Lang Speech Ningbo June 22 China namely facing un

At that period the share price rise, according to my theory is not the share reform, the share reform was a muff, 2005 I say destined to share mistake adjustment, but the share reform in 2005 share price rose, they said Professor Lang Do you think you are bad, but you Look now know, I had it! ? If you asked me 06 Greentown speech, you would mail it! In May last year to the aggregate of the low you heard it, and you did not come, do not lecture Greentown! Was May 30 when the stock price the Government to raise stamp duty fell to 3500 points, then you begin to try to be beautiful, you do? Buy second-line blue-chip, because you see starting in May, the stock index has been rising, are driving the broader market, and we shriek twenty-eight phenomenon, you will not hear speech, and to try to be natty, and Oh! You see large-cap stocks pluck our index, price-earnings ratio is too lofty, we can not buy, we buy second-line blue-chip, from 3,500 points to 6,000 points, how do you like? And you do not make money! Because you bought a second-line blue piece. Comrades, twenty-eight inside the second, which stocks,Lacoste Running Trainers, concrete, steel, securities companies, the sector is not the dual economy overheating inside the department? You buy a second-line blue-chip sector is too cold, so from May to November, the second pulling the stock reached its maximum point, and you have to listen to my discourse. Last year, I have spoken, from the end of the year, stock prices must fall, unless the government bailout. Why? Very simple, the stock market itself reflects the dual economic fundamentals, you think, from May to November, the phenomenon of large-cap stocks twenty-eight second he rose too quick, will call back, then eight twenty-eight phenomenon ? He is the flute section of the department had, where he has gained the fact, according to the dual economic theory, the large-cap stocks will callback to the end of the year, 80% of the flute department will be down 20% of the overheated sectors will call back, so all the way down. I tell you, do not have anyone fantasies on the Olympic, Olympic will not let you transform more prosperous, because the stock market has its own laws of dual economy.
you think about the Olympics have everything to do with you in Ningbo! ? In increase to excitement appearance the real benefits of what you do? You think about it? !
even many media asked me, let me talk about the Olympic economy, I heard the subject to get petulant! I said it is a water cube, bird's nest have anything to talk about it? Do you think the Water Cube, Bird's Nest will bring China's economic development, how so wretched you are? ! To think to know the ass! You can buy the stock, but I tell you, one, buy the stock, first think about what I say dual economy, the stock market is basically in accordance with the dual economy in operation. The second sentence, the bargain of their own decisions, do not ask me, but I tell you, you do not have the Olympic nightmare disease, will only hurt you. As from today to the future, to the end of the year before the Olympics, how to get stock price, which is public, I can not tell you. Professor Lang said a lot, dropped some, and I said I can not tell you, but you can understand our dual economy, the stock is basically reflects the dual economic fundamentals, you will know everything, and this should not discard, you determine for yourself.
As to media reports, international hot money come the end of this speculation, we can not rule out this feasibility, but I think the international hot money come the end of his speculation is very difficult operation, because we do not Vietnam, so open, we now little reason to protect themselves because we are open ample, and we lack the futures market, a lack of futures market and buy A shares have a certain degree of hardship, because it is not hard for you to buy their own people, which reduces our international hot money speculation the feasibility of the stock. Therefore, we do not have too many illusions in this regard. But there is no international hot money to speculation, I tell you, decision. But you want them to change the ecology of change in fundamentals that more difficult.
】 【Professor Lang: We now call on the host came to power! We are not here to an interactive!
】 【Moderator: Thank you, Professor Lang is very brisk, humorous, fun to deliver a constraining speech, followed by questiin due time, interactive media, today to a lot of guests as well as private entrepreneurs and Ningbo, local media, you have What problems would like to ask if Professor Xiang Lang to direct questions. Please pass the staff about telegraph loudspeakers.
】 【Question 1: Will Lang, Professor, you say the hub is a dual economy, China's dual economy do you think the root occasions that? Why is it not a binary economy, we have a dual economy, why? Thank you!
】 【Professor Lang: very good! I want a simple detailing. The reason why dual economy overheating overheating sectors, that is, to ten years China's economic development, local governments to enhance the GDP as the key link of the projects and are accordingly driven by the departments concerned and the GDP is overheating, it is ideology-driven, because regional governments to engage in promotion to the construction of bridges and pave the way for colossal sums of money so invested, engaged in performance, is performance engineering, performance engineering-related departments and the basic overheating. How cold the sector get cracking? Primary ingredient is the positioning error deserving to industrial chain, which method essentially China's manufacturing industry is one of six plus one inside, the worth is very low, then hit the macro correction, exchange rate and the introduction of labor fatigue compact law, production a face investment in the fast deterioration of business environment, 30% heat, 70% of the cold.
】 【Moderator: Does? Who in you.
】 【Question 2: Professor Lang talked about some macro issues that may appear, and recently we also note from the Central June 13 meeting, General Secretary Hu Jintao made * Kam * To ensure the stable development of real estate meantime limiting financial hazards, from this information can not predict Zhonglang instructor, from the firm monetary policy, there may be lax, but loose on the attribute after what efficacy?
】 【Professor Lang: General Secretary Hu Jintao on real estate development, we also talked about his speech, the real estate must be stable, not rose can not be a large drop, causing social turmoil rose, the results of crash caused by the financial crisis, banking crisis. So to maintain the real estate development is the basic task of Baoding. Problem? Do not know why you know deep down that real estate developers and their alarm of it?
because his emotions tell him that his development costs, land purchase costs and additional costs of the assorted disbursement is rigid, it is not moving, especially in the open commanding system, make the cost surface is rigid , transfer is not down. But the money get cracking to buy a house, they found money to buy a house they are highly difficult to control. That is the cost of the supply side is rigid, and the demand is erratic, entrepreneurs, capital-based money I gave him a label is virtual money, the money is dreadful, hit wherever there is spume. Last May my speech in Chongqing,Lacoste, Chongqing, the average property price is 2900 yuan / square meter, to the future and I said, there should be no bubble in 2900 yuan. Chongqing, the media is very incited, Professor Lang said little to others, says Professor Lang said there is no spume in Chongqing. I said come back, I have not finished. I said there is no bubble, just a dozen virtual money come in, once housing prices out of control. To June, urban and rural areas of Chongqing engage in co-ordinating a new special program, engage in, large mathematics of virtual money into the house by the Chongqing to November rose 2,900 yuan to 6,000 yuan, housing prices out of control immediately, when the developers so cool , fast covered up to sell. But the problem is how to do the money go? And this money is not from this place stable economic growth by driving up the money, it is not, but because the whole Chinese economy rapidly deteriorating business environment, business, milling nigh a large number of entrepreneurs, the money, case in point, why the fried tea Poole so high, because the tea can be stored for a long time Poole, Dragon can not be more freely for a long time to fry antiques, paintings, Poole tea, is a local funding sources. I have a student, I think he put 7 or eight age lumber house, price are very high, on the name, this is mahogany, this is rosewood, peerless prices join up to six billion trees, do not know how to spend. The money is hideous, at a time a loss, immediately breakdown. Why the recent ebb in value of mahogany and Poole tea, it is because the virtual money out, and quit. Because lumber prices, Poole tea prices rise is the reason why the results of virtual money to wreck into, at a time a decline in value immediately withdrawn. This fund has three major characteristics: first, unpredictable, uncontrollable second and third no supervision. Hit where, where there is foam, but came and went without a trace.
in terms of real possession, the spend is strict, with claim because asset is erratic. This is why so numerous real possession companies are reasons because constant state of nervousness.
So you ask the question: Can China's macro-control to solve this problem? Do not see the macro-control amazing. Think about it, how to cure, not a short-lived solution. For example, we disallow the aliens to buy a house, second pledge, so many problems, you control the prices but? According to research base that foreign capital to purchase houses in Shenzhen is only 7% 6% 7% which is Hong Kong, Macao funds, foreign funds actually only 1%. You can virtually see the peppery money in real estate speculation, how to fry it? That entrepreneurs virtual money. So you can not stop-gap, in a decisive zone, said housing prices reduced me how! But the macro-control from the basis of the problem, to ease, prefer than quell, how to ease, we must 1st change the chilly sector entrepreneurs to invest in the business context. Answer this question I do a traditional Chinese medicine methodology to explain that today the Chinese economy had hepatitis, abscess of this word is very beauteous, two fire, the bombard must be remedied to two beams, but not this man's body, with the beam will He Gaosi, so inverse to warming, has come to obtain the body back attach. Hepatitis is today China's economy, macro-control beam is great, warming to the cold and hot sectors apart. Let him cool down overheated sectors, chilly private manufacturing sector, in particular not to blow him, give him a variety of funding, a variety of benefits, make him coiling up. So to solve inflation and solve the bubble problem, solve the housing problem, we must begin from the warming, the dual economy downward pressure inside the overheated sectors, escalator up the cold sector, converted from a dual economy a greenback economy. Then use the beam, which is now the macro-control to regulation. If you do not do this, it is hard to fulfill stability in the real estate market, because the real estate market and the source of funds and mahogany furniture, tea is the same as Poole, his erratic funding, is very difficult to control.
】 【Moderator: Thank you!
】 【Question 3: I want to inquire a question more cared approximately the human, now hear you say, the stock may be down, real estate and instability, but Ningbo is a area where private chief is luxuriant, may I ask, and we pocket a little money, alternatively the second half of next year, we invested in those areas better. Some people say the best money in the bank, you are not there this view:
】 【Professor Lang: he asked the very reasonable. We think about it. Why do we
speculation in stocks and my objection to listen to specialists, the people deed is speculative, nonsense, and we deed is very reasonable people, but economists unreasonable. Our inflation is 7%, oil prices are six dollars, has by far begun is it? If the tone, then how do? So you put money in the bank one hundred percent of the depreciation on the stock market if it? You wager there is a chance, which is why there were three thousand points to buy stocks, because the money in the bank a year or two down, but too a detriment of 20%, if I buy the dips it? To made. Because the detriment of deposits banks are one hundred percent, if there is the slightest contingency of stocks to the slightest accident for this stock is still you, but your behavior is very normal, because the addition can be done? ! Property you have the money, there must be sufficient funds to real estate is not effortless to win counted from a large number of real estate loans, real estate you can not do this step does not make sense. We can understand why today we have to stock, why do I criticize the views of these economists, they are rubbish, because they do not understand, we are facing today's investment environment is very penniless, small self-employed in addition to deposits and stocks also What, do you choose between these two stocks is very understandable, and I think your behavior is very reasonable, but reasonable does not mean to make money. If you ask this question in Hong Kong, I can tell you that you go to buy a new type of Hang Seng Bank certificates of deposit, that is, save a hundred dollars, a year later, according to the two currencies you choose to give you interest, if a money rose by 30%, give you 30% interest, your problem is how to do funds selection, if you choose two currencies, the first fluctuations must be, must be stable growth in the second. These two combinations can guarantee you can not lose! Which is the volatility? Japanese yen. Which is the steady growth of RMB. You choose the combination of the renminbi and Japanese yen can not lose. Meaningful in Hong Kong on this heading, but does not make sense in the Mainland. You do not deposits, not stocks, you fried Poole tea, then worse. You asked me for Lang's secrets, how to make money, I say no. You asked me stock it? I said I do not stock. Because I have a way to make money, not the shortcut.
】 【Moderator: Professor Xie Xielang! Let us remain two questions.
】 【Question 4: The first second half of the country will not raise interest rates? Second, I remember a few days ago, said Wu Jinglian, China's stock market is a ############, causing one tumult, to Lang, Professor of view, the stock market will not be a ############?
】 【Professor Lang: the first is not to raise interest rates, you should ask, Zhou Xiaochuan, this is his problem, I do not want to speak about, I do not want to prophesy his action, because his behavior is unpredictable it! Because he never listen to me, although I say is right, for instance, I have been profession the interest rate how to tune, how to adjust the commute rate. I went home with my household say that they do not listen at home, talk with our family dog, he will not listen, Zhou Xiaochuan, he would not listen, do what he loved, anyhow, are wrong.
my information, why the quondam two years, including the transfer of macro norm and control amuse rates, bank reserve percentage, accommodating the day are basically amount has gone up, the next daytime to return to regular. Our past, hard to annotate to him, is that stock market is no only normal, you can no say after listening to, our stock market is very normal, because in the twin economy, you raise amuse rates and raising the deposit keep rate at What are the results, a further thump to the personal corporate sector have deteriorated, so there will be more money into the stock market, which will hit the share cost. As for the hereafter trend of macro-control policies, the government uncovered this week from the information point of outlook, I sure know a magnificent house has different views. I ambition to tell you that the question to this question is dependent on into the mirror. To see what the Government has recently introduced the policy will by least see at this week's file within the Government have a lot of different attitudes, for the macro control ought continue to be controversial, please note that these two days to listen, pay attention to look Government newspaper unlock. Then you do based on our twin economy talks to see your face, I confidence you will issued.
second question, the stock market continue to grow, the evolution of two or three years ago, I found that difficult to reflect market fundamentals, the stock market response to the past two years found that the dual economic fundamentals, the future how to decide the three-month trend of the stock market, we must keep in idea that under the dual economic structure will make sure how to get the Government's policy, you are following my word, will be certain to win.
】 【Question 5: Ningbo private entrepreneurs how to handle with six plus one in the industrial fetter how to adjust themselves to adjust to the new earth economic building changes, we have this condition. Thank you.
】 【Professor Lang: Recently this problem has become especially solemn. Private manufacturing industry today is not the long-term accumulation of flute section results, but rapid deterioration, especially starting from 2006, is deteriorating rapidly, my six-plus-one theory is that in 2007, but this theory has recently been in the mature, if 2008 to consider how to go, basically too late, is most likely to be international capital acquisitions, capital acquisition of international financial speculators.
at the peak of your company's products just a little technical content, performance scale a little bit of act, basically you all talked and international speculators, roasted seeds and nuts if you open your mart you can not reason. The industrial capital of international fiscal speculators are referred to private equity funds, they are a pawn of international monetary speculators. The fastest direction is possible to be gained. As you said I do not want to be procured. I tell you, if the industrial capital fancy you, you run all escape! It's not like we love a person after me, I do not favor you can escape. If the industrial capital fancy you, you basically can not escape, if you're trying to do? He will sue you, for instance, forgery copy ah! Chint Schneider reported that you copied, because he wanted to buy him, he will sue you at family and overseas, everywhere, is weary of his report, even if the calculations and sell it to you! Industrial capital bad! Private enterprises in Zhejiang are probable to be bombarded, if you do not trust,Lacoste Tennis Trainers, I say a few words: the first of our domestic retail industry is very difficult to survive, and the second automatic portions industry, you have the number of domestic automatic parts industry, you diverted as early as likely ! Are basically the future of automotive spare chapters industry, foreign investment and coupler attempts to acquisition power. Is it likely beneath such pressure, we push along for a better one. I can tell you, you quickly think of act international rivalry must enter the 6 plus one, you have probably born with, or is likely to be industrial capital and monetary capital eaten, or no one wants you. There are three adoptions, enter the 6 and one, are rotated off, to be dined to three choices.
】 【Question 6: Housing prices in the ups and downs, there are fluctuations in the circumstances, I ask the housing market is not hedge products, people feel that real estate is how to understand the concept.
】 【Professor Lang: I basically accede with you that view, according to long-term data, then a country or a region in terms of real estate relating degree of conservation is the highest. Let me give an example, people in Taiwan is relatively well-off effectively due to home ownership, as the economy continues to grow, of course, not inflation, people of real estate transactions, and real estate a lot of estate, so that the people of Taiwan wealth With the corridor of time have additional. Although inflation is there, but in the thirty years of real estate should be a better hedge products,Womens Lacoste Shua Trainers, but this is the Chinese people rather to buy items. I can say.
】 【Moderator: One last question.
】 【Question 7: Hello, Professor Lang to Ningbo, the chief customer of mercantile real estate purchase and manufacturing companies and foreign corporations, but now they have reduced the profits! Do you meditation mercantile real estate to Go?
】 【Professor Lang: You speak very, very good. I say real estate is not a commercial real estate, I mean real estate. The latent of commercial real estate is itself a problem, your observation is very correct, and our manufacturing enterprises, foreign commerce is not the problem of declining commerce, but profits will be negate this year's problems, it will straight blow to the commercial real estate. I tell so many stories today, not a commercial real estate. As the trend of commercial real estate, or from the dual economy thinking, the amplitude and his nail is more interlocked dual economy, but it is not a safe haven, not a safe haven after the entrepreneur can not go on, you put him amounted up for dual economy ministries will have slightly better cooling, I have just said overheated real estate sector, commodity houses.
】 【Question 8: My question, the size of non-lifting of the forbid after the cold sector of the economy holds a lot of money in overheated sectors, guiding to very large size of Africa, I think the future trend of the size of non-lifting of the forbid. Professor Lang】 【
: 05 years when I have advised the Commission should never be changed, after the share reform of the investors is that you brought us endless plunder. What is now the size of the non-issue. The Commission had made that point of no return, because the share reform itself is wrong.
05 years I say he was wrong, the results after the stock surged finished, he said, Professor Lang will be wrong with you? ! I said I can not go wrong! You see in 2008 fell sharply. Cross Currency Cold War which has a family, there are 4 Marx Capital talk about this family, the family began to decline in the twentieth century, this family is very interesting, he was Margaret Thatcher epoch, on behalf of the British Government share reform carried out, your attention please, the crown gem of capitalism, capitalist chairmen, he did share reform is most consistent with maximizing the interests of all the British people. I took his share reform and was converted into shares of our comparison, you know everything was. This is why the Commission would do such a silly thing because he did not listen, do not learn. My words in 2004, about 05 ongoing share reform can not do.
share reform while they made three laws: 1, listed companies have to have the fiduciary liability of the professional directors to manipulate, the so-called fiduciary duty you have to build wealth for the shareholders, all movements have to be the interests of shareholders. 2, the only agreeable public and personal asset to the share reform, the wrong companies are not granted to share reform. Where the reasons, because the share reform of the British Government endorsement, bad enterprise share reform, some harm to investors and influence the credibility of the British Government, so good company share reform, bad enterprise can not share reform. 3, after the share reform companies, the British Government a vote of gold stocks, it has a hundred percentage of the veto, whether the company after the share reform, movements will influence the interests of shareholders, the British Government a veto, this is our journal cursing imperialist countries,Lacoste Tourelle Trainers, and our lovely SFC likened to the share reform, Law I, we listed the digit of directors have a fiduciary obligation, how many people are fighting for the interests of the people, I can not say not, but at least not much; Second Law: the United Kingdom is impeded to good companies share reform,Lacoste Canvas Trainers, and nobody of us can share reform, so many bad companies share reform, people do not know will hurt it? ! People who concern about it! ? Law three: 1 hundred percentage of our socialist government actually quit, not understanding, not gold stocks, the market economy at last! British imperialist capitalist countries that the British Government to protect small investors, he changed the company for each share to retain a wag of gold stocks, and we are 1 hundred percent out, what result? SFC melodrama a farce, the size of the UK will be a non-issue? No, the British Government is not a veto on the material, and us? Is this valid, is that valid, or they might, and why? Level is not enough for you, you fair do not comprehend, what is the share reform. If the Commission was compliant to listen to my word, in consensus with the laws of the United Kingdom to do this three down today, not simply the size of non-issue. Of lesson I said, I speak no one hears, the dog does not listen, his wife does not listen!
apt the final, three years afterward, we studied namely the share reform namely a complete failure. And entire of us shareholders apt bear above how the burden of this failure, you know? If you hear apt me in 2005 his words? No problem! Thank you!