, Spanish and French translation had a strong interest in poetry. farewell, after Princeton, Melvin traveled to France, Spain and England, eventually settling Ma Luoka 1950s and became a famous poet, Robert. Graves tutor his son. Graf Sri Lanka and its interest in the myths and legends, the young had an important impact .1952 Melvin, the Melvin's first collection of poems won the Yale series of younger poets will award events, he is the WH Auden, who in the introduction referred to the superb skills of the young poet. This collection of poems called style of poetry. (translated words | water)
Music mmSteve Reich grasp force, and the continuing lure of human hearing.
Synopsis:
Double Sextet in two equal in Sextet, by the flute, clarinet, vibraphone, piano, violin and cello composition. just as I have a lot of work before the show, using two sets of identical instrumentation, can make the linkage between two of the same instrument, resulting in an integrated model.
About the author: Mr.
Reich was born and raised in New York and lived in California for some time .1957, he graduated from Cornell University and obtained a BA in Philosophy. the next two years, he studied composition under the tutelage of Hall Overton .1958 to 1961, he and William Bergsma and Vincent Persichetti with the Academy of Music in Julia (Juilliard School of Music) to learn .1963, he received the Mills College (Mills College) of Music degree, was working with him is Luciano Berio and Darius Mihaud. (translated words | water)
international news award mm Afghanistan and Pakistan face further political and military threats, often in dangerous situations reporting.
other nominations received this award are: AP Rukmini Callimachi, her in-depth investigation trafficking in West and Central Africa poverty the phenomenon of working children; Washington Post staff, who planned the development of women in developing countries, birth to death are suffering from the oppression of a sensitive series of reports, this report includes an impressive multimedia.
photography award mm
2009 U.S. list of Pulitzer Prize winners announced on the 20th, the following are all the winning entries, author, and award presentation reasons:
Public Reporting Awards mm Las Vegas, , through the use of its resources mm news reports, editorials, cartoons, pictures, images, and online materials available in print or online to be judged, for this outstanding example of the gold medal should be awarded.
awarded the The Sun > report Introduction:
death of a construction site (see the original report:
in Las Vegas Strip, 320 billion U.S. dollars building boom, every six weeks there is a construction worker was killed. last year's Vegas Sun state and federal government to investigate such incidents, and in the U.S. House of Representatives and the Senate held a hearing. Senator Barack. Obama, Hillary Clinton. Clinton, Ted. Kennedy, Harry. Reid and other lawmakers sent a letter to President Bush demanding reform of the Security Department of Labor regulations. Sun follow-up reports of the safety regulators and the ambiguous relationship between the construction companies. The workers could expose the fact that increasing the number of deaths and angry, but they have to leave the meter Mei's immigrant city center (MGM Mirage's CityCenter), the largest in U.S. history to stop the private commercial development project until the contractor agreed to enhance security. In the past 18 months, 12 workers died. However, after improvement, no fatalities. Since June 2008, no workers were killed in the situation.
cartoon award mm San Diego The San Diego Union-Tribune) Steve. Boolean (Steve Breen) the award, his keen use of classic style to create a wide range of topics, so that comic readers have had the strength, clarity and humor.
About
Steve Breen1970 was born in Los Angeles, he grew up in Los Angeles next to the Orange County (Orange County), is home to the second of eight brothers and sisters. He graduated from California in 1988, Huntington Beach High School (Huntington Beach High School) , and attended the University of California, Riverside (the University of California at Riverside). where he earned a bachelor's degree in political science. It is in this university, he began drawing cartoons for the school newspaper Highlander In 1991, as the top The University of cartoonist Steve get Charles. Howard Schultz Award (Scripps Howard Charles M. Schulz Award) and for the outstanding college cartoonist award provided 约翰洛赫尔 (John Locher award). He by MacNelly,, Paul Conrad,, Pat Oliphant Don Wright, and the impact of other cartoonists. Breen was supposed to be a high school history teacher, but when in July 1994, Asbury Park Press (Asbury Park Press) that he is willing to provide Arts sector job. He became a full-time in 1996, editorial cartoonist .1998 April, Breen won the Pulitzer Prize for editorial cartooning prize .2001 July, he returned home to join Tribune. Report
welter of literary talent and his great grasp of the historical situation.
Synopsis:
Robinson's award-winning column is about the African-American Barack - Obama won the post of head of state election campaign. < br> Author:
Eugene. Robinson is the Robinson in the foreign correspondent, had also served as diplomatic editor, and assistant editor of the newspaper as was responsible for award-winning fashion column .2005, he began to open in the op-ed page had a signed comment column. He is also the work : Association members, and won numerous awards for news category.
Depth mm and Julie Cart, they are the western United States in dealing with the growing wildfire threat, its cost-effectiveness of the exploration of fresh and hard.
winners Profile:
Bettina Boxall
of the Ministry of experienced freelance writer
* In 1987 to 92 SE / Long Beach branch, the main regional news reports and government information.
* Sac County trial and urban crime news.
* *
United Press International, 1978 to 80 years, Social Affairs reporter.
domestic mm Detroit News, Giblin
Award words:
awarded to the her female sexual relations chief of staff, led to the perjury investigation, and eventually the two prison officials.
Mesa, Arizona, awarded the use of limited resources to show how a popular sheriff to focus on immigration enforcement issues. These problems have hindered the migration of violent crime investigations and other aspects of public safety threat.
About the author:
Ryan Gabrielson is the Arizona's largest community college system in the major financial and academic fraud, as well as in southern Texas, the corruption of public construction projects. He was studying journalism at the University of Arizona, and won several national and state awards, including the Six Sigma Delta Chi Award (Sigma Delta Chi award) survey.
Paul Giblin for the Mesa, Arizona, The paper work and the different terms in this period as the Secretary Scottsdale (Scottsdale Bureau chief), metro columnist (metro columnist) and business journalists. Giblin has 24 years in Arizona, Hawaii and New Mexico reported experiences. He reports had appeared in the (politics and government reporting) report of the first prize, in 2004 Arizona Associated Press Editors Association (Arizona Associated Press Managing Editors association) Award for News section and special sections (news columns and feature columns) first, in 2004 Arizona Newspaper Association (the Arizona Newspapers Association) Prize for Freedom of information (Freedom of Information Award). (translation statement | water)
national news coverage mm br> Awards words:
awarded statement, tell the facts, let the voters get the facts.
About
PolitiFact was established in April 2007, the case against the presidential election to verify, and extend to January 2009 members of the Members and the White House In 2009 fact-finding in January, PolitiFact established Obameter, devoted to Obama's campaign promise to track. In addition, PolitiFact has also established a Truth-O-Meter, candidates, elected, political parties, interest groups , academics, talk show host to verify the statement. (translated words | water)
feature writing mm Fine exchanged and touching story. She described a prison full of cockroaches in the house, to be forgotten, can not talk, life can not take care of the little girl.
Author:
Lane DeGregory graduated from Virginia University, former editor of the University Journal. In ten years of news career, she has written many news and feature articles. She wrote the story received the 2000, 2004 and 2006 . He is very practical to reward local government to conceal the secret exposed the dangers, and he warned residents to effectively adhere to their right to know and write a series of editorials.
About
Mark Mahoney, aged 45, since 1988 Start the Post Star newspaper. In addition to writing all the focus for newspaper editorials and comment on current affairs, he has also responsible for organizing the supervision of the newspaper's editorial board, and a well-known blog writing, this blog is mainly about the First Amendment topic, called Awards and editor of an amendment, president of Lee Enterprises News Awards.
his career began in 1988 as a night at the Post Star reported that a reporter. Before that, he was in New York state capital Albany as the State News Service Justice News correspondent. He has written columns for a large number of free and has compiled and published some of it. He also is the nation's newspaper editors of the quarterly New York, graduated from Ithaca College, Bachelor of Science degree, majoring in communications management. He is a member of American Association of Editorial Writers, and served as Chairman of the Board of Education NCEW. (translated words | water)
breaking news photography mm Miami Miami Herald :
Patrick Farrell University of Miami in 1981 and received Bachelor of Fine Arts TV film production. He is a native of Miami who grew up in a family of 12 children, parents divorced when he was 13, so he put their parents bathroom bedroom transformed into the darkroom. (translated words | water)
novel class mmElizabeth Strout odd impact, the title hero mm blunt, there are shortcomings and attractive for readers to recount Olive mm.
Synopsis:
Olive. Birgit Ridge, a sometimes harsh, sometimes tolerance, sometimes sensitive, sometimes restrained retired female teachers, she lived in the town of Crosby, Maine, and even changes in the world deplores, but she does not always aware of the changes around her: a Lounge music people cherished a romantic past; she had taught a student lost the confidence to live; Olive has adult children by their own repressed irrational sentimentality; and her husband, Henry, found loyalty to both their marriage better, and like a curse. When the town or a leisurely or urgent people get mad struggle with their own problems, the Olive exploring a deeper level of themselves and their lives are sometimes very painful mm but always with a merciless realism. Olive. Puget Ridge insight into the human condition in the deeper levels of meaning mm conflicts, misery and joy, and the patient share the necessary approach to life. < br> Author:
Elizabeth. Strout is Los Angeles Times who won the first novel award and Sai Dengbang Chicago Tribune Heartland Prize (Chicago pulpit Center Award). She was also nominated PEN / Faulkner Award and the British Orange Prize finals. She had several short stories published in the journal, including the New Yorker and O: The Oprah Magazine. She is the Queen's University (located in Charlotte, North Carolina) is a member of MFA programs, living in New York City. (translated words | water) < br> Non-fiction mmDouglas A. Blackmon a name: African American Civil War to World War II, the second from slavery intimidation against black laws, thousands of African Americans were arrested, and accept staggering fine and pay the costs of the arrest. Since there is no ability to pay these local coal mines, lumber yard, brick factory, railway, quarry and plantation. thousands of other landowners in the South, African Americans were long years of forced labor. government officials imprisoned blacks to sell the small town businesses home, rich peasants and enterprises, including United States Steel Corporation, as the abundant cheap labor. large number of formal abolition of slavery. New Slavery and the federal government using legal loopholes in the policy, hindering the prosecution of white to black control of black people against their will. southern states sufficient financial reason, the new slavery is a critical tool that makes African Americans for full participation in the American political system, the road to meet resistance. book based on a large number of first-hand information and personal interviews, recorded in the the failure of the resistance of labor trafficking, discriminatory policies to benefit from the new modern business and the United States in the 1940s for fear of being enemy in World War II propaganda and the eventual abolition of this policy insider. This book is the United States today, the potential still exists summary and reflection of racial discrimination.
Author:
Douglas A. Blackmon is Atlanta bureau chief of The Wall Street Journal. his race, the economy and American society has a unique observation. He is currently residing with his family in Mississippi. (Translation made | water)
biography mmJon Meacham book, its core is a close friend of Jackson and his circle in which the turbulent times. highly respected people also hated, respected but also suffered verbal abuse, Jackson was a flame all the way to the peak power of the orphans, the Democratic him the country with his situation will reverse. Jackson's election in 1828 ushered in a new and lasting era, the era, the political elites but for no longer swayed by the civilian population. Democracy in the Jackson era took place, he expressed a change in a troubled and beleaguered in the country of hope and concern. In order to describe the legendary term President Jackson, the famous author John. Mitcham deep into the Jackson era of the White House, according to newly discovered family letters and documents, He described the building with Jackson that the victory after the storm and all the private world, including family, women, private consultants and so on.
distinguished as one of our success was only vaguely recall the president, Jackson was a long time The war fighter, the founder of the Democratic Party, or the presidential system we now know the owner. His story contains violence, sex, courage, and tragedy. by virtue of their strong, powerful personality, courage and with the people of the obvious the mysterious link between Jackson to the White House from the government pushed to the periphery of the center of national decision-making to clarify the inherent challenges that must be implemented in order to listen to their will and interest groups (or the face of mass anger) the change of vision. those who follow the White House Jackson footprint with the most outstanding presidents, from Abraham Lincoln to Theodore Roosevelt to Franklin. Roosevelt to Truman, are all to Jackson as an example and an inspiration, and from the acquisition of virtue in his vision. Jackson described as sets of human contradiction Great. As the Indians driven from their land out of the initiator, but warm and sensitive and he is willing to give everything to hand power to the people, in short, he resembled his country: between the kind and vicious, transfer between the wise and the blind, and his life at all costs for the security of the Republic of the struggle. John. Meacham in delineate a full picture of human nature.
About the Author John
. Mitcham, is the Churchill: Portrait of a cordial friendship of history )
Drama mmLynn Nottage country ruins a family caused by death. then again how she protected her fight for women rights? how long she can continue? whether the price of human life measured?
Touchstone on Bertone. Brecht's works mmAnnette Gordon-Reed .
Synopsis:
17 century in the United Kingdom and one of colonial Virginia, trade between the state and a ship's captain living in the vicinity of Williamsburg, a combination of African slave. captain named Hemings, who gave birth to a daughter named Elizabeth.
This is the Washington Post, Time magazine, Amazon and so the same newspaper described as the best books this year at the beginning of epic. of the Gordon-Reed is a critically acclaimed biography of Thomas Jefferson and Sally Hemings writer, he Inside the book in another one on the Hemingses, Jefferson and his white family's amazing story. This book describes Sarah Hemings (nickname sally) many details of life, she was with Thomas Jefferson 38 years of contacts in the upbringing his seven children. The family history in the United States the story of a great man to occupy a very special place. We not only have access to the book Elizabeth Hemings, the family matriarch, mother of 12 children, 6 and one of them was born upstart Virginia, but also her family's membership by Jefferson and Martha Jefferson married into the private property and integrate together, understanding Jefferson's life, her children, that is Martha's brothers and sisters, in Jefferson's play an important role in life. We first came to Paris as a Hemingses, where James Hemings into a famous restaurant as a cook, when Sally14 years old, is the daughter of Jefferson's female companion; came to Philadelphia later, James Hemings became the new secretary of state's closest aides life; to Charlottetown, to Richmond, Hemings brothers and sisters have a situation, and finally to the Monticello estate, and later most of Jefferson's slaves, including the Hemings one, six months after the death of the Jefferson have been auctioned out. Hemingses one in Monticello with the experience as vivid estate, Monticello Manor not only the American leaders, the famous author of the Declaration of Independence was, Hemingses a story of their and our 3rd President of the blood contact can not be erased from the historical data in. book sentiment and profound insight into human nature, out in the extremely difficult and complex historical context. Hemingses an estate in Monticello story is great literature, a considerable achievement.
Author:
Annette Gordon-Reed is a professor of law at New York Law School, and served as professor of history at Rutgers University. (translated words | water)
Poetry mmW.S. Merwin light and darkness, secular and immortality, these subtle sense of mystery throughout the Melvin's latest collection of poems. light and shadow in the distinct colors, memories of the mines of Pennsylvania, a childhood conversation with teachers, and shine the living language.
Author:
WS Melvin was born in New York, grew up in New Jersey's Union (Union City), and Scranton, Pennsylvania, his father was a Presbyterian minister. He has studied at Princeton University, where he studied John. Berryman and RP Blake Moore. graduate level, Melvin continue their studies at Princeton, Latin, and ultimately allowed him to Latin, Spanish and French translation had a strong interest in poetry. farewell, after Princeton, Melvin traveled to France, Spain and England, eventually settling Ma Luoka 1950s and became a famous poet, Robert. Graves tutor his son. Graf Sri Lanka and its interest in the myths and legends, the young had an important impact .1952 Melvin, the Melvin's first collection of poems won the Yale series of younger poets will award events, he is the WH Auden, who in the introduction referred to the superb skills of the young poet. This collection of poems called style of poetry. (translated words | water)
Music mmSteve Reich grasp force, and the continuing lure of human hearing.
Synopsis:
Double Sextet in two equal in Sextet, by the flute, clarinet, vibraphone, piano, violin and cello composition. just as I have a lot of work before the show, using two sets of identical instrumentation, can make the linkage between two of the same instrument, resulting in an integrated model.
About the author: Mr.
Reich was born and raised in New York and lived in California for some time .1957, he graduated from Cornell University and obtained a BA in Philosophy. the next two years, he studied composition under the tutelage of Hall Overton .1958 to 1961, he and William Bergsma and Vincent Persichetti with the Academy of Music in Julia (Juilliard School of Music) to learn .1963, he received the Mills College (Mills College) of Music degree, was working with him is Luciano Berio and Darius Mihaud. (translated words | water)
international news award mm Afghanistan and Pakistan face further political and military threats, often in dangerous situations reporting.
other nominations received this award are: AP Rukmini Callimachi, her in-depth investigation trafficking in West and Central Africa poverty the phenomenon of working children; Washington Post staff, who planned the development of women in developing countries, birth to death are suffering from the oppression of a sensitive series of reports, this report includes an impressive multimedia.
photography award mm
Thursday, December 16, 2010
Factor endowments, comparative advantage and catch-up strategy - on the personal development
Luo Yonghua Lin
I still think that the teacher is the master of the economists, to use a unified theoretical framework and tools to explain the various economic and social problems, and a consistent. Whether the production of the planned economic system to explore the root causes of reform and opening up not long before the people's living standards improved the reason, or the proposed capacity of the state-owned enterprises lack the self from the policy of catch-up strategy to bring the views of the burden, or his timing for upgrading the heavy chemical industry is the right view, separated from Variety The cases in which the magic is the factor endowments and comparative advantage theory. Even Lin supported the establishment of private financial institutions are out of support for more private-based comparative advantage in labor-intensive SMEs to consider.
recently in the whole country the slogan of a tide of independent innovation, Lin teachers to accept China Information News, entitled intellectual strength of character, who simply called the Queen's scholars, his people can begin to shut up.
were the first two days chatting with various friends, have spoken of a personal development issues, and suddenly felt the fact, for personal development is concerned, is also a major factor endowments most important consideration when the decision criteria. called for in which direction the work which in fact means that a person is largely the choice of roads to meet this person's factor endowments (the background knowledge, skills, relationship between personality and even resources, etc.), especially those aged 30 after a slow setting, and then to change their factor endowments (not including the money, and resources) has been difficult. and choose a suitable way and with their direction, in fact, comparative advantage strategy is used.
Lin teachers believe that for a country to catch up with strategies often tend to distort a lot of things, but also lead to failure. then for personal development, it is usually a comparative advantage should be taken strategy. but not of non-strategic comparative advantage? I'm afraid not necessarily a big ambition for many and perseverance of people, often the courage to face their own shortcomings and to correct, to face his own lack of willingness to make up, this is actually is through rapid change their factor endowments and thus to catch up.
Success seems all the rage can be seen as based on factor endowments and catch up with theory as the theoretical basis, and after 70 Ye Hao, 80 Ye Hao, still significant in the experience and resources to start when the weak is also a change in the compressed time factor endowments, factor endowments better catch up with other people (especially relative to their more older people).
what people can go quickly to change their factor endowments to catch up to the road, and what kind of person can only accommodate the existing factor endowments on their comparative advantages slowly waiting for factor endowments change? Young is a factor, bile soul and perseverance is also a factor. there is courage and perseverance of people can quickly change their factor endowments, the path to greater choice, it is more suitable when the leadership is more suitable to the integration of resources (including human resources); and lack of courage and perseverance of the people is very difficult to change their factor endowments, so the real reason according to their factor endowments established path of direction and choice is more reasonable and more suitable as a resource to be integrated, more suitable for a team not a member of the leadership.
From this point of speaking, in fact, I do not act as a start for the team Leader, because I was more moderate ourselves more than perseverance and courage lack: (always in their own capacity to accommodate and character shortcomings and deficiencies, so instead of long-term efforts to resolve it.) As I said a classmate, and he most admired in the elderly with some outstanding courage and perseverance, just as Sri Lanka made, can be a Leader-class figures, courage and perseverance are the most fundamental difference, other gaps are not important, as long as there is courage and perseverance are able to quickly change the factor endowments.
anti overdone look at a country's development strategy not necessarily have to choose according to comparative advantage strategy factor endowments, but depends on the courage and perseverance of a country depends, and the courage and perseverance of a country that is state of the national spirit. For example, the development of Japan, it is more difficult to say the results of the strategic advantages, but it should be said is a typical product of catch-up strategy. For example, a large South Korean technology innovation to become the country overnight, too, is relying on courage and perseverance to take catch-up strategy for rapid changes in the results of their factor endowments . then the Chinese do, frankly speaking, China is not a common state with the national spirit, moderation is the core of Chinese culture. Therefore, China can only be honest in accordance with the strategy of comparative advantage Lin teachers developed slowly. Perhaps the teacher Lin China is also very clear that the crux of it is the national spirit, but he obviously can not say that because everyone is too proud (including the government, including the public), if, as said, not that another Bo Yang or another .
analysis based on factor endowments and individuals for the state also applies to the development of the enterprise strategic choice, I used to use fundamentals to determine a correct business decisions, large and small, in fact, what is fundamental, but also is the only factor endowments. Of course, enterprises can choose according to their comparative advantages in different situations and catch-up strategy, and this is clearly not a general factor, but a corporate culture. and I am too much emphasis on fundamental analysis, too believe in path dependence to some extent has been with the business away from the mentality and thinking, and much of this personal style of an impact on corporate culture and thus a negative factor in the development of enterprises.
so limited life in development can be achieved depends on the person's courage and perseverance; and business growth potential also depends on corporate culture, and how quickly a country is also dependent on the rise and prosperity of a nation and national spirit.
write this in order to examine, encourage each other!
I still think that the teacher is the master of the economists, to use a unified theoretical framework and tools to explain the various economic and social problems, and a consistent. Whether the production of the planned economic system to explore the root causes of reform and opening up not long before the people's living standards improved the reason, or the proposed capacity of the state-owned enterprises lack the self from the policy of catch-up strategy to bring the views of the burden, or his timing for upgrading the heavy chemical industry is the right view, separated from Variety The cases in which the magic is the factor endowments and comparative advantage theory. Even Lin supported the establishment of private financial institutions are out of support for more private-based comparative advantage in labor-intensive SMEs to consider.
recently in the whole country the slogan of a tide of independent innovation, Lin teachers to accept China Information News, entitled intellectual strength of character, who simply called the Queen's scholars, his people can begin to shut up.
were the first two days chatting with various friends, have spoken of a personal development issues, and suddenly felt the fact, for personal development is concerned, is also a major factor endowments most important consideration when the decision criteria. called for in which direction the work which in fact means that a person is largely the choice of roads to meet this person's factor endowments (the background knowledge, skills, relationship between personality and even resources, etc.), especially those aged 30 after a slow setting, and then to change their factor endowments (not including the money, and resources) has been difficult. and choose a suitable way and with their direction, in fact, comparative advantage strategy is used.
Lin teachers believe that for a country to catch up with strategies often tend to distort a lot of things, but also lead to failure. then for personal development, it is usually a comparative advantage should be taken strategy. but not of non-strategic comparative advantage? I'm afraid not necessarily a big ambition for many and perseverance of people, often the courage to face their own shortcomings and to correct, to face his own lack of willingness to make up, this is actually is through rapid change their factor endowments and thus to catch up.
Success seems all the rage can be seen as based on factor endowments and catch up with theory as the theoretical basis, and after 70 Ye Hao, 80 Ye Hao, still significant in the experience and resources to start when the weak is also a change in the compressed time factor endowments, factor endowments better catch up with other people (especially relative to their more older people).
what people can go quickly to change their factor endowments to catch up to the road, and what kind of person can only accommodate the existing factor endowments on their comparative advantages slowly waiting for factor endowments change? Young is a factor, bile soul and perseverance is also a factor. there is courage and perseverance of people can quickly change their factor endowments, the path to greater choice, it is more suitable when the leadership is more suitable to the integration of resources (including human resources); and lack of courage and perseverance of the people is very difficult to change their factor endowments, so the real reason according to their factor endowments established path of direction and choice is more reasonable and more suitable as a resource to be integrated, more suitable for a team not a member of the leadership.
From this point of speaking, in fact, I do not act as a start for the team Leader, because I was more moderate ourselves more than perseverance and courage lack: (always in their own capacity to accommodate and character shortcomings and deficiencies, so instead of long-term efforts to resolve it.) As I said a classmate, and he most admired in the elderly with some outstanding courage and perseverance, just as Sri Lanka made, can be a Leader-class figures, courage and perseverance are the most fundamental difference, other gaps are not important, as long as there is courage and perseverance are able to quickly change the factor endowments.
anti overdone look at a country's development strategy not necessarily have to choose according to comparative advantage strategy factor endowments, but depends on the courage and perseverance of a country depends, and the courage and perseverance of a country that is state of the national spirit. For example, the development of Japan, it is more difficult to say the results of the strategic advantages, but it should be said is a typical product of catch-up strategy. For example, a large South Korean technology innovation to become the country overnight, too, is relying on courage and perseverance to take catch-up strategy for rapid changes in the results of their factor endowments . then the Chinese do, frankly speaking, China is not a common state with the national spirit, moderation is the core of Chinese culture. Therefore, China can only be honest in accordance with the strategy of comparative advantage Lin teachers developed slowly. Perhaps the teacher Lin China is also very clear that the crux of it is the national spirit, but he obviously can not say that because everyone is too proud (including the government, including the public), if, as said, not that another Bo Yang or another .
analysis based on factor endowments and individuals for the state also applies to the development of the enterprise strategic choice, I used to use fundamentals to determine a correct business decisions, large and small, in fact, what is fundamental, but also is the only factor endowments. Of course, enterprises can choose according to their comparative advantages in different situations and catch-up strategy, and this is clearly not a general factor, but a corporate culture. and I am too much emphasis on fundamental analysis, too believe in path dependence to some extent has been with the business away from the mentality and thinking, and much of this personal style of an impact on corporate culture and thus a negative factor in the development of enterprises.
so limited life in development can be achieved depends on the person's courage and perseverance; and business growth potential also depends on corporate culture, and how quickly a country is also dependent on the rise and prosperity of a nation and national spirit.
write this in order to examine, encourage each other!
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