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Wednesday, April 4, 2012
Is Apple's Android-Hate Just for Show? Google Thinks So [Google]
China's Wen urges breakup of bank monopoly as growth slows
(Reuters) - China's premier called the country's big banks a monopoly that needed to be broken to get money flowing to cash-starved private firms, as the nation's economy appears to have skidded to its slowest growth in three years.
China's state banks make money "far too easily", state media quoted Premier Wen Jiabao as saying on Tuesday, in comments that reignited debate over the role of banking in cushioning the descent of the high-flying economy, the world's second largest.
"Frankly, our banks make profits far too easily. Why? Because a small number of major banks occupy a monopoly position, meaning one can only go to them for loans and capital," China National Radio quoted Wen as telling local businesses at a roundtable discussion.
"That's why right now, as we're dealing with the issue of getting private capital into the finance sector, essentially, that means we have to break up their monopoly," the radio news service reported Wen as saying on its website.
Wen's comments came as a senior economic official, citing a "related research agency", revealed the economy might have grown 8.4 percent in the first quarter from a year earlier, the slowest growth since the second quarter of 2009, when China began to accelerate out of the global financial crisis. The official GDP figures are due to be released next week.
Such a result would be in line with private economists' forecasts - and with efforts by Chinese policymakers to engineer a gradual slowdown in the economy, which had been speeding along at an unsustainable rate of more than 10 percent two years ago.
As the economy has slowed, the role of state banks in rationing credit has come more into focus. They prefer to lend to other state firms, starving smaller entrepreneurial companies that must then borrow from informal lenders at high rates.
Only last week, Beijing approved financial reforms for Wenzhou - known as the country's cradle of private enterprise - to encourage private investment in local banks.
Experts said the need for further steps was apparent, though it remained to be seen whether the views of Wen, due to step down next year in China's biggest leadership change in a decade, would translate into action under the new leadership.
"The basic need for drastic financial reforms is clear," said William Overholt, senior research fellow at the Kennedy School of Government at Harvard University and author of "Asia, America, and the Transformation of Geopolitics."
"This is a time in China's economic history where future growth, and future jobs, depend heavily on small and medium enterprises and the private sector."
The Big Four banks, including Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China and China Construction Bank, have long maintained a stranglehold on virtually every aspect of the financial services industry.
OPENING DOOR WIDER
In another move to usher more capital into the economy, China also announced it would widen a major channel for inward foreign investment in Chinese markets, expanding a quota for foreign institutional investment by $50 billion to $80 billion.
In addition to boosting the qualified foreign institutional investor scheme (QFII), which is currently nearing its limit, China said it would allow foreign investors to plough more of their offshore yuan holdings into mainland securities.
The Renminbi Qualified Foreign Institutional Investor scheme (RQFII), is being boosted by 50 billion yuan ($7.9 billion), the China Securities Regulatory Commission said.
In past years, Beijing has carried out a range of reforms in cities such as coastal Wenzhou. Last month, the Cabinet approved a pilot project it hopes will one day form a cornerstone of nationwide financial sector reforms.
China has cut its annual growth target to 7.5 percent this year, an eight-year low and a pace Beijing hopes will give it room to push through structural reforms, though many economists expect the pace of growth to pick up from the second quarter.
Economists also expect the central bank to continue to cut the amount of cash that commercial lenders must hold as reserves to crank up credit expansion, but the chances of a near-term cut in benchmark interest rates look slim.
Under the banking reform being tested in Wenzhou, private investors will be encouraged to buy into local banks and to set up financial institutions such as loan companies and rural community banks, the State Council has said.
Beijing hopes it will enable hungry small businesses - vital to employment - to access finance more easily and cheaply.
"The central government is unified on this, and you've seen the Wenzhou experiment ensue," Wen was quoted as saying.
"I think Wenzhou has had some successes, that should be replicated nationally. In fact, some can immediately be kicked off countrywide."
'WORSE THAN THE MAFIA'
Allowing private investors to lend via legal entities will help Beijing tame an underground lending market, where annualized interest rates can hit 100 percent. This market was worth 2.4 trillion yuan ($381 billion) at end-March 2010, or 5.6 percent of total lending, according to People's Bank of China.
Many private businesses turn to grey-market lending because they lack connections to access loans at official rates, which primarily flow from state-owned banks to state-owned enterprise.
The idea of a financial reform zone emerged late last year after media reports surfaced about Wenzhou entrepreneurs who had gone into hiding or committed suicide after they were unable to repay high interest on under-the-counter loans.
The local central bank branch estimates underground lending in Wenzhou at 110 billion yuan. About a third of that is used for real economic activities, with the rest going to speculative investments, according to media reports.
"It's worse than the mafia," Harvard's Overholt said, referring to punitive borrowing costs. "When you control inflation by high reserve ratios, what the banks do is cut off everybody but their biggest clients."
"The financial system is strangling them." ($1 = 6.2980 Chinese yuan)
(Reporting by Edwin Chan in SAN FRANCISCO, Aileen Wang and Kevin Yao in BOAO and Michael Martina and Jim Bai in BEIJING; Writing by Mark Bendeich; Editing by Emily Kaiser)
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Tuesday, April 3, 2012
Learn the Value of a Debt Management Plan | Business and ...
? Sunday, April 01st, 2012
You can fall victim to the cash advance company a piece of cake. People in financial need only a few minutes before the computer is able to borrow. Financial need and have nowhere to go, especially in some cases may be helpful. Not great, but not always the best online payday loans you have financed with a loan from another lender at any time. Separate from the underlying cause. First, create an account, because if you build a place, address, and all are obliged to pay. The worst case that you pay back the loan with another loan if you have received. Currently, most of us never get to the end, as a matter of routine.
There are several factors that lead to loss of revenue through spending cuts, much of this crime, to get a loan. It is generally believed, not just mismanagement. But when a large debt with a payday loan at this point, one option is to integrate. Proliferate in fact, much faster than normal loan to reduce debt and interest to stop the debt consolidation loan as quickly as possible, were invited. However, the first debt management plans without the need to learn the ins and outs of quickly, be careful to not understand. Education debt management as the best defense against irresponsible companies will continue.
In addition to debt management plan is actually a lot of personal loans low monthly repayment of the bonds will pay attention to the emergence of new ways to prevent a party. In addition, affordable monthly debt settlement organization to negotiate with your lender. In addition, personal expenses and higher interest debt consolidation at no additional cost to help solve your debt problems. It?s actually a good debt management plan.
The early stages of the company?s debt burden may have the ability to pay can be measured. This means they have to realize is your disposable income, and costs will negatively impact earnings. You will be given to the credit company may be given to a certain level to get the idea. They can then contact your loan company. What happens if I do not? Your body requires specific skills for different tasks and this is an excellent study. They act as an intermediary between the customer and the lender because they have livelihood.
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Monday, April 2, 2012
In Elite China Circle, Briton Feared for His Life
BY JEREMY PAGE
Neil Heywood, the Briton whose death in China is at the center of a Chinese political crisis, told friends he feared for his safety because he had fallen out with the wife of a senior Communist Party leader, according to people familiar with the matter.
Mr. Heywood had claimed to be part of the small inner circle of Bo Xilai, a former political rising star whose sacking as party chief of the city of Chongqing this month set off one of the biggest upheavals in Chinese politics since the Tiananmen Square crackdown on demonstrators in 1989.
Mr. Heywood expressed concern ...
BY JEREMY PAGE
Neil Heywood, the Briton whose death in China is at the center of a Chinese political crisis, told friends he feared for his safety because he had fallen out with the wife of a senior Communist Party leader, according to people familiar with the matter.
Mr. Heywood had claimed to be part of the small inner circle of Bo Xilai, a former political rising star whose sacking as party chief of the city of Chongqing this month set off one of the biggest upheavals in Chinese politics since the Tiananmen Square crackdown on demonstrators in 1989.
Mr. Heywood expressed concern ...
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Sunday, April 1, 2012
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