The so-called “Employment is the Thing in People”, this sentence is wrong at least a half, even said to be ignorant.

Although generally, national income is created by labor, increase employment is to increase the national income, however, to distinguish between two situations: First, under the simple labor employment growth, the second is under complex labor employment growth. The former achievements of the national income growth, even in the period of rapid population growth is very limited because of high population growth rate of 2%, however, only 0.5% in the domestic stage; the latter achievement of the national income growth, even in the population annual growth less than 0.2% even under low employment can still achieve a higher level.

Simple distinction between labor and labor complicated, of course, reflected in the labor efficiency. From 190 since 1820, according to World Bank data, by 2006, world GDP has grown to 66.6 trillion current international dollars, and 1820 of 694.4 billion yuan in 1990, compared to the international increase of up to 94.9 times the cumulative, net 1990 to 2006 international dollars roughly 35% of the depreciation of the existence of factors, the cumulative terms of constant prices should be close to 70 times the actual increase. At the same time, the world’s total population growth to 65.2 million, an increase of only 5.26 times total. Considering the average life expectancy of the world’s population to this has been extended to nearly 68 years, the corresponding increase of the world’s total labor force of 9.6 times, from 4.4 billion to 4.22 billion people. Obviously, this period, growth in the labor force growth on the role of wealth began to lose its place is a rapid increase in labor efficiency. General situation is that labor force growth due to the wealth of contributions to growth of about 14% of total wealth growth, improve labor efficiency due to the wealth of contributions to growth of about 86% of total wealth growth.

Since the complex to enhance work efficiency of labor growth is the main source of income growth, develop skills and complex work is the result of education, on this stage is the result of higher education, therefore, “Employment is the Thing in People “This statement is definitely wrong. Correct to say of course, is: “Education is Basic Thing.”

Unfortunately, China’s gross enrollment rate of students (enrollment in regular higher education / school-age population) less than 30%, of which only 21.8% in 2006, while the U.S. was 81.8%, Australia 72.7%, Korea 91 %, even more than 47% in Mongolia.

To this end, my suggestion is that as soon as domestic students should be gross enrollment rates to 50%. Generally speaking, this means that the domestic general higher education in the number of students on the basis of the current 20 million to 35 million ~ 40 million. Considering the number of national school-age decreasing year by year, to maintain the scale, 10 years or more after some time domestic students will be able to improve gross enrollment rate to 70%.

As to how the rapid increase in domestic gross enrollment rate of students? The answer of course is to increase funding for higher education investment. However, not increase the population’s education investment, or increase the commercialization of educational inputs, but to increase the Government’s educational investment. The sustained and rapid economic growth and huge debt the central government and space, the Chinese government can handle. On second thought, since the ability to value the RMB 6 trillion of foreign exchange reserves over to the Americans to spend, they have the ability to run higher education in China.

Incidentally, the last decade the commercialization of higher domestic traveled road is very wrong. This not only increased the parents, especially in rural financial burden on parents, also resulted in the University of heavily indebted, and made even the professors who pay no medical treatment. Think about it, since banks have a problem the government needs assistance, then what the University of liabilities back to teachers and parents own it! This is very unfair.

It is worth mentioning that the Government increase investment to higher education is not the way ticket. The immediate benefits, the investment in education is also a domestic demand, increasing investment in education is to expand domestic demand, thus achieving revenue growth with income growth, not to mention the latter increase is often greater than the former. The long-term benefits, raising the gross enrollment rate of college students can contribute to upgrading of domestic industries, the focus on further enhancing the secondary industry and tertiary industry the proportion of non-agricultural population and the proportion of the total population, in the first industry revenue contribution rate is negative, and the current financial revenue almost entirely from one-third of the total population of non-agricultural population (urban population, which still includes a large number of agricultural population), which will surely become an important revenue promoter of sustainable growth .

Although I am not deputies, but for me, I will “gross enrollment rate of students rapidly increased,” the two sessions at this year’s proposal.

Pre-quarter GDP growth 11.65%, while the CPI is expected to rise about 2.3%. Relatively modest consumer price inflation and rapid economic growth point of view, the current is probably 7 years the best period in the domestic macroeconomic fundamentals. Although the volatile area of macroeconomic policy, but is expected to cool as interest rates, appreciation of the RMB is expected to heat up, the whole not too bad, only the real estate policy of bluff, intimidation of Lebanon’s population.

A stock shrinkage EADS were mixed today, heavyweight laggard. To the closing stock index reported 3145.35 points, up 0.85%.

Today, beautiful 15 (reduced version) 6 constituent stocks across the board gains across the board. After yesterday’s minor adjustments, Hefei Urban Construction to start up again attack, another record high price. Although construction of a large single South platen, but clearly held down the afternoon to make income was up. Fu Wei-Yi Yang swallow FAW morbidity, a day up 2.95%. To close in the third period pretty average cumulative increase of 15 from the previous day’s rebound to 1.81% -0.138%, the cumulative increase of 15 nice pick-up from 51.03% to 53.98%.

A shares next week will be the ideal economic data, stock index futures, oil price adjustment, a significant increase quarterly performance inspired by the multiple positive factors out retaliatory rally, I believe there will be more beautiful performance in 15.

The third phase of “beautiful 15″ (reduced version) Briefing

Code
Referred to as 3 04 months
April 9
cumulative gains
Dynamic price-earnings ratio
09 per share

Close (yuan) close (dollars)
(%)
(Times)
Income (yuan)
000528
Liugong 21.57 22.85 5.93 17.2
1.33
000589
Qian Luntai 18.40
18.08 -1.74
12.7
1.42
600449
Racing Industry 35.23
35.78 1.56 15.7
2.28
000961
South Building 19.35 19.70 1.81 9.0
2.18 (10 expected)

600742 FAW-rich dimension
26.92 27 .20
1.04 16.2
1.68
002 208
Hefei Urban Construction 26.82
2.24
22.4
1.20 (10 expected)

The third phase of “beautiful 15″ average
1.81
15.5

“Beautiful 15″ 51.24 53.98

Beautiful 15 leading index 304.74%
213.84% (3.1384-fold)

The Shanghai Composite Index 3145.35 17.20

Land and Housing 2010, released by the Ministry for the program for many investors know the truth of the real estate stocks suffered some really frightened. God! Last year, the domestic real estate development enterprises combined area of land acquisition was only 31,900 hectares or 319.06 million square meters, can be to plan for this year’s total surprise, housing up to 180,000 hectares or 18 million square meters, is 5.64 times the former. Some investors exclaimed, to substantially increase the land supply, housing prices had not climbed down to the beat. So, the news came out, property stocks plunged, investors Baotoushucuan.

This is a great misunderstanding.

Land Department to plan for public housing, is the total amount of housing land, most of which are not used for commercial housing development, that is not the most open market through auction to developers. According to Ministry of Land and news websites, 18 million hectares of total land available for housing among the security room space accounted for Bacheng. This means that developers will be available for purchase only 36,000 hectares of land, higher than the 2009 purchase of land area developers to 12.8%, but less than 08 developers purchased 36,800 hectares of land area 2.2%, less than 07 In developer land acquisition area of 40,200 hectares or 10.5%, the average annual land developers purchased the previous three years 99% of the area. Taking into account 06 ~ 2009 sales of commercial space up to 54.6% cumulative growth (2006 to 606 million square meters in 2009 to 937 million square meters), while the cumulative area of land acquisition developers increase of -13.32% (in 2006 to 368 million square meters in 2009 to 319 million square meters), a minus, indicating the year for developers to purchase the land area is relatively greatly reduced.

Since this year’s acquisition of the land area available for developers compared to sales is much less, the kind that the future of commercial housing prices will drop significantly less than the views of the evidence. In order to infer the future performance of the slide in property shares the same view untenable.

Why, then, that huge increase in government policy outside the housing developers for the amount of it?

From the following set of data is not difficult to find the answer.

Since 2000, domestic commercial housing development will occupy an area of housing construction in general the situation is as follows:

Years
Area of commercial housing construction
Housing construction area
Proportion
2000

6.5897 million square meters
26.5294 million square meters of 24.84%

2001
7.7214 million square meters of 27.6025 million square meters of 27.97%

20029.4104 million square meters

30.4428 million square meters of 30.91%

200311.6907 34.3742 100 000 000 100 000 000 square meters square meters 34.01%

200,414.0451 100 million square meters
37.6459 million square meters
37.31%

200,516.4445 100 million square meters
43.1123 million square meters
38.14%

200,619.4090 100 million square meters
46.2677 million square meters
41.95%

200,723.6318 100 million square meters
54.8542 million square meters
43.08%

200,827.4149 100 million square meters

61.6528 million square meters
44.47%

2009
31.9600 million square meters
Source: National Bureau of Statistics

This set of data above shows that, with the commercial housing development in the gross domestic housing construction area increasing the proportion of non-commodity housing has continued to decline, resulting in more and more domestic residents, including low income levels of residents, have through had been rapidly rising property market to meet housing needs. To a large extent, the reason why domestic prices rose rapidly, housing prices rose too fast reason why the masses are very satisfied with the answer on this.

This shows that the reason for this massive expansion of government beyond the policy of housing developers for the program, mainly to compensate for the historical event of default, accumulated in previous years. However, too many outstanding loans, even though the policy this year to plan for massive expansion of housing is still far from meeting the real needs. This is why the majority of those surveyed think that the Government should also expand the housing supply of the main reasons of policy.

Next, as the expansion of housing supply after the policy can not meet the potential needs, together with housing policy purchasers or users and purchasers of commercial houses had existed between the significant income segment, it is difficult to expect land Department of Housing for the program can play the role of inhibition of property prices.

Released from the local government for the land plan, reports that Shanghai has announced for this year’s housing program, at 1100 hectares (approximately by 3% over last year) of the total supply, the security room, studio commercial housing reform, and medium and small unit other three sites accounted for a total of 770 hectares; to include medium and small unit and “non-ordinary residence” of goods, including 400 hectares of residential land is only for the supply of four percent a year or so. This will definitely increase the demand and supply gap in Shanghai property market.

As for other means of inhibitory effect on property prices, based on past experience, I am afraid that rule this year, not next year rule. The so-called holding back urine, urinary 3 times a day and the day the results of urine 9 reduction in the number only, but the urine or as much.

1 As expected Friday, the stimulation of multiple good news, today’s A shares Tiaokonggaokai, a strong upside heavy volume stock index closed at 3123.80 points, rose 2.09%. Hang Seng Index Hong Kong stocks up 0.88% day, significantly behind the A shares. It appears that long-awaited A-share market finally independent grand start.

Today, beautiful 15 (reduced version) 3 up 1 down a suspension. South building rise about 2.31%, horse racing industry a little rest, or 0.73%. To close in the third period pretty average cumulative increase of 15 from yesterday 1.78% to 2.78%, a beautiful 15 cumulative increase of 53.93 percent from yesterday rose to 55.44 percent.

A stock index futures, said a major positive is not an exaggeration. Rather, not only short-term positive, but also long-term good. The so-called short-term positive, because of the international experience shows that the initial listing of stock index futures for the stock market out of the wave is normally rally. The so-called long-term good, it is focused on the basic functions of stock index futures. This feature is regarded as price discovery, price discovery and is a two-way, you can find opportunities for price increases, also found that the risk of price declines.

However, the current interpretation of the stock index futures market is not very professional, the focus is the misunderstanding that will promote market polarization index futures: constituent stocks in the good underlying index, while other stocks bearish trend.

Discussed above, the basic functions of stock index futures, stock index means that the subject is not influenced by movements in stock index futures, but the impact of the underlying stock index futures.

The factors affecting stock index futures, of course, with the contract period equivalent to the multiple forward-looking factors, such as macroeconomic trends, the international financial market trends, a variety of trading tools to Price relations, industry events and so on.

Thus, an attractive stock must not be the Friends of the professional interpretation of the extremely misleading. Experience tells us that any large market, we need heavyweight blue chip, or an early rise, but with the market developing in depth, broader market is up blue chips will not be higher than the small-cap blue-chip growth stocks. Past, the future remains the same.

The third phase of “beautiful 15″ (reduced version) Briefing

Code
Referred to as 3 04 months
March 29
cumulative gains
Dynamic price-earnings ratio
09 per share

Close (yuan) close (dollars)
(%)
(Times)
Income (yuan)

000528
Liugong 21.57 22 .12 2.55 16.6
1.33

000589
Qian Luntai 18.40
17.60 -4.35
12.4
1.42

600449
Racing Industry 35.23
39.65 12.55 16.7
2.38

000961
South Building 19.35 19.95 3.10 9.2
2.18 (10 expected)

600742 FAW-rich dimension
26.92 26.93
0.04 16.0
1.68

The third phase of “beautiful 15″ average
2.78
14.2

“Beautiful 15″ 51.24 55.44

Beautiful 15 leading index 304.74 %
238.05% (3.3805-fold)

The Shanghai Composite Index 3123.80 16.40

Fallen leaves will shatter the head? Frankly speaking, only those dissatisfied with a bottle, shake it all day in a half bottle things (children) do (children) of people would be face value. Worse, over-exaggerated the risk of the Chinese economy has become quite common in economic life phenomenon, including academics and decision-making. However, this does nothing to risk control, it touches will be a serious impediment to economic health.

Economists concerned about asset price bubble is actually paying attention to loan quality, and therefore decided to financial security. Loan quality is usually determined by the collateral. As a common collateral, land and stock prices is a measure of asset price bubbles and not. It said the asset price bubble, in fact, talking about the land price bubble and stock price bubble.

Yes, because in Japan most of the land as collateral for loans, while banks have a large number of holdings, land and stock prices rise over after the bubble burst there is indeed cause the Japanese economy since the nineties of the last century into a long-term downturn reasons. Land prices continued to fall by about collateral, banks surge in bad loans, to prevent further deterioration of the capital adequacy ratio, even if the long-term interest rate is zero, it can not prevent long-term loans of negative growth. This is the so-called zero interest rate Japan’s economy, zero growth. However, the domestic equity as collateral for loans to be minimal, with a loan pledge of goods in the past, all for the price of equity is far below the market price of the Restricted Shares, and in calculating the value of the collateral Shi You are fully underestimated, no doubt, stock prices will not constitute a domestic asset price bubbles.

As for the land, taking into account the accumulated sales since 1986, commercial property (including commercial residential and commercial buildings) occupied 413 acres of land at best, even if two million yuan per mu according to the weighted average price calculation (previously used for commercial housing development The average land price of less than 100 yuan / mu, or even the year 2000 less than 500,000 yuan / mu), is private land holdings listed total assets total more than 8.3 trillion yuan, however, the corresponding premium rate (total premium on GDP ratio), only 25%, equivalent to only mature market one-seventh of the national average. For base reasons, the smaller base of assets and the land base of civil larger between GDP, even though the two annual growth rate of the same land ratio also decreased year by year. Therefore, there is no evidence that there exists land asset bubbles.

I would like to remind you that the premium rate to talk about aside land asset bubbles is not very professional.

Address the land ratio, the United States most years less than 100%, the UK most years 80% to 200% swing, while Japan rose in 1980 after more than 300%. According to Japanese scholars introduced in Japan in 1990, private land assets 2,400 trillion yen, equivalent to 341.14 trillion yen, then the official GDP statistics of 700%. Although the 1997 devaluation of land assets, to 1,700 trillion yen, but compared with the current GDP ratio as high as 441 percent premium.

Since 1986, total domestic sales of commercial area of 5.5 billion square meters, according to two times the average volume rate of land, occupied land area of commercial housing sold approximately 2.75 billion square meters in about, or about 413 million mu. It is worth noting in this commercial houses occupy 413 mu of land which have so far still in the proportion of multi-state collateral, but Liu Cheng, and mortgage of land replacement cost several times more than the cost of a mortgage or even 10 times. In this case, the private holdings of public land prices on the quality of bank loans is quite positive, where we talk about asset price bubbles!

To a large extent, not only the domestic private holdings of the current asset price of land there is no risk of a bubble, but a longer period of time in the future will not appear. The reason is the future trend of land prices are still rising, first transformation of the old with the relocation compensation costs which continue to promote the existing urban land prices, followed by rising food prices to promote the future of new urban land prices. On the other hand, the next 15 to 20 years as the expected increase in commercial housing land is 3 to 4 times the stock of the Government to increase land supply and land sales revenue growth, can also suppress the risk of domestic land assets price bubble to play an active effect.

From a psychological point of view, the reason that people exaggerate the risk, often due to lack of confidence, complacency or laziness. All these are unhealthy psychological characteristics.

Over-inflated asset price bubble in the domestic land-harm is: If you do not rush in labor costs due to the shortage of labor supply rose sharply prior to accelerate the commercial housing development, then, on the one hand all future construction materials will be accompanied by rising labor costs rise, so developers cost is high; the other hand, the current excess liquidity (the so-called lack of liquidity tightening is only man-made or create a false impression) will as the means of production and the overall rise in consumer prices, the evolution of the flow of depreciation as well as liquidity shortages, so that the purchasing power of existing commercial houses a substantial decline in the whole society. By that time, not only land be cut down, and commodity prices will rise a new retaliatory.

Until November 2007, Vanke has been a leader in real estate stocks. In less than 30 months time, the share price from the 2005 end of 3.12 yuan soared 6-hoisting 40.78 yuan, the dynamic price-earnings ratio of 55 times. Subsequent disclosure of the 07 annual report, operating income and net profit surged 98.3% and the annual 110.8 percent, compared with the cumulative growth rate in 2004 were up 363.4 percent and 451.7 percent.

Unfortunately, starting from 2008, Vanke chairman Wang Shi in strong leadership, business strategy from the aggressive to passive and conservative, starting with the real estate control policies will be closely followed, throwing up high-profile “inflection point theory”, the implementation of the so-called “No store, we did not cover their plate” and “rapid development, taking care to” line.

The results, in 2008 net profit Vanke 16.7% annual decline, in 2009, and excluding inventory write-back decline in value of investment income growth of operating profit after some 7.028 billion yuan, a year earlier by the same method of calculation of operating profit fell 7.9% .

It is worth mentioning that the performance had not Vanke 2008 landslide, but underestimating the property market situation in the wrong circumstances, because of big stock of provision for decline in value of 1.268 billion yuan was formed to judge the facts of man-made landslide. Here was called an error underestimated, not only because of price, after provision for the fall up instead of drop, but rose sharply, also based on the company’s board of directors in 2009 will decline in value of some of the projects the fact that full back. No exaggeration to say, Vanke’s performance really was Wang Shi unrealistic negative conservative strategy “Scrapped” for a while.

It should be said, Vanke’s biggest miscalculation, the performance of the consolidated gross profit margin from 07 to 42% to 39% in 2008, and 2009 of 29.39%, of which 07 ~ 09 real estate gross margin was 30.49% in turn, 28.15% and 21.99%. This means that, compared to gross margin in 2007, 2009 Vanke 48.32 billion yuan of real estate reduces the profits earned 4.155 billion yuan revenue, net of income tax net profit of 3.116 billion yuan less money.

Why Vanke so miscalculated? Pick matters, said Wang Shi key “inflection point theory” and not to store with the rapid development of business strategy, revealed that he neglected land prices led to the replacement cost of land and therefore push up house prices surge in essence, not as many people touted as: “This person familiar with the property developers Road.” Wang Shi like this, those who do not understand the rules that all day real estate industry mediated sucking chewing document cents, to talk nonsense of the generation, but also when any of! The so-called national media bombarded for 14 days of high prices, but only civil servants buy a house well below the market price of this very long-standing injustice that no one theory, what is this shit logic!

Vanke in 2007 calculated at current settlement area of land reserve was 4.63 years (at the end of interest in building reserves of 18.21 million square meters area, then clearing an area of 3,937,000 square meters), in 2008 dropped to 3.97 years, while building equity at year-end 2009 reserve area increased to 24.36 million square meters to 4.03 years after the rebound, but the sales area of 6.636 million square meters in accordance with terms of land reserves was only 3.67 years, if the 2010 plan in accordance with construction area of 8.55 million square meters of new terms, the land reserve rate is only 2.85 years, or only to maintain 285 years of continuous development cycle.

In my previous article discussed the relationship between the price of land replacement cost and, after net friend message in my blog: “The favor of the teacher on the ‘From this point of view, continued rapid rise in domestic land as the background, the developer or the earned little money, because of the rise in replacement cost profit was largely formed by sharing buyers’ argument, I bought a house in 2004, priced 1,370 yuan, are at least 3900, I made two times, developers are also 100% profits No more than I earn. prepared to go across the district loans are priced 5,400 yuan to buy a multi-floor, to the elderly living at home. “

Vanke’s miscalculation in this was given away.

Not store or reserve rate has dropped to the same time rapid development, doubled up as the replacement cost of land, 21.99 percent of the gross profit margin means that the land after Vanke up the replacement cost according to calculations, a square room to sell at least 1,500 yuan loss . Of course the historical cost of land replacement cost and the difference between the profits earned by property buyers go, the less a square meter to five thousand dollars was earned.

Some may say this is helping me Vanke Sellers. Help to help it, but only if it is Wang Shi must first correct the error line, or Vanke’s performance after 2010 outlook remains bleak.

The reason why Vanke’s performance after 2010 outlook bleak, but not 2010, because the balance on the previous year’s sold settlement area and the contract amount is not more substantial, and the average price was 10,208 yuan contract / square meter, more than 2009 28% higher average price settlement, plus 2008′s 1.268 billion yuan provision for decline in value of inventory remaining half, we call back, the company’s performance in 2010 growth is still quite good.

By the way, with China Vanke, compared the rate of land reserves, South Building in 2009 calculated at current settlement area of land bank rate up to 19.85 years at current sales area is calculated as 13.02 years, according to plan new construction area in 2010 is calculated as 8.18 In. Needless to say, since South Africa taking in the previous construction cost or historical cost is very low, the replacement cost multiplied up, driven by the performance of the company’s future growth prospects good to be pleasantly surprised. This is also why I gained a firm bullish on the potential of South-building reasons.

Vanke perhaps not quite so, but not take years to catch up with the surging real estate company China Vanke out.

Circulated on the Internet’s “property market crash of 2011,” due to serious distortion of facts, especially the so-called Japanese property bubble of awareness many mistakes, can only be a staple of jokes.

For example, the jokes which the Japanese property bubble burst in 1991, the time pinch, however, from the streets of Japan Real Estate Institute of Land Price Index shows that average land prices in 1991 rose 10.4% in 1992, began to appear 1.8% decline. Also, the post-war years of Japan’s largest premium increase in 1957, respectively, 1961 and 1973, the average increase over the previous year followed by 28.1%, 42.5% and 25.1%. The former are mainly due to surge in demand for industrial land is held hostage, which is mainly Tanaka Cabinet plans to stimulate the transformation of the Japanese archipelago. In contrast, from 1985 to 1991 the average rose only 7.59%.

The reason I will be recognized by the Japanese property bubble to correct for the Japanese land price bubble, because after 1992 the Japanese real estate prices occurred mainly in land prices, not price. The former has nearly 50% decline, while the overall trend of the latter is true not fall. There are two reasons: first, introduced in 1992, the right of the periodic lease is only 50 years of age, significantly reduced compared with the previous, of course, also raised by the relative number of years of lease rates. This is not difficult to understand. In recent years, many domestic land use rights for 50 years of commercial real estate developer in effect been sold to residential projects, although the low price of a percent, for example, is 2 million, but the conversion price for the lease of an average 400 yuan more than 22,000 yuan of 70-year lease of residential projects the price of an average 314 yuan up 27.4%. Second, the right to shorten the lease period on a regular basis, the Japanese quickly to the factory for residential construction, prefabrication, recycled the direction of escalation, with used materials and design shorten life and reduce the construction costs, reducing environmental pollution, which naturally support a rate far lower than the land prices for residential real price in Japan. In fact, it was introduced in Japan real estate sector, even 10 years ago, Japan’s high housing prices rise, not fall cases abound.

Some studies say, the Japanese land price bubble burst before the rapid rise is due to speculative factors, and for this reason, in order to prevent a property bubble in China, also need to restrain speculation as a priority. It is also estimated that the domestic central bank repeatedly put restrictions on housing prices a reason for surgery residents purchase loans.

Frankly speaking, this was utter nonsense.

Based on the early years of Japan’s Economic Planning Agency, “Economic White Paper” provides data to 1955, the Japanese land price index and bank loan growth index of 100 terms, premium index of 283 in 1960, loan growth index of 256; 1970 years ago by the 1408, which was 1235; 1972 years ago were for the 1845, which was 1927. Not difficult to see, then land prices in Japan and the interdependence of the loan is very close. In fact, the right to say that, because Japanese banks tend to their land as collateral for loans, so that loan growth contributed to rising land prices and the subsequent land price bubble.

It was also said that the Japanese property bubble burst is the laissez-faire outcome of the residents purchase loan growth, so China should restrict loan growth rate of resident buyers.

This is also nonsense.

According to the Japanese, “The Economist” data for 1996, 1980, Japanese domestic financial institutions in total 3.3172 trillion yen loans, personal loans up 95.6% share, developers, lending accounts for only 4.4%. However, the subsequent reversal of the situation greatly. By 1991, the proportion of personal loans shrunk to 21.6%, the proportion of developer loans increased to 78.4%.

We must understand that the Japanese land price bubble in the direct destruction aimed at domestic financial institutions, thus emerged the so-called housing experts, namely, a large number of domestic financial institutions write off bad debts of the loss.

Sino-Japanese real estate market has many features of nature are not comparable. One of the points of land to private ownership in Japan, mainly Foundation owned the land for the public and the Chinese government to take strict monopoly. This effectively ruled out a similar Japanese living in China as the land price bubble special issue of the risk.

More than just talk about the Japanese land price bubble in part, a more profound reason for another paper.

Even the central bank will not make you a day relaxing day off. People get to see the performance of listed companies of China’s economy and increase both the dawn, may be partial to a mouse to steal.

Lightning by China’s central bank raised the deposit reserve ratio of financial institutions, the global stock markets in general plummeted, A shares to plunge today, trading volume has been enlarged. To close, the Shanghai index was at 3172.66 points, Kuangxie 3.09%.

Today, “a beautiful 15″ 2 up 12 down a suspension. Largest decline for the previous good Lanhuakechuang up momentum. To close, compared with the previous day, the second phase of “beautiful 15″ rise from the 12.88 percent average tumbled to 9.99%, “a beautiful 15″ rise from the 54.85% total down to 50.88 percent, with the broader market tumbled past the same Today, the leading index of 15 beautiful jumped 149.43 percent to 179.28 percent.

The central bank is the legs, arms market only. Arms to legs, let no good.

No shrinkage, no admission. This seems to be pretty friendly in the following market shares among the best response strategy.

II “beautiful 15″ today’s briefing
Code
Abbreviation
November 6 January 13 Cumulative earnings per share rose dynamic price-earnings ratio

Close (yuan) close (yuan) (%)
(Times)
Expected (yuan)
000 900 Modern Investment
21.24
28.8535.83
16.7
1.73
000 589 Qian Luntai
17.06
17.47
2.4014.6
1.20
600 449 Racing Industry
29.67
38.6530.2716.2
2.38
000 877 shares in Tianshan
17.2524.6042.6122.2
1.11
000 708 Daye Special Steel
10.35
11.9315.2718.4
0.65
600469 Aeolus
16.36
15.06
-7.9514.9
1.01
000599 Qingdao Double Star
9.098.92
-1.87
15.9
0.56
600 742 FAW-rich-dimensional
20.7723.9815.45
20.0
1.20
000 528 Liugong
19.1321.7413.6421.1
1.03
002 042 Huafu color spinning
16.5119.1515.9922.0
0.87
600 123 Lanhuakechuang
42.2943.21
2.1818.2
2.37
000 550 JMC
24.1021.10-12.4516.2
1.30
600 166 FOTON
20.1220.16
0.2019.61.03
000 961 Central Building
21.6418.60-14.0515.9
1.17
000 513 Livzon Group
37.7042.3412.31
28.2
1.50
The second phase of “beautiful 15″ average
9.9918.7
“Beautiful 15″ (the first period of 137.18, or 37.18%) 50.88
Beautiful 15 leading index 107.68%
179.28% (2.7928 times)

Shanghai Stock Index
3172.6618.2228.0

(For reference only)

The risk of further market bearish dollar index to 80 points below the prior of writing this important psychological barrier, the current trend is still weak. At the same time, major indexes in Europe and Wall Street, the Dow, Nasdaq, S & P and gold, crude oil prices have up to resume the U.S. dollar and other financial instruments of the symmetry pattern.

A shares have rebounded today, stock index closed at 2992.84 points, up 0.53%.

Today, beautiful 15 (reduced version) 4 up 1 down, against yesterday’s rebound FAW Fuwei 1.76%. To close in the third period pretty average cumulative decline of 15 from yesterday 2.88% to 2.21%, a beautiful 15 cumulative increase of 46.88 percent yesterday, rose from the 47.90 percent, a beautiful 15 leading index fell slightly yesterday’s 329.07 percent to 315.80 percent, is still the main stock index rise of 4.19 times total over the same period, profits are still very prominent lead.

The third phase of “beautiful 15″ (reduced version) Briefing

Code
Referred to as 3 04 months
March 16
cumulative gains
Dynamic price-earnings ratio
09 per share

Close (yuan) close (dollars)
(%)
(Times)
Income (yuan)
000528
Liugong 21.57 20.38 -5.52 16.4
1.24
000589
Qian Luntai 18.40
17.84 -3.04
12.6
1.42
600449
Racing Industry 35.23
37.25 5.73 15.6
2.38
000961
South Building 19.35 18.46 -4.60
8.5
2.18 (10 expected)

600742 FAW-rich dimension
26.92 25.95 -3.60 15.4
1.68

The third phase of “beautiful 15″ average -2.21
13.7

“Beautiful 15″ 51.24 47.90

Beautiful 15 leading index 304.74 %
315.80% (415.80-fold)

The Shanghai Composite Index 2992.84 11.52 25.4