Professor Zhang Jianping, w88 casino of International Business, w88 casino:

Prophecy and warning of China’s stock w88 casino games login surge

("China Business News"2015-1-19 B7version)

at2014APEC(APEC)At the leaders’ meeting, each member decided to launch the Asia-Pacific Free w88 Area (FTAAP) process, approved the APEC roadmap to promote the realization of the Asia-Pacific Free w88 Area, and will conduct a strategic study on the Asia-Pacific Free w88 Area, which is expected to be held in2016Completed by the end of the year.

Days ago,Professor Zhang Jianping, former deputy dean of the International Business w88 casino and director of the Capital Market and Investment Financing Research Center of the w88 casinomeans: China isFTAAPThe biggest beneficiary.“In addition to exporting domestic production capacity, we can also take advantage of the resource advantages of other countries in the Asia-Pacific, through‘One Belt, One Road’The strategy truly implements the overall layout, which has a huge follow-up effect on the medium and long-term development of China's economy.”

FTAAPIs the foundation of China’s industrial structure transformation

中经：More than one million acres of scallops in Zhangzi Island“Due to disaster”The failure of harvest caused a big change in performance, and was called the second one by public opinion“Lantian Shares”。 2014year12month7Sunday, Zhangzi Island8Whether the disappearance of the billion-yuan scallops involved fraud has finally come to light. Zhangzidao has problems such as irregularities in decision-making procedures, information disclosure, and financial accounting. As a professional in corporate financial management research, what do you think is the key to verification?

Zhang Jianping: Although preliminary conclusions have been made, it feels like the truth is still not clear enough. The China Securities Regulatory Commission’s inspection found some operational and financial fraud as well as irregularities in financial accounting, decision-making procedures, and information disclosure. But what are the motives and reasons for these frauds and irregularities? Is it intentional or is it just not good enough? How should we prevent it in the future? These are all issues that need to be resolved.

中经: This incident also brought chaos to China’s asset appraisal industry to the surface. What is the reason for this situation? Will speeding up the promulgation of the Asset Appraisal Law help solve the problem?

Zhang Jianping: There are three main reasons. First, the overall quality of asset appraisers needs to be improved. The comprehensive quality mentioned here mainly refers to professional abilities, that is, basic financial knowledge and industry research capabilities. But today, there are very few appraisers who are good at both. Second, the professional ethics of employees in our country’s intermediary agencies needs to be improved. Third, supervision and law enforcement efforts need to be strengthened. Punishments for violations must be increased, and at the same time, supervision from the media, public opinion, and society as a whole needs to be brought into play.

Even within the scope of the existing Securities Law, many enforcement actions are still too light under the existing legal framework. It is indeed necessary to promote industry legislation as soon as possible, as the law will have a deterrent effect. However, if the above problems are not resolved, even the promulgation of the Asset Appraisal Law will become a dead letter.

中经: Governing the w88 casino games login according to law has become a key word in China’s capital w88 casino games login supervision. Beyond that, what else do you think is needed?

Zhang Jianping: The long-term and healthy development of the capital w88 casino games login must be governed by the law, otherwise the three principles of fairness in the capital w88 casino games login cannot be guaranteed. The three essential cornerstones of the w88 casino games login economy in developed countries are: first, a sound legal system and strict law enforcement; second, open public opinion and adequate supervision; and third, firm belief. Openness, fairness and impartiality must be guaranteed by law, supervised by public opinion, and self-disciplined by moral conscience and belief. Only when these three conditions are met can a whole be formed. If any one of them is missing, it will become empty talk. In addition, an effective shareholder compensation mechanism must be established, as well as strict penalties and laws to rectify the chaos in the capital w88 casino games login.

Strict punishments are required to rectify chaos in the capital w88 casino games login

中经：FTAAPWhat is the biggest benefit to China’s economic development?

Zhang Jianping：APEC21Its members account for more than half of the global economy, and w88 among members accounts for nearly half of the total global w88.FTAAPAn important significance is that the cost of w88 transactions among members will be greatly reduced. From this perspective, all participants will benefit, but the biggest benefit must be one or a few countries with comparative advantages. In this region, China is the largest country. In addition,FTAAPIt can also digest China’s domestic excess production capacity, such as cement, steel, infrastructure and other external exports, which will have a complementary effect on the entire economic pattern.

中经: If we analyze it from the perspective of the troika of exports, investment, and consumption, how should we take advantage of the situation to stimulate external demand in the interconnection with the Asia-Pacific region?

Zhang Jianping: The central government proposed the idea of the Asia-Pacific Free w88 Area from a national strategic level, not just to stimulate external demand. The difference between this strategy and the ordinary export strategy is that at the international level, the overall concept is first formulated, and then it is connected with the basic needs of each member, especially the needs of infrastructure construction; at the same time, through promotion at the national level and the introduction of relevant industry support policies, industries with comparative competitive advantages and excess production capacity are promoted to go abroad. This is a grand strategy that kills several birds with one stone.

中经：Can it passFTAAPTake this opportunity to promote China’s economic transformation and promote the upgrading of China’s industrial structure? Is there a reasonable basis for the recent speculation in infrastructure stocks in the capital w88 casino games login?

Zhang Jianping: When talking about economic transformation, one is the transformation of economic structure, and the other is the transformation of industrial structure. If we can actually passFTAAP, and“One Belt, One Road”Strategy to better digest domestic excess production capacity, while also helping high-end manufacturing fields that already have relatively competitive advantages. If we open up new markets in the Asia-Pacific region, it will definitely help to upgrade the industrial structure.

However, the upgrading of the industrial structure should fundamentally be an upgrade from Made in China to Created in China. Therefore, at least inFTAAP17466_17616

As for the recent enthusiasm for infrastructure stocks in the capital w88 casino games login, I think there is a certain rationality. However, investors still need to remain rational after the surge in these stocks. In fact, most of the infrastructure projects we undertake abroad have lower profit margins than domestic ones, and there are also greater international operating risks. Moreover, my country's labor costs continue to rise. Therefore, multinational infrastructure companies may experience rapid sales growth but slow profit growth in the future.

Five major logics of the bull w88 casino games login

中经：You are here201018674_186902013In the middle of the year, China's stock w88 casino games login and economy will bottom out, and then start a huge bull w88 casino games login. There were not many believers at that time, but in201418876_18924

Zhang Jianping: China’s capital w88 casino games login is now in a stage of good fortune, and what is currently being performed is only the first wave of the bull w88 casino games login.2015In the first half of this year, the real situation of China's real economy was still relatively sluggish. However,2015After the second half of this year, China's real economy will begin to recover significantly. from2014year arrival2018year/2019There will be a magnificent w88 casino games login in the annual w88 casino games login. This will be an exciting surge, and the Chinese stock w88 casino games login will reach a peak.2020Years later, the stock w88 casino games login will fall sharply again.

中经: Do you think that the current Chinese stock w88 casino games login is only performing the first wave of the bull w88 casino games login, so what is the engine that starts this round of bull w88 casino games login?

Zhang Jianping: My opinion is based on the following five aspects of logic:

1. China’s demographic dividend will be in2020reached its peak years ago, last century60、70and80The three largest baby booms in my country's history in the early 2000s will achieve resonance in productivity and consumption power in the next few years; the world economy will also emerge from the financial crisis that lasted for several years in shocks. The overall economic scale of our country, the overall securitization rate and the total value of stock w88 casino games login wealth will surely jump to a new level.

2. Revolutionary technological innovation represented by the Internet has begun to demonstrate earth-shaking capabilities, greatly improving global production efficiency, reducing transaction costs, and even completely changing the business formats in many fields. Its explosive power will exceed the imagination of traditional economic thinking, thus giving rise to many five-fold and ten-fold investment opportunities with new economic characteristics.

3. The continuous introduction of new policies such as economic and industrial structure adjustment, state-owned assets reform, land system reform, and encouragement of mergers and reorganizations under the new normal will inevitably accelerate mergers, acquisitions, reorganization, integration, and fission in the capital w88 casino games login, and will prompt many enterprises to evolve from endogenous steady growth to geometric series explosive growth.

4. In the next few years, China's w88 casino games login interest rates will begin to enter a downward channel, the real estate w88 casino games login cycle will peak, and the rigid redemption characteristics of trust products will gradually weaken, and trust product defaults may even occur. All of the above will greatly enhance the relative attractiveness of the stock w88 casino games login.

5. The determination of the new leadership to reform and the continuous strengthening of the w88 casino games login mechanism and legal environment will surely inject real confidence and vitality into the economy, fundamentally improve the utilization efficiency of various economic resources, enhance the overall profitability of listed companies, and bring more generous returns to investors.

中经: What investment risks do you think investors need to be aware of?

Zhang Jianping: In the short to medium term, even in a bull w88 casino games login, there will be adjustments. Moreover, the correction in the early stages of a bull w88 casino games login can be brutal. Investors must pay attention to choosing companies with real growth potential. When the wind comes, pigs can fly. But when the wind stops, you will find that there are only birds in the sky and dead pigs everywhere. Moreover, margin trading can help both rise and fall, so investors must pay attention to adjusting risks.

In addition, this bull w88 casino games login and2005year～2007The bull w88 casino games login will be very different this year. In that bull w88 casino games login, most stocks rose sharply. However, there will be real differentiation in the capital w88 casino games login in the future. Even if the stock w88 casino games login returns6000Points, some stocks will drop from ten dollars today to one dollar, or even lower. The gradual introduction of the registration system and the international integration of investment concepts will make shell resources lose value and a large number of penny stocks will appear in the w88 casino games login. Therefore, for real value investors and those with analytical and investment research capabilities, the future stock w88 casino games login will be a paradise for investment; while for those investors who only listen to the news and speculate in junk stocks, they may encounter investment disasters in the next five years.

Introduction to Zhang Jianping

Currently, he is the director of the Capital Market Research Center of the w88 casino. He has served as the vice president of the International Business w88 casino, a member of the Expert Committee of the China Chamber of Commerce, a director of the Beijing Accounting Society, and the deputy director of the Professional Manager Qualification Certification Expert Committee of the China Entrepreneurs Federation. He has also served as a visiting professor at more than ten domestic universities and as an independent director of several listed companies, and has successively won10National or provincial and ministerial level honors and4A w88 casino-level honor.

Text/Xiaoxia

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