<p> and further squeeze credit lines funded enterprises, domestic enterprises to make credit more difficult. China's base money supply structure of the formation of such a financial cycle mode: appreciation of the renminbi to the dollar � � hot money inflows holder base money and lead to increased mobility � central bank to raise the deposit reserve ratio,hogan scarpe, issuing central bank bills to tighten domestic commercial banks business line of credit � bank interest rates and private lending interest rates rise � dollars of hot money in high-speed turns and arbitrage, while the performance of M2 dollar continues to rise � further attract hot money into China ... This is the beginning of China's financial cycle in 2005 the appreciation of the RMB to enter the channel since mode. The financial cycle model is being broken by reversing the flow of dollars. RMB appreciation weakened the momentum of China's economic growth. In business efficiency and growth rate began to turn around down, the United States began claiming exit garbage dollar policy, the implementation of a strong dollar policy,stivali hogan, China began to withdraw dollars of hot money. Dollars to establish such a financial cycle model, creating a real estate bubble of photovoltaic power generation and other industries; dollar took the initiative to break the financial cycle mode, resulting in China's financial market turmoil. Dollar outflow of hot money.</p>
<p> is detonated Chinese commercial bank liquidity tension fuse current.Professor Zhang WeiweiPeople Beijing February 23 electric Recently, jointly organized by the Shanghai Century Publishing Group and China Everbright Everbright Group? Century China Forum held in Hong Kong, Fudan University Distinguished Professor, Director of the Research Center of China's development model,hogan donna, Geneva School of Diplomacy and International Relations Visiting Professor,hogan rebel, Spring Research Institute senior researcher Zhang Wei as "China Rise and civilized nation of logic" as the theme made a wonderful speech. Professor Zhang Weiwei authorized reprint People Speech: China's rise to international comparison in order to see more clearly. We can put countries in the world into three categories: The first category is developing after the second class countries with economies in transition.</p>
<p> and the third category is the developed countries, the past 35 years, China and these countries, we will be able to compare to draw some conclusions. First of all, compared with the developing countries,hogan blu, China's achievements than the sum of other developing countries. The biggest challenge is the eradication of poverty in developing countries. Over the past 30 years, according to UN statistics,spaccio hogan, about 80% of the world's poor are eliminated in China. The performance of India, Egypt,hogan junior, Brazil,hogan scarpe, South Africa these large developing countries are added together, there is no large Chinese achievements. Now raise the poverty standard of the poor,hogan online, it is a one hundred million people. But from the international comparison, realistically see, not just look at the cash income, but by income plus property, China is one of the few countries in the world have experienced land reform, our farmers have land, a house, if we put These are enumerated, then we have many farmers in poor areas, to India or Egypt if so, how are belong to the middle class. Second, countries with economies in transition, especially the former Soviet Union, Eastern Europe,scarpe hogan donna, Central Asia, the former socialist countries for comparison. The basic conclusion is the same, that is to say, our overall achievement scores than the sum of these countries. A simple data is that the first 30 years of our economy, from 1978 to 2009,spaccio hogan, an increase of 18 times. Over the same period, Russia,hogan outlet, Eastern Europe, Central Asia is essentially doubled. Before the reform, the size of the Soviet economy than us, now Russia's only our economies of scale of a quarter,hogan interactive donna, and Russia's industrial structure and compared to the Soviet era, not much change, mainly by the energy and military,hogan uomo, while China from scratch,saldi hogan, from weak to strong, the formation of a large number of new industries. Third.</p>
<p> using purchasing power parity (PPP) approach. Many scholars have cited Angus? Maddison (Angus Maddison) statistics. We are now the official exchange rate statistics is that in 2010 the scale of China's economy surpassed Japan. But according to Maddison's algorithm, using purchasing power parity statistics.</p>
<p> compared with developed countries. Domestic many people will say,hogan outlet, still a big gap between China and developed countries. I am in the West, in France, Switzerland and lived for 20 years, he returned to Shanghai has more than 1 year. I often making comparisons. There are actually a lot of places we go in front of them. Take Shanghai and New York for comparison. Shanghai's hardware has been fully beyond New York, whether it is airports, ports, terminals, high-speed rail, subway, is entirely the work of a different era. Software also can be compared. Let's say the average life expectancy, high 4-year-old Shanghai than in New York, Shanghai is 82 years old; the security of our cities, better than New York many times; the infant mortality rate is lower than New York. In fact, our entire development sector, has a population comparable to the US, and countries can race with. Not to say that we are very good in all aspects. We still have many problems, but today's China really has no need to look up the West, we should be flat, as the West, of course,scarpe hogan outlet, people do not need a plan. We some places than others, but it does in many places doing better than others, and even a lot better. This gives us confidence. For China's economic strength, we have another way to interpret available. I suggest that the strength of Understanding with China in three areas from a political perspective. One is the China is divided into two blocks, one called "developed plates", or "quasi-developed plate",hogan rebel junior, a piece called "emerging economies plate", forming a highly complementary and benign interaction between the two plates. I think this is a key to China's rapid rise. Second.</p>
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