Stamp duty on non-transfer non-financial reform?.

<P> 3 月 17 日, A shares once again usher in the "Black Monday." .That day, the market plunged 142.62 points, or 3.6%. .Non-ST shares in Shanghai and Shenzhen has nearly 400 stocks, including the limit. .</ P> <P> http:// hearing, according to the market confidence collapse following the panic down, so the industry worried. .Recently, China Banking Regulatory Commission officials have said prices will affect the financial security over the downlink. .In fact, the housing market is so, so, too, the stock market? .In fact, if the stock market continues to fall, will inevitably affect the financial sector reform and stability. .To this end, the current stamp duty on the parties concerned should be reduced in due course, to save and restore investor confidence and avoid the irrational market continues to fall, to ensure financial security. .</ P> <P> In fact, high stamp duty on transfer or not to transfer, this should not be a problem. .</ P> <P> the original stamp duty is to act as a tool for regulating the market. .History of the development of the securities industry have proved that the stamp duty can be repeatedly used, and proved to be a very effective means of market regulation. .Since the overheating in the market with its cool, of course, the market downturn should use it to heat up. .</ P> <P> but the problem seems not so simple. .</ P> <P> retail price of refined oil products as hard or as easy to rise, seems easy to stamp down hard up. .Where is the problem? .This set of data may be able to give the answer: </ P> <P> 2007 the stock reached 200.5 billion yuan tax stamp duty, compared with growth of about 10 times in 2006, almost 16 years before the stamp duty levied on the sum. .Stamp duty on such a large contribution to the tax, stamp duty is so easy to want to let go of this piece of relevant tax revenue, really a bit difficult. .Moreover, last May 30 from stamp duty has been raised so far not to a year, it seems unlikely that the current stamp duty cut. .</ P> <P> However, this does not mean that there is still a brilliant last year, the dizzying glory. .200.5 billion yuan of tax revenue, stamp duty may not only represent an intermediate peak may also indicate that, in its role, a depressed market is coming. .</ P> <P> Hong Kong Commissioner of Inland Revenue Alice Lau, said recently, from 2007 to 2008 fiscal year, revenue from stamp duty in Hong Kong have the opportunity to once again following the early 1980s, after the tax revenue beyond the salaries. .The historical experience shows that whenever the stamp duty than the salaries tax, the stock market crash will occur later (1973, 1981 stock market crash), so the stamp duty can be said that the investment market of the thermometer. .</ P> <P> the continuing stock market slump since last year, whether it is caused by the high stamp duty, we are leaving aside. .However, the high duty of the high transaction costs, and huge amounts of money in the form of taxes take away from the market and let the market excessive "bleeding" really boost the market's sharp decline, bringing the stock market slump. .</ P> <P> stock market slump, reduce turnover, not only directly affects the income of this stamp, but also the ecological environment of the financial sector tends to deteriorate. .On the one hand, the stock market directly affects the Depression through the capital market, financial sector reform. .In recent years, seized the capital market is a golden opportunity to take the cattle, not only the banking industry completed the ICBC, BOC, CCB and other listed state-owned bank reform, and some joint-stock banks, city commercial banks, restructuring and listing, so that our banks .sector reform has achieved success with the stage of landmark significance; the insurance industry has also completed the Ping (58.39, -1.43, -2.39%), China Life (33.35, -0.49, -1.45%), China Pacific Insurance (34.45,0.22, .0.64%) of the market, the insurance sector is greater and greater influence; also ushered in the securities industry, including CITIC Securities (57.20, -1.30, -2.22%), including listing a number of brokerage; and the bull market fund industry is expanding financial aid .demand, access to the extraordinary development, as China's financial industry can not be underestimated force. .China's financial industry is a thriving capital market in the boost, the ecological environment of continuous improvement, growing competition, a group of financial markets in the world becoming an influential financial institutions is on the rise. .However, what has been achieved, after all, is only preliminary, and further financial reform in China still need to push a thriving capital market support, such as the reform of Agricultural Bank of China, Insurance Companies, broker and stronger, the fund industry, directly .financing the expansion and so on. .No doubt, the stock market slump would not only affect the realization of these goals and tasks, and the capital market as financial institutions, mixed operation system platform, the recession will affect the bank's weak capital firms, insurance companies and other investments in the capital markets, .thus indirectly transfer the risk to the bank. .If we add the last of the expanding credit crisis deepening turmoil in global financial markets, the financial sector as the capital market downturn will lead to more risks and crises. .For example, some brokerage firms in January this year, there have been tens of millions of losses, the individual brokers or even loss of nearly billion, which is part of the broker is the main reason for losses caused by stock prices due to proprietary business book Fukui. .Not even the collapse of the securities company, such capital market is clearly not stable. .If the financial crisis because of depressed market, then the cost to revenue from stamp duty can not make up District. .</ P> <P> the other hand, the stock market slump also makes a variety of products developed by financial institutions, sales and return on the plight faced. .For example, some focus on the development of new shares hit the bank financial products, bring down the stock market performance of IPO first day of the general, leaving the yield decline. .If the stock market continues to slump, new issues facing difficulties, these financial products will suffer no rice pot, unprofitable difficulties. .In addition, due to the recent stock market decline, investors in newly issued stock funds apathy, difficulties in fund sales, and even began to force individual banks to the Bank staff assessed consignment of funds to buy their own products, the new fund issue cold snap. .As of January 22, 39 mutual fund companies and 218 funds (excluding QDII) report published in the fourth quarter of 2007 show that this part of the fourth quarter of last year, the overall loss of 52.2 billion fund, which is far from the end of June 2005 the Fund .overall loss for the first time. .Further decline as the stock market, depressed capital market will also give some financial institutions sales and return worse. .</ P> <P> In addition, depressed capital market will not only affect financial institutions, including through the capital markets business innovation and institutional innovation, including a series of financial innovation, and thus make the main contradiction in the current financial reform can not be resolved, but also .enterprises have cash flow problems will affect the return on bank loans, thereby increasing non-performing loans of banks, the bank's performance be affected. .The decline in performance of banks, in turn inevitably affect the performance of bank share prices, making the stock market accounted for a larger weight in the banking sector fell, dragging down the market index, the capital market situation into a vicious cycle of downturn. .</ P> <P> Despite the impact of sluggish capital market factors, reduction of stamp duty can not completely solve the current problems in capital markets, but after all this is a market transaction costs can be reduced, active markets and enhance investor confidence .important policy, but also can rapidly improve the financial environment of important initiatives. .</ P>.

Investment banks are still heavily in the stock market favorite won the emerging Asian markets.

While the global stock markets fell after another <P>, but the Dutch bank recently released the 2008 portfolio, it is recommended that the proportion of equity investments accounted for 50%, as the stock market is oversold signal, the distance may have been near the bottom, now may be the market .to capture the timing of the next rally, and suggested that the funds distributed in China, India, Indonesia and Malaysia and other emerging Asian markets. .</ P> <P> reported that the U.S. subprime mortgage crisis triggered by the global credit crunch has prompted global stock markets led to U.S. stocks tumbled after another, and force the Fed to cut interest rates at a regular meeting, it also many times the emergency release .the liquidity to ease financial market turmoil. .</ P> <P> http:// hearing, according to ABN Amro head of Asia private investment product set Wei Huang said: "Now go back to, if you think financial crisis in 1998 should approach buying stocks, it is also the approach should now be .a good time. "</ P> <P> 50% of the shares in the proportion of investment in 20% of ABN AMRO recommends investing in China and India, because in India the strength of strong economic growth and relatively stable political environment .. .Among the remaining 30% will be 20% invested in resource-rich Indonesia and Malaysia. .Another 10% were placed in stocks, because stocks from a technical point of view from the reverse seems to have been not far off. .</ P> <P> At the same time, the majority of investment trust industry, said declines in emerging markets this year, too deep, according to the historical experience of past Fed rate cuts will benefit from a rebound in emerging markets, while the aggressive investor, you just .can take advantage of Fed rate cuts this year, when the preferred layout of the emerging markets, bargain-hunting in groups. .</ P> <P> Allianz Dresdner Asset Management is also optimistic about the emerging Asian region in particular, mainly because of the emerging Asian countries to the deposit interest rate differential is almost a record low market liquidity and good, no doubts about the liquidity crunch, add .China, India and other emerging powers in the ongoing infrastructure, the raw material demand is still high, still hangs in the relevant subject matter, but recent concerns by the U.S. economic recession, the short-line stock performance still affected, but in the longer term fundamentals .still showing moderate growth. .</ P> <P> HSBC Dynamic Fund manager New drilling is far higher, said Yang, the strategy, the first choice for short-term market in Russia and Latin America, and the layout of the key Zeyi raw materials, energy, telecommunications, utilities, and .Lock domestic market shares of consumer-based livelihood, as cyclical stocks in the U.S. economic downturn, the performance was not much room. .</ P>.

Stamp duty on stock market continued to slump down rumors of renewed.

In the Shanghai Composite Index fell again yesterday, after rumors of renewed adjustment of stamp duty. .Some people called for the industry so as to reduce stamp duty on stock transactions and restore investor confidence. .According to http:// hearing yesterday, the Shanghai index fell 151.15 points to close at 3668.90 points, from 16 October 2007 Shanghai index points since the peak in 6124, the market index has more than 40% decrease. .Market rumors yesterday, reducing the stamp duty has been issued through the program, is waiting for the right time to announce. .There are rumors, probably in April or so will be announced. .These messages are true, authorities need further confirmation. .But the voice of the market adjustment on the stamp duty, at this time high, the market does have its basis and practical needs. .From Guoxin Securities, Ping An Securities, joint stock and securities of more than researchers in Dongguan yesterday to accept the "Business News" interview, a big rebound need trigger point, the stamp duty reduction highly anticipated favorable policies for investors. .Yesterday, the head of the People's Bank of China, "Financial Times" also commented that China should cut stamp duty on stock transactions to help reduce transaction costs and boost investor confidence. .May 30 last year, the Treasury securities stamp duty rate from 1%. .Adjusted to 3%. .. .That year, total stamp duty collected 200.5 billion yuan for the previous year to 11.4 times more than the A-share listed company's total dividend. .Many analysts believe that over 200 billion yuan of tax revenue has been on the market of "blood" of the consequences. .A session in 2008 adopted by the central and local budgets in 2008, 194.5 billion yuan revenue from stamp duty will be arranged, with the same budgets flat. .This year the market has been inferred that stamp duty will not be adjusted, but the National Tax Administration of persons interviewed said that can not be so speculative. .Jia Kang, director of Finance Division of the Ministry of Finance in an interview, also said that 194.5 billion yuan in stamp duty revenue arrangements are estimated figures are not adjusted by virtue of that stamp duty is only speculation. .Minister of Finance Xie at a press conference during the two sessions has said that the relevant comments have been noted, this will be carefully studied. .Central University of Finance and Securities and Futures Institute, told reporters yesterday, He Qiang said it had to reduce the stamp duty due to lower transaction costs and enhance investor confidence in the time, so as to create conditions for the market warming. .As a member of the CPPCC National Committee, He Qiang had submitted a proposal in two sessions, the proposed unilateral imposition of stamp duty. .China University of Politics and Economic Research Center, told reporters yesterday, Professor Liu Jipeng, said the stamp duty last year in the form of adjustment or whether the reduction was questionable, although the departments goal is to quickly become a Man Niu Niu, but three thousandths .stamp duty rate is too high. .Liu Jipeng proposal should reduce the stamp duty as soon as possible, to return to last year's "5.30" before level. .He said that is difficult to say whether the reduction of stamp duty can play an immediate effect, but at least the confidence will be restored..

Financial subsidies to Sinopec 12.3 billion palliative.

<P> S on the petrochemical "tonic" 3 billion </ P> <P> Sinopec (600028) and S, Sinopec (600688) today announced their two companies were given financial subsidies to 12.3 billion yuan and 34,118 yuan. .China Petrochemical Corporation said: "This is the company's 2007 annual report and quarterly reports this year, one will be very good news." </ P> <P> subsidies into the annual report and a quarterly </ P> <P> Sinopec announced that .company received subsidies of 12.3 billion, of which 4.9 billion included in the subsidy income in 2007, 7.4 billion included in the first quarter of 2008 income subsidy. .</ P> <P> S on the petrochemical announcement said the company received subsidies to 34,118 million, of which 9,390 million included in the subsidy income in 2007, 24,728 million in the first quarter included income subsidy. .</ P> <P> The sum of financial subsidies by the government and then supply subsidies to Sinopec Group's listed companies, or groups without direct subsidies to the company, Sinopec, said the company is not clear, only that the company has received this .pen subsidies. .</ P> <P> the industry, the financial subsidies were entered last year and a quarterly income subsidy this year, will greatly boost the company's 2007 annual report and quarterly results this year, also in line with reason. .</ P> <P> earlier, in 2005 and 2006, Sinopec Group and Sinopec were given a national financial subsidies. .</ P> <P> policy-related losses is difficult padded </ P> <P> company said international oil prices in recent years, high and volatile, especially since the second half of 2007, international crude oil prices rose sharply. .Domestic prices of refined oil from the tight control, and crude oil prices appear upside down, in part because of the local refineries underemployed or even stop loss, coupled with increased consumption of diesel in winter, causing some parts of the market supply of refined oil. .</ P> <P> order to protect the smooth operation of the oil market, Sinopec and its subsidiaries taken various measures to increase oil production at the same time, high-priced acquisition of the local oil refinery to protect the domestic supply of refined oil market, has made .significant effects, but also resulted in the formation of the petrochemical refining system large losses. .</ P> <P> However, the industry pointed out that, with the upstream edge of the China Petroleum (601857) in the year about 80% of crude oil by the company to provide their own, even so, the refining and marketing segment of the loss is still more than 200 billion ., and most of the purchased Sinopec crude oil, refining segment's loss will be higher. .</ P> <P> Therefore, the source said, 123 billion of financial subsidies can not solve the problem, in the final analysis or to rationalize the price mechanism, but that for the 2007 annual report and quarterly reports this year is still good news. .</ P> <P> Development and Reform Commission raised the fourth quarter of last year, oil prices, but crude oil prices remain high, Sinopec's refining business to make a substantial loss. .Deputy General Manager of Sinopec Group, said Zhou Yuan, when the crude oil price is 100 U.S. dollars / barrel, the Group per 1 ton of gasoline sales losses of up to 2,000 yuan, sales of diesel will lose more. .</ P> <P> policy-related losses not only in the refining segment, also appeared in the refined oil import. .Sinopec in September last year, imports of 60,000 tons of gasoline Organization, Oct. organizations to import 9 tons of diesel and 11 tons of diesel oil by 28.7 months of imports, imports of 423,000 tons in December arrange diesel, and the second half of last year basically stopped steam .diesel exports. .</ P>.

Investment securities temporarily fund the state has adopted preferential taxation.

<CENTER Class=artibody> </ CENTER> <P> It http:// News, 19, learned from the State Administration of Taxation, Ministry of Finance, the State Administration of Taxation recently issued the "number of preferential policies on enterprise income tax," which .securities investment funds in which to encourage development of tax incentives provisions. .</ P> <P> notification requirement on securities investment funds gained from the stock market income, including trading of stocks, bonds, income difference, stock dividend, dividend income, bond interest income and other income, temporarily collect a .income tax; on the distribution of investors in securities investment funds from the income derived from corporate income tax temporarily; on securities investment fund managers use the Fund buying and selling stocks, bonds, spread income, corporate income tax temporarily. .</ P> <P> High-tech circular also provides for preferential enterprise income tax: If the software manufacturer Jizhengjitui VAT tax refund policies, by the enterprises for research and development of software products and expanded reproduction, not .taxable income as corporate income tax, no corporate income tax; within the newly established software enterprises have been determined, the self-profitable year, the first and second year exemption from corporate income tax, the third to fifth year .corporate income tax. .</ P> <P> The circular also stipulates that in order to ensure some industries, business continuity in the implementation of tax incentives, related to employment and reemployment, the Olympic Games and World Expo, social welfare, debt-equity swap, checked assets, reorganization, restructuring, .restructuring and other enterprise reform, and agriculture-related enterprises and the state reserves to continue to implement tax policies. .</ P> <P> notice also pointed out that January 1, 2008 the formation of foreign-invested enterprises before the cumulative retained earnings, after 2008 be allocated to foreign investors, are exempted from corporate income tax; 2008 and subsequent years foreign .New profit sharing investment enterprises to foreign investors, according to income taxation. .</ P> <P> laws: the implementation of preferential corporate income tax due in the table </ P> <P> categories </ P> <P> number </ P> <P> file name </ P> <P .> Notes </ P> <P> one, employment and reemployment policies </ P> <P> 1 </ P> <P> Ministry of Finance State Administration of Taxation on re-employment of laid-off workers notice about the tax policy issues (taxation .[2002] No. 208) </ P> <P> approved before the end of 2005 to enjoy the tax reduction policy, the re-employment enterprises enjoy in the remaining period to maturity </ P> <P> 2 </ P> <P> .Ministry of Finance State Administration of Taxation on re-employment of laid-off workers issues related to tax policy (Caishui [2005] 186) </ P> <P> policy approval time the end of 2008 </ P> <P> Second, the Olympic .Hopewell Expo policy </ P> <P> 3 </ P> <P> State Administration of Taxation General Administration of Customs Ministry of Finance, the 29th Olympic Games on tax policy issues (Caishui [2003] 10) </ P> .<P> Beijing Olympic Games are over and stop the execution after the end of the financial settlement </ P> <P> Ministry of Finance State Administration of Taxation on the 29th Olympic Games added Tax Policies (Cai Shui [2006] No. 128) </ P .> <P> 4 </ P> <P> Ministry of Finance State Administration of Taxation on the 2010 Shanghai World Expo issues related to tax policy (Caishui [2005] No. 180) </ P> <P> the end of World Expo and the Shanghai World Expo Bureau .Stop execution after the end of the financial settlement </ P> <P> the Ministry of Finance State Administration of Taxation on the addition of Shanghai World Expo Operations Limited will enjoy preferential taxation policies of Shanghai World Expo Reply (Cai Shui [2006] No. 155) </ P> <P> .Third, Duhui Gong Yi policy </ P> <P> 5 </ P> <P> the Ministry of Finance State Administration of Taxation on the extension of the production and assembly of specialized products for disabled persons exempt from income tax the implementation of enterprise notification period (Cai Shui [2006] .148) </ P> <P> </ P> <P> Fourth, debt-equity swap, checked assets, reorganization, restructuring, corporate restructuring and other reform policies </ P> <P> 6 </ P> <P .> Ministry of Finance State Administration of Taxation on tax policy relating Debt to Equity (Caishui [2005] 29) </ P> <P> </ P> <P> 7 </ P> <P> Ministry of State .Administration of Taxation on tax treatment of the central issues related to corporate and capital verification notice (Cai Shui [2006] No. 18) </ P> <P> </ P> <P> 8 </ P> <P> the Ministry of Finance State Administration of Taxation .Bureau of Scientific Research institutions on the extension of the implementation of the relevant period of notice of tax policy (fiscal [2005] 14) </ P> <P> </ P> <P> 9 </ P> <P> Ministry of Finance, State Tax Administration of Customs .General operating on the cultural system in the restructuring of public institutions after the husband of a number of business tax policy issues (Caishui [2005] 1) </ P> <P> </ P> <P> General Administration of Customs Ministry of Finance .State Administration of Taxation on the cultural system reform in ten feet of industrial development to support a number of tax policy issues (Caishui [2005] 2) </ P> <P> </ P> <P> five agriculture-related and national reserve .Policy </ P> <P> 10 </ P> <P> Ministry of Finance State Administration of Taxation on the pilot chain for agricultural products preferential tax policies (Caishui [2007] 10) </ P> <P> </ .P> <P> 11 </ P> <P> Ministry of Finance State Administration of Taxation on radio and television coverage of tax policy (Caishui [2007] 17) </ P> <P> </ P> <P .> 12 </ P> <P> the Ministry of Finance State Administration of Taxation on the part of the national reserves to commodity-related tax policy (Caishui [2006] No. 105) </ P> <P> </ P> <P> six individual .preferential policies </ P> <P> 13 </ P> <P> Ministry of Finance State Administration of Taxation on the pilot reform of split share tax policy issues (Caishui [2005] 103) </ P> <P> .execution to end the split share structure reform pilot </ P> <P> 14 </ P> <P> the Ministry of Finance State Administration of Taxation of China Securities Investor Protection Fund Co., Ltd. related to Tax Issues (Cai Shui [2006] 169 .No.) </ P> <P> </ P> <P> 15 </ P> <P> the Ministry of Finance State Administration of Taxation on the extension of the pilot area of rural credit cooperatives notice period on tax policy (fiscal [2006] 46 .) </ P> <P> </ P> <P> the Ministry of Finance State Administration of Taxation in Hainan Province's rural credit cooperatives reform tax policy (Caishui [2007] 18) </ P> <P> < ./ P> <P> 16 </ P> <P> Ministry of Finance State Administration of Taxation on prison inmates to continue business-related tax policy (Caishui [2006] No. 123) </ P> <P> </ P> .<! - ->.

Little effect in Europe and America markets the central bank to rescue the market has bottomed out unspeakable.

<P> After the Fed cut interest rates by a retaliatory rebound excitation, the world's major stock markets fell on Thursday, little more than rose, the dollar's rebound and the resulting plunge in commodity markets dragged down global stock markets, in this context, the light .I am afraid that global stock markets bottomed out already made too early </ P> <P> out of the recent financial market volatility is one of the greatest features of European and American financial institutions, financial crises and regulatory authorities led by the Fed's rescue measures take turns .This is the general director of stock market shocks. .However, from the actual effect, the effectiveness of rescue measures and made as if not obvious. .</ P> <P> "China Securities Times" reported that the U.S. stock market, for example, into March, the subprime crisis struck again, Thornburg Mortgage Inc. and private equity giant Carlyle Group's Carlyle Capital .all outgoing messages outstanding bank guarantee. .Even more disturbing is that the Labor Department said nonfarm payrolls in February decreased by 6.3 million, the second consecutive month decline, which is so far indicates that the U.S. economy into recession, the clearest signal. .</ P> <P> dragged down by the news, the Dow fell on March 10 11,740 points since September 2006 closing low. .Federal Reserve then in 11 European central banks announced co-funding rescue measures, in this stimulation, the day the Dow surged 3.55%, but this did not make it ushered in reverse. .Last weekend the fifth largest U.S. investment bank Bear Stearns financial crisis broke out once again that Wall Street and global stock markets into clouds are gathering over the sub-prime. .Although the Fed cut interest rates 75 basis points the Dow move there again more than a single day increase of 3.5%, but lower, dragged down commodity stocks, U.S. stocks plunge again on Wednesday's cut in interest rates that effect disappear. .While Thursday has gone up, but the overall decline of major U.S. economic indicators, stock prices still appears to lack power. .</ P> <P> then, in Europe and the United States under the series of rescue measures, whether that the current overseas market has stabilized it? .I am afraid the problem is not that simple. .A simple statistics, the Dow Jones index since October 11, 2007 hit a record high of 14,198 points since the March 19 closing at 12,099.6 points, the cumulative decline of only 14.8%, which Goldman Sachs, Lehman and other companies the right to re- .results easily compared with more than 50% decline, as if not symmetrical. .</ P> <P> from the current situation, the U.S. stock market continues to face huge risks, but once again Powei U.S. stocks fell, Europe and Asia-Pacific region will be dragged down the stock market. .In addition, as the dollar's rebound, global commodities and commodity classes of shares of the bubble characteristics embodied in the more obvious, which is significant hype after the pre-closing cash in hedge funds are not unrelated, but unless the U.S. economy and the dollar to turn potential .Otherwise, prefer to believe the bull market in commodity markets will not end so soon. .</ P>.

Landing place soon burning passion for GEM.

<P> This Guide: First page: landing soon GEM "burning" passion of the second page of the local finance: Financing the Growth Enterprise New Sichuan, Hubei and cited the desire Zone "reward" the third page of listed companies: rush rush "First Bus" Shandong .GEM survey fourth page of resources: Chongqing venture capital industry: No retreat in the middle of the fifth page of the line: hundreds of Zhejiang enterprises "snatch" the first GEM places </ P> <P align=center> landing soon .GEM "burning" of local financing passion </ P> <P> GEM IPO approach is being consulted, it will be the biggest venture capitalists are positive; more importantly, the Commission plans to hold GEM Venture Capital .shares in the company shortened to one year lock-up period, which makes venture capitalists are highly encouraged. .</ P> <P> venture intends to ban one year </ P> <P> It http:// hearing, the Commission on Friday issued "initial public offering and listing on the GEM management approach (for advice .draft) "(hereinafter" the draft ")," the draft "and will be landing the GEM for the" independent innovation "and in the growing small and medium enterprises listing and financing a wide open channel. ."The introduction of the GEM is the largest venture capitalists are positive, which they cast out the best channel for enterprises." Shenzhen Stock Exchange chairman Chen Dongzheng of "First Financial Daily" said. .Will be launched one after another related to the GEM system to encourage venture capital to further express the idea, according to a CSRC official said on Friday that the idea embodied as a venture capital holding shares in companies listed on GEM lock-up period .reduced to one year. .Management approach in the motherboard in the IPO, according to the Shanghai Stock Exchange Shenzhen Stock Exchange stock market rules, controlling shareholders and actual controllers, the listing for the 3-year lock-up period, and published in the prospectus the issuer within the previous year to increase their investment in new .shareholders, the issuer complete lock-up period for the change of business registration procedures to increase their investment within 3 years. .Shorten the lock-up time is conducive to venture capital to speed up capital turnover rate, then go cash in investment income to invest in new enterprises. .Venture capitalists are all excited. .The country's most famous venture capital company, Shenzhen Capital Group Co., Ltd. President Wanshou Li told this reporter yesterday, said: "The shorter lock-up period is very good, this guide is also very conducive to innovation-oriented country strategy, which will encourage innovation .investments with innovative companies to invest in the seed stage, venture period, rather than the maturity of the speculation. "Wanshou Li proposed a refinement of the system and shorten the lock-up can enjoy the preferential policies of enterprises eligible to be distinguished," for example follow-up policy .investment in time as the planning of specific breakpoints, listing the stage two years ago to invest in this enterprise should be viewed as a risk investment, because "the draft" which provided two sets of criteria listed on business for three years, two years of profit or .profitable year, the standard, then the investor should at least be true in the market two years ago to invest in this business, because that is the bear a larger risk, should be encouraged; must not be a pre-IPO investment in this business one year .people will be able to shorten the lock-up period, as with the speculative nature of such acts should not be encouraged. "from Shenzhen Capital Association's Professor Wang Shouren told this reporter that he was very happy. ."We adhere to the proposed venture has been shortened to one year lock-up period, which reflects not only the encouragement to us, but also acknowledged the contribution of our venture." Principle, the venture can not avoid risk, but investors should .adhere to risk. ."We will properly take into account the contribution of venture capital, according to the length of time to distinguish between investment give a different lock-up period, but the venture capital market can not put a risk of the buck to the investors pulled out of his body, after all, the enterprise can .has withstood the test of the market, still need time. "Chen Dongzheng said to be balanced to grasp this. .</ P> <P> loss of corporate venture capital regret missed </ P> <P> venture capitalists are enraptured, they also feel a little regret. .IDG Venture Capital Fund, a partner that is also on the loss-making enterprises should be allowed to GEM, Sohu is the loss on the year listed. .Wanshou Li this particular business model that some enterprises have losses, but still have value. ."We spent more than 6000 million of investment is at a loss of a business, and now more than 300 million profit, but this business model is rather special, requires a certain level of ability to identify risk tolerance and investment." He believes that some companies do not belong to .rains it pours type, value judgments can not just financial data standard, but look at business models, technology research and development. .Adventurous spirit of the venture capitalists have their quality of GEM sponsors, issuance examination committee has some concerns about professional standards. ."They can adapt to the GEM companies different? GEM demanding of sponsors, not only to understand the distribution rules of the market, but also to understand the industry, understand technology, understand the market. Issuance examination committee is a small and medium panels, board .different styles, not just focus on legal, financial aspects, the GEM's value can not be reflected here, but rather reflected in the technical threshold, innovation, market potential, quality of the team, this is the ultimate success of start-ups factors, the .trial, the trial link has to be made of experts in various industries to do. "Wanshou Li said. .</ P> <P>.

GEM early June the first batch of about 70 listed companies.

<P> Pass the first landing of the GEM business will likely already have from the current market conditions in the small and medium enterprises board production, this is mainly to strictly control risks and ensure the early launch of the GEM running smoothly. .In addition, a large brokerage investment banking official said, according to the process, the earliest before the end of June this year, the company will be the first landing on GEM, the first scale will be 60-70 business </ P> <P> the first batch of medium and small companies or from .Board reserve resources </ P> <P> It http:// hearing, as the "IPO and listing on the GEM management approach (draft)" on Friday (21 May) announced the industry on the first .many listed companies approved guess. .Had a higher rate of market recognition theory is first listed on GEM listed companies in the agency share transfer system of Zhongguancun Science Park in the selected enterprises. .</ P> <P> But they have recently said that due to strictly control the risk of the market was first considered, the first listed company listed in the small board reserve selected resources. ."GEM Listing to set a lower threshold, the main purpose is to small and medium business enterprises, especially small and medium sized high-tech enterprises, innovative financing channels for enterprises." This person said. .</ P> <P> the provisions under the draft, the financial position of the issuer shall meet the following conditions: the profitability of the past two years, the last two years the cumulative net profit of not less than ten million yuan, and growing; or a recent .year earnings, and net profit of not less than five million revenue last year of not less than fifty million yuan, revenue growth the last two years no less than 30%. .</ P> <P> "lower listing threshold in the investment objective, lead to an increased risk." The source said that a market in the just-established, tend to be immature, anti-risk capability is weak. .Therefore should follow the "high step" principle, the selection of good quality companies listed on the first, to prevent the Growth Enterprise Market "sick on the road." .</ P> <P> this statement with the Shenzhen Stock Exchange chairman Chen Dongzheng coincides with the previous view. .Chen Dongzheng had admitted during two sessions, the first one listed higher qualification requirements of enterprises, and second, the first scale than the small plate to more mass market principles will be taken to prevent the hype. .According to informed sources, the first number of listed companies is expected in the 20 or so. .</ P> <P> the first batch of listed companies of about 60-70 </ P> <P> According to "the Oriental Morning Post" reports, brokerage sources, in accordance with the procedure, 21 of the draft to the public, will take .down listen to public views within two weeks. .Two weeks later, the Commission will be based on feedback to modify "procedures" and finally declared officially issued with the "management approach", then, the relevant departments will gradually be accepted and reviewed the materials submitted by the company, the review period will not exceed the maximum .three months. ."In other words, the fastest before the end of June, there will be the first company qualified GEM landing." The source said. .</ P> <P> about the current preparations for the Shenzhen Stock Exchange has 200 listed resources. .Shenzhen Stock Exchange chairman Chen Dongzheng once during the two sessions, announced that the volume is too small to avoid the initial launch will be taken each time the number of listed homes in the form of 60-70. ."Official data, the first of dozens of listed companies." A Shanghai investment company official said the first batch of enterprises are "in good quality" companies. .</ P> <P>.

97% of the fermentation has been revealed positive profit report.

<P> Market is still down in the inertia, the two cities yesterday, driven down heavyweight again, the bottom of the building appears not a single day. .In the pessimistic expectations, restore investor confidence requires a complex process. .The recent market events occur very intensive, it is all the new situation in the game of unprecedented complexity of the market led to the current market and confusing. .</ P> <P> is still good "fermentation" </ P> <P> in a number of recent fundamental and market-related information, the positive factors in the majority. .Olympic torch has been officially lit, the Olympic business opportunities on the positive effects of the economy has been closer and closer, approaching launch of the GEM, the prototype of a multi-level capital market is emerging; unpopular in Taiwan last weekend's "referendum" failed, over the years hanging in the market .to alleviate the concerns, a point often weighed on the market in sensitive excuse be removed. .</ P> <P> Policy surface continued to pick up, especially the issue of new funds. .21 China Securities Regulatory Commission approved four new funds, including three equity funds and one bond fund, which is the third consecutive year, 7 weeks since the Commission approved on Friday a new fund. .This means that A-share market's subsequent efforts to gradually strengthen the supply of funds, but also conducive to the formation of a wave of efforts to the broader market bounced up a larger market. .</ P> <P> change inflation expectations may be at a turning point. .Residents of the central bank survey showed a substantial decline in inflation expectations. .The central bank said that "interest rates, reserve ratio has increased space" only after raising the deposit reserve ratio, the intensity is actually less than expected; analysts believe that inflation in the coming months if there is no significant decline in inflation expectations may change in the residents. .</ P> <P> It http:// hearing, the Commission said it would strictly review refinancing options listed company, yesterday another fund company issued guidance on fair trading system, from the investment decision-making, trade allocation, monitoring, surveillance and information .Disclosure of fair trading system building, "Rat" and the special fund account the interests of financial transfer may occur by the scheme. .</ P> <P> but, as in the strong market rally, the bad effects of the policy tends to weaken or delay until the cumulative effect appears to play the same deficiencies in the decline of the market environment, many positive effects also need to .a fermentation period, and, as the market environment, the cold, the fermentation period also need to be extended. .</ P> <P> valuations become more reasonable </ P> <P> Annual Report is being disclosed, according to statistics, annual reports have been disclosed over profits of listed companies increased 37.75% over the same period last year; if weed out the impact of China's oil, .comparable year on year profit growth of 79.28%. .Among them, 97.15% of the listed companies profit, 86.97% of the listed companies net profit growth year on year. .Even if the business slowdown, but still growing. .The fundamentals of listed companies in the large-scale deterioration of the situation did not occur, the results sufficient to support the current share price, after a sharp correction in the market, the valuation has been amended, has little room for further decline. .Can be said that a rebound in the direction is clear, but the bottoming process is very complicated. .</ P> <P> games become more complex </ P> <P> but the market is supply and demand variables are unprecedented since the bull market. .The biggest bull market in the main body?? Funds, and their right to speak face the biggest bear market size of non-lifting of the ban the army of the main challenges. .According to statistics, from 2008 onwards in the next three years, A-share market will usher in the "ban" peak, total "ban" the scale is expected to reach 903.19 billion shares. .Among them, the number of shares in 2008 lifted a total of 118.127 billion shares, 2009 is 663.742 billion shares, up 121.321 billion shares in 2010. .Short army arrives in the new situation, the market structure becomes very complicated game, which is the bottom round market can not afford to delay the end of one of the most important factors. .Opportunities and risks in this period, the market may need more patience. .</ P>.

Today, raising the deposit reserve ratio of funds still hard to shake loose surface.

<P> Today (25) raised the deposit reserve ratio is the implementation date, but the price movements of money market funds, the market liquidity is still loose. .Relative to the corresponding reserve accumulation and a lot of money invested by the release of the central counting of funds due for the freezing of funds did not 2000 billion to the market impact. .</ P> <P> It http:// hearing, from the central bank announced that the implementation of the reserve banks to obtain funding for only one week paid. .But in fact the central bank since the 18th since the declaration notice, subject to sufficient funds to face the support of funds in the interbank market price is steadily falling, there is no sign of a rebound, pledged repo was touch the lowest weighted average interest rate to 2.25% .fell 16 basis points yesterday to 2.2013%. .And because of demand, the amount of repurchase transactions are also shrinking, reducing 266.6239 million yuan yesterday, closing 510.2782 million yuan. .</ P> <P> market analysis, this occurs mainly due to stable sources of funding capital needs and stock market turmoil to dilute the impact of two factors. .</ P> <P> the one hand, brought about by the rapid increase in foreign exchange reserves, money supply remains a larger scale, there are a lot of maturity in April stepped in and buy back the release of funds. .While the data released by General Administration of Customs, the trade surplus in February of this year plummeted to $ 8,555,000,000 of data, but the market that the larger the chance of data, through exports, FDI and other channels are still large-scale inflow of funds, they .corresponding to a large number of base money market funds are an important pool "into the water." .</ P> <P> At the same time, affected by seasonal factors, a quarter of bank liquidity has always been more abundant, more relaxed side market funds, the bank's excess reserve ratio is higher. .The open market but at this time scale is also a great central ticket expires, even if withdrawn from circulation and increase strength, or will have a lot of money to market the objective results. .According to statistics, not including repurchase expired in March due only to the central counting the amount as high as 566 billion yuan, 596 billion yuan, second only to January the second highest single month. .</ P> <P> in "into the water," a massive injection of funds for the market, while short-term money market has caused tension in the recent purchase of new shares also strengthened the capital deserted pool water effect. .Spring Festival, China Railway Construction only large-cap stocks issued in the stock market turmoil intensified, "playing the new" risk arbitrage funds, but also to securities companies, insurance companies, fund companies have been the main "playing the new" in reducing the financing in the money market .needs. .</ P> <P> simultaneously the inter-bank dealer said that this implementation of the deposit reserve ratio increase, there are still some banks are required to use the foreign exchange payment, which reduces the financial needs of the local currency market. .</ P>.

The market ahead of the advent of low or.

<P> ● With the overseas markets to stabilize and decline in valuation due to non-reduction of refinancing and the size of the expected weakening of the factors that affect the domestic stock market is improving. .</ P> <P> ● The rapid recent market fell sharply is not sustainable. .Lows may be ahead of the market coming, or already ahead of the arrival. .Part of the valuation of stocks and some sectors has fallen to the value of the range, began to show long-term strategic value. .</ P> <P> ● size of the non-lifting of the ban is a long-term future development of factors to control the market, the proposed capital market authorities to balance the market supply and demand as a basic principle and unremitting task. .</ P> <P> It http:// News, Galaxy Securities Research Center Tengtai yesterday in an interview with this reporter, said that despite recent stock market caused by the continued substantial decline in uncertainty has not been eliminated, but this .rapid decline is not sustainable, the market lows may have come earlier. .</ P> <P> for the market's recent sharp decline, Tengtai that major overseas capital markets, tight monetary policy and capital market supply and demand imbalance in the three major uncertainties common market valuation driven downward move. .</ P> <P> from external factors, the U.S. subprime mortgage crisis led to the outbreak of the relevant overseas markets have continued to adjust and indirect impact on China's market. .Since the current round of European and American stock market's decline, not because the valuation is too high, but the economic slowdown caused by reduction in the level of listed companies due to yield. .Therefore, this fall will be a long slow process. .The subprime mortgage crisis, further accelerated flow of capital, resulting in the Asian market, especially the Hong Kong market's decline occurred in Europe and America market overreaction. .</ P> <P> the other hand, Teng Tai pointed out that the market for refinancing and the size of the non-reduction of the expected fear, showing rapid decline sharply index, which is a short-term overreaction. .Refinancing just an expectation, while the size of the non-lifting of the ban is a sustained release process is a long-term behavior of stock in such a short period of time, the sharp fall in the form of concentrated burst out, not only be ahead in time .and expressed as a over-reaction. .</ P> <P> "With overseas stock markets stabilized and the resulting decline in the valuation and size of the refinancing is expected to weaken non-reduction, the factors that affect the domestic stock market is improving. But to be significantly alleviated, have to wait until the second year .end of the quarter. "Teng Tai said. .</ P> <P> Nevertheless, Tengtai expected, the recent sharp decline has been rapid market performance of the excessive reaction of the above factors, it is not sustainable. .Lows may be ahead of the market coming, or already ahead of the arrival. .Part of the valuation of stocks and some sectors has fallen to the value of the range, began to show long-term strategic value. .</ P> <P> Tengtai that gradually stabilized the situation in the neighboring market, accelerate the appreciation of the renminbi, the domestic economy will maintain rapid growth in the context of the valuation of stock has fallen space, the stock market's fundamentals remain the better .. .With the new Development Fund for the gate opening and a quarterly disclosure of listed companies, stock will be gradually stabilizing. .</ P> <P> the same time, Teng Tai also said the size of the non-lifting of the ban is a long-term future development of factors to control the market, capital market authorities should balance the market supply and demand as a basic principle and unremitting task. .Only in this way, China's capital markets to long-term prosperity and development. .</ P> <P> Related: buy clothes and see if you fit in the stock market </ P> <P> New York Times: A ratio of anti wealth effect or the United States urgently </ P>.

Asking the Commission held a forum to focus on GEM.

<P> 4 days, the GEM Listing management approach will be the end of comments. .In this connection, the Commission held a forum yesterday, from academia and industry in the six persons on the launch of the GEM time, listing requirements, approval procedures and so on their own to express their views. .</ P> <P> timing of the introduction </ P> <P> draft does not specify the launch of the GEM time, so all speculation continued. .Participate in the forum Yanjing Overseas Chinese University President Watson said yesterday that the launch of the GEM take a long time, the rules are being developed, there are still a process of approval, but there are still many problems need to be studied. ."I think the first half is unlikely." Watson said, regulators will be more stable when the market launch of the GEM, but not volatile, when released, "so the market do not have much of GEM .Fear. "while attending the symposium, Professor of Renmin University of China, Wu Xiaoqiu also believes that the market should be more stable when the introduction of the GEM. .According to http:// News, China University of Political Science, Professor Liu Jipeng that: "GEM focuses on the opening of this year, not to quickly develop into a certain size." But the first batch of GEM companies should not be less than 50, then in the end is .mass market, or a two listed, this is a need to consider the details. .During the two sessions this year, the Shenzhen Stock Exchange chairman Chen Dongzheng told this reporter that, "May" after the first GEM is expected to issue stock, depending on the fat trial time. .</ P> <P> listing threshold dispute </ P> <P> for the threshold of GEM listed companies, securities firms and academics, representatives of different viewpoints. ."GEM should have a relatively high threshold, which is determined by our national conditions." Watson believes that the current more of a good business, many companies want to market, design a relatively high threshold is necessary, and domestic .Investors are not very mature, to protect investors need to set a relatively high threshold. .Liu Jipeng that GEM standards can not be too high, but never all of a sudden drop too low, to draw on international norms, while also respecting the realities of China's national conditions, market standards should be gradually adjusted from high to low. ."A lot of companies listed on Nasdaq in the listing or a loss, but it proved a good quality growth companies, whether the GEM we exclude such enterprises out?" To participate in research department of CITIC Securities forum .person in charge, said Xu Gang. .In his view, the stock market very often stir caused by scarcity of resources, should lower the threshold, so that more business enterprises to enter the market, brokers should be allowed as a market maker, really played the role of intermediaries. .</ P> <P> made strict examination, or wide? .</ P> <P> the issuance examination committee for the draft Regulations set approach, Xu Gang, that this board continues the issuing system, issue is still the Chief of the Audit, the local enterprise resource possible to push overseas. .Attending the symposium TX Investment Consulting Co., Ltd. Chairman Lin Yi-phase that the issue of the GEM board review process should be more simple than some private companies to tilt. .GEM business use of the funds raised should not need the approval of relevant government departments are not required to do authentication, "needs approval of the project less the better." .Watson, that, given the actual situation in China and did not approve or does not work, still need approval. .But "the key to development of the GEM of emancipating the mind" and can not act like the same board, "Board of reform to make it the first experimental field." .</ P> <P>.

China Life will be reduced further increase in the stock market sell-off in equities than the.

<P> Mr Liu said the long-term bullish equity finance, equity and infrastructure in large enterprises within the equity </ P> <P> earned in the stock market last year, pours the China Life Insurance (601628.SH, 2628.HK, the next .referred to as "the Life"), determined in this year's "green" landscape of the stock market Jiliuyongtui. .At yesterday's annual results briefing, Chief Investment Officer of Life Mr Liu said that this year will adjust the investment strategy to reduce the proportion of stock investment. .</ P> <P> shares by reducing debt </ P> <P> It http:// hearing, Vice President Liu Jiade in life that "shock" is the theme of this year's global financial markets. .Mr Liu said, according to the current market environment, this investment strategy will be adjusted in life, in high inflation, interest rates uplink situation, the increased debt investment, reduce equity exposure, while increasing strategic equity investment and infrastructure investment .. .Life published in the annual report last year, benefited from the A shares rose, according to Chinese accounting standards, to achieve a total investment return last year, 84.58 billion yuan (RMB), an increase of 79.82%. .Investment assets of 850.207 billion yuan, of which the financial assets available for sale 417.513 billion yuan. .Life in the last year in the asset allocation structure, the ratio of investment funds and stocks increase over 2006. .Life stock investments last year amounted to 125.349 billion yuan, accounting for 7.3% in 2006 jumped to 14.7%, the investment ratio approaching the ceiling on investment; fund investment 69.769 billion yuan, accounting for 8.2%, compared with growth of 1.6 percentage points in 2006; .the proportion of bank deposits fell 5.7 percentage points. .Faced with the sly deceitful cloud the stock market, Mr Liu said that to reduce the impact of stock market investment income, in life will reduce equity exposure. ."There are optimistic about our long-term asset class: Equity in the financial sector, infrastructure, large-scale enterprises within the field of equity, and equity. We believe that this year and next year such investment opportunities may be some more, the price will be better." Investment in fixed income .regard, Mr Liu said that this year there will be many opportunities to focus on higher-yielding bonds, corporate bonds and private corporate bonds, and debt investment plans and other varieties. .Life last year amounted to 443.181 billion yuan bonds, accounting for 52.1%, unchanged from 2006. .Mr Liu said that this year will increase the ratio of fixed-income asset classes, bonds and term deposits accounted for more than 70% will be maintained. .</ P> <P> cautious "exit" </ P> <P> under the shadow of the subprime crisis for the overseas market, China Life Chairman Yang Chao repeatedly "cautious" is to emphasize its investment principles. .China Life shares a few days ago to 300 million U.S. dollars VISA, its initial investment in the stock market in the United States. .Yang Chao said that in the closely track changes in global financial markets under the premise of the implementation of "two legs" walk the strategy of combining domestic and foreign markets, the length of combination of combination of financial investment and strategic investment. .According to reports, China Life was established in July last year, the Working Group on overseas investment, "Investment Committee" and "liability matching strategy of the Investment Committee", and frequently sent a work team to carry out investigation and research abroad. .Yang Chao said that in life we must first make domestic investment, although many organizations outside of the valuation is now very low, but risky investments, the key is to choose a good time. .Mr Liu believes that this year more overseas markets. .Yang Chao believes that foreign investment not only to consider the return on investment, but also consider whether the two partners interact, mutual benefit and reciprocity, and sharing of resources. ."The most important thing is customers." Mr Liu said that China Life through asset allocation adjustments, will maintain a relatively stable investment income. .Yesterday, in the Life A shares closed at 28.44 yuan, down 2.1%; H shares closed at 27.4 Hong Kong dollars, down 0.182%. .</ P> <P> further increase in the stock market sell-off in life? .</ P> <P> some market participants believe that Life announced a reduction in the proportion of equity investments, will further enhance the stock market sell-off and decline. .Orient Securities analyst Wang Xiaogang that the financial market reaction was overdone. ."Last year, the case of rising stock market, agencies are increasing the proportion of stock investment. In this year's stock market downturn and the volatility of the stock market, the corresponding reduction in the investment ratio, is a normal adjustment of the investment strategy." Wang Xiaogang that, although still in .rate hike cycle, but may be less frequent than last year, bond interest income will not have much room for growth. .Life for the expected return on investment this year, Wang Xiaogang that no more than 6%. .For the insurance sector this year, investment income growth, Wang Xiaogang that, from infrastructure and private equity investment in the field will be the new Aspect. .</ P>.

Worries red chips: For income tax law the anti-avoidance rules.

<P> The new Enterprise Income Tax Law to implement the relevant provisions of the anti-avoidance rules have been close to "labor", private enterprises listed overseas will face the test of controlled foreign company provisions. .A source said yesterday, the enterprise income tax law on special tax adjustments related to the implementation details, has entered the final stage of comment, is expected to be issued around mid-April. .These people said, from the implementation details of special tax adjustments of the draft of view, is a mixed blessing for businesses, foreign-listed red-chip private businesses are more worried about one of the controlled foreign company (CFC) anti-avoidance provisions. .</ P> <P> red chips in fear </ P> <P> http:// hearing, according to the controlled foreign companies (CFC) refers to the resident enterprise, or by resident enterprises and Chinese residents in the control of the establishment of the actual tax .tax rate lower than 25% negative 50% of countries (regions), for reasonable business needs of non-profits are not distributed or reduce the allocation of foreign enterprises. .Enterprise Income Tax Law in accordance with the provisions, CFC profits belonged to the part of the resident enterprise shall be included in the current income of the resident enterprises. .Informed sources said that the relatively new CFC rules, many overseas-listed enterprises, especially private enterprises more concerned about the red chips. .These enterprises had set up to facilitate the overseas listing of a special purpose company (SPV), in accordance with the provisions of the anti-avoidance rules, these companies are likely to fall into the scope of supervision of the CFC provisions. ."For example, the United States, Huang Guangyu of Gome not hold shares directly, but through holding companies registered in the Cayman shares and other shares in a special purpose company, through a special purpose company held two shares of listed companies in Hong Kong .If the strict implementation of the provisions of CFC, Huang SPV are held by the two fall into this clause within the jurisdiction. "informed sources said. .The source said, according to the current draft, was identified as CFC must also have a few conditions: where the actual tax burden is lower than 50% of the domestic tax burden, a single foreign company holding shares in more than 10%, a reasonable business needs for non- .no distribution of profits or reduce distribution. .He also said that red-chip China Mobile will also be included in terms of the jurisdiction of the CFC. .But the red-chip companies can often avoid the CFC through to the final terms of a jurisdiction. .</ P> <P> association found to lower the threshold </ P> <P> for the identification of association standards, the rules reduce the threshold for comment. .Earlier in the relevant documents, among one of the parties directly or indirectly holds 25% shares or more, and with a third party, directly or indirectly holds more than 25% shares of companies were identified as having the relationship, and this .times this standard reduced to 20%. ."So many companies this ratio will be determined to be 24% more, walking a fine line, the pocket may come all at once." The source said. .Enterprise Income Tax Law in accordance with the provisions of the related party transactions related enterprises, will be included in the investigation and transfer pricing adjustment range. .Transfer pricing, compared with the tax laws and implementing regulations, anti-avoidance rules do not break too much. .Pricing in the reservation, then set the conditions for application: related party transactions over 100 million yuan, the actual operating period of more than 10 years, no major tax evasion problem and fulfill its reporting and preparation of related information stored over the same period. .APA is between tax authorities and taxpayers through the signing of an agreement or arrangement in the form of taxpayers in the next period of time and the pricing of related party transactions and other matters related to the profit level set of criteria agreed in advance to address the complex cross-border related party transactions .transfer pricing issues. .It is understood, the tax on the APA regulators more cautious attitude, "After all, the APA is an arrangement in future, if a business does not know the circumstances hastily signed the APA, it may lead to the state's financial interests .loss of face. " .</ P> Today recommended: * April Fool's Day pranks funny text messages [1-50] * April Fool's Day pranks funny text messages [51-100] * April Fool's Day pranks funny text messages [101-150] * April Fool's Day pranks funny text messages .[151-200] * April Fool's Day pranks funny text messages [201-250] * April Fool's Day pranks funny text messages [251-300] * Top Ten April Fool's Day pranks freshly alternative tactics six movies with you over April Fool's Day .a group of spoofing the magic of your eyes and brain images the past 10 years the classic April Fool's Day fake news.

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To restore market confidence in the key?.

<P> Shanghai and Shenzhen A shares on April 1 suffered another blow to the short side, stocks fell more than 9% to 822, more than the day of trading A shares half of the total. .Good macroeconomic fundamentals, steady growth in performance of listed companies, share-trading reform the context of initial success, A stock market crash that apparently irrational behavior of a continuous, which fully shows the confidence of investors has been extremely lax, and if .Failure to take timely measures, the hard-won results of the share reform is likely to crash destroyed by such non-rational. .</ P> <P> It http:// information, from understanding the information, the market loss of investor confidence is mainly due to concerns on the following three questions: First, concerns about the macro-control; second is worried about the size of .non-reduction, the new capital to keep up with the stock market to increase the speed of chips; third is fear that the interests of shareholders is inconsistent, there will still be the major shareholder actions violated the interests of small shareholders. .It is for these three worry, investors do not see management give clear at the time expected, will produce sell into impulses, which a "not good is bad" continuous sell into the irrational behavior. .</ P> <P> view of this, to restore investor confidence, investors have to eliminate these three concerns. .And to eliminate these concerns, all levels of management must first act in the face of new problems and new situations, new circumstances, timely adjustment of policy guidance to address the issue and actively research questions, and can not take a laissez-faire attitude. .Such as last year, "5.30", many of the policy is to pressure the stock market, substantially increased the stamp duty on the market that is typical of cases has been extremely popular in the current market downturn, a policy like this should be timely adjusted. .</ P> <P> In fact, the departments concerned or very concerned about the current stock market, and for the market of new problems and new situations have done a lot of work. .Large listed companies such as re-financing, although this is only the individual company behavior, but the relevant department or to take timely action, and its strict check, the current practice seems to have been a huge problem refinancing to a standstill. .</ P> <P> to restore investor confidence in the market, the relevant departments to only one aspect of improving the quality of investors to own is also very important. .As a high-quality investors, should have a strong ability to distinguish right from wrong, the rumor on the market can be screened in order to avoid blindness in decision-making. .As a sophisticated investor should believe that the Chinese government on the economy with a strong regulatory capacity, the history of control are conducive to long-term development of China's economy, and are conducive to growth of high-quality performance of listed companies. .In addition to the Chinese capital market regulatory framework and supervision capacity, investors should have confidence in care of the interests of investors to believe that management's determination and ability. .</ P> <P> to restore investor confidence in the market, but also a transparent information transmission mechanism. .The size of the market concerns of non-reduction, for example, the existing information disclosure regime is yet to be improved. .Can not be implemented such as the size of non-reduction of pre-disclosure system, so that should not pre-announced reduction of the size of the reduction of the amount of people is conducive to investment-related value of the company make the right judgments; can not be implemented such as the reduction of the size of non-clear announcement .After reduction of the size for those who Definitely Liangliang Xiang; another example, such a provision can not be implemented, that a certain percentage of reduction of the size of Africa, over a longer period shall not engage in investment in the industry, so the size may be able to avoid .Non of the cash flows. .There are companies for large non-reduction is not Refinancing should also be more strictly regulate it? .</ P> <P> transparent information disclosure system to stabilize investor confidence. .Non-reduction of the current size of the turbulent market rumors, but in fact this figure there is a big discrepancy. .It is understood that, as of the end of February 2008, Shanghai stock market may be reduction of 92.8 billion Chunghwa Express Corp shares (including the starter or the placing of additional shares under the net), but really only sell 28.6 billion shares, which reached a small non-selling 240 .million shares. .This data indicates that large amount of very weak non-reduction, although a small amount of non-reduction of the proportion of high but only 39%. .And to March, with the index's decline, the size of the reduction will not have signs of abating. .If these data can be disclosed in a timely manner, perhaps for the size of the non-market would not be fear of such an extent now. .</ P> <P> to restore investor confidence in the market, but also to strengthen the cultural development of capital markets, securities companies should be organized regularly, executives of listed companies, the basic knowledge, the popularity of the stock market culture. .Many people do executives think they are experts, in fact, often do not pass even the basic knowledge. .Therefore, enhanced investor education at the same time, the market parties, including managers, executives of listed companies are required to culture and education, which will help maintain market Sangong principles. .</ P> <P> split share structure reform aimed at eliminating the effects of China's capital market development, institutional barriers and promote orderly capital markets, efficient and healthy development. .We imagine that a serious lack of investor confidence in capital markets to fulfill the historic mission undertaken by the share reform, so the vast majority of companies to complete share reform on the price of the share reform is more difficult to enter a critical stage, the market parties need .out wisdom, come up with enthusiasm and care of a smooth transition to the Chinese capital market, circulation times, the rise of China in the 21st century to become an important financial platform. .</ P>.

A shrinking share of a quarter of 12 trillion yuan.

Stock market version of "Maiguai" mad king of money making gold shares insider investigation.

<P> Abstract: cheated pattern essentially similar, and some have spent thousands of dollars to buy stock software, stock recommendations in the follow-up after another quilt, fall hard, suffered heavy losses, and later found the company found that some sales do .do not understand the stock, the company has not qualified. .</ P> <P> you ever heard of "golden shares King" it? .Night, turn on the TV, click the site, sometimes this advertising: There is a wonderful called "golden share King" software stocks, stock prices can be recommended, hit rate is extremely high. .Advertising the name of the software high-tech propaganda was very magical, with a case description. .The guidelines of the audience play the ad first consulting the phone, a similar sketch in the "Maiguai," the story played out. .</ P> <P> the past few days, many investors through various channels, one after another reflection of their being "king of gold stocks," the company deceived the painful experience. .Essentially similar pattern was cheated, and some have spent thousands of dollars to buy stock software, stock recommendations in the follow-up after another quilt, fall hard, suffered heavy losses, and later found the company found that some clerk does not understand the stock, the company .no qualifications. .Some cheated the object is in all sorts of laid-off salesman to persuade the company to borrow money after the stock market, but was stuck with losses. .They questioned how such a company like crazy deceptive money-making? .</ P> <P> As of early April, the reporter learned as many as hundreds of people injured investors. .To this end, China Youth Daily reporter immediately began an investigation. .</ P> <P> huge number of "small investors" deceived </ P> <P> "pay to, they did not talk to me a month!" In mid-March, Shenzhen, Guangdong, Zhao on the phone ., told reporters. .</ P> <P> Zhao was involved in a "market" investors are not deep, occasionally seen on television by the "King of Golden Share" and "teacher" to do the show, saying as long as the toll free telephone number before .dial who can get hundreds sent by their "free gold stocks." .Zhao then broadcast a telephone call the next day, Ms. Zhao will have found a salesman. .</ P> <P> "hit me with a sales call, he did not tell me what 'golden share', just asked me some basic information, including what to buy stocks, there did not earn money, how much investment .and so. "Zhao said," I Put simply, he advised me to start with them, follow them to make money. "Zhao said the clerk to call her perseverance," for several days straight, every day several .times, specifically I can remember. Then he advised me to talk about their company. "could not help Ruanmoyingpao, 1 mid-January, Ms. Zhao if some went to the people of South Road, Luohu District, Shenzhen Building, Room B, this company .. .</ P> <P> "I stayed there for more than 3 hours!" A tearful Ms. Zhao said, "First, the clerk chatted with me, and said a lot, see I do not want cooperation, also requested a ' .teacher ', told me that a lot of the stock market situation and told me to follow their information stocks, and it can make a lot of money, and later to a manager, any connection with me that their information how how accurate, how how good the software .... ... I'm dizzy brain up, and just brush them a card on the POS machine - more than twenty thousand yuan ah! "</ P> <P> pay to later, and no experts and Zhao contact, but is she took the initiative .called the "king of gold stocks," the company only received a few stock information. .But not the surge but to wait for her plunge, "loss of more than 20 million!" Zhao several phone communication is invalid, went to the company, demanding an explanation. .But the company overall customer service to the market situation is not good for the reasons explained Ms. Zhao asked for the cancellation and refund request software services, they firmly rejected. .</ P> <P> "are two or three months, and I went several times, and I sometimes meet people in similar situations. But they are different each time saying, attitudes, good times and bad, in short, is .refused to refund. has not said when the sales clerk, from professionals to provide stock information at any time what the telephone. "</ P> <P>.

50ETF warm breath smell money riding roller coaster.

<P> [Abstract] "50ETF days the amount of the transaction, funds have been a motive is the foresight warming smell the breath of the market, hands-on bargain-hunting." A market source said, "Another motivation may be institutional arbitrage." </ .P> <P> Powei the A-share market continued to appear a little "abnormal": follow the index falling China Shanghai 50ETF, 3 月 18 day volume was significantly enlarged, in one fell swoop yesterday, is the largest since a record single-day market turnover .amount. .</ P> <P> "50ETF days the amount of the transaction, funds have been a motive is the foresight warming smell the breath of the market, hands-on bargain-hunting." A market source said, "Another motivation may be institutional arbitrage." < ./ P> <P> It http:// News, China Shanghai 50ETF was established in December 2004, February 23, 2005 officially listed for trading. .SSE 50 Index to track products, to yesterday's close, its constituent stocks included in the China National Petroleum, China Life, ICBC and other 50 largest stocks. .</ P> <P> report information, as of the end of 2007, China Shanghai 50ETF in 52.76% of the share held by institutional investors. .</ P> <P> follow the 50 index, 50ETF listing has been riding the "roller coaster." .</ P> <P> mid-October last year, the SSE 50 Index hit a record high, continued after the bottom with the current round of market adjustment, a group of large capitalization stocks have endangered "break", as of yesterday's close, the SSE 50 .index has continued to decline by 42%, 50ETF follow the index falling. .</ P> <P> but starting March 18, trading volume was significantly enlarged, and yesterday hit a new high turnover. .As of yesterday's close, 50ETF to close at 2.788 yuan, up 0.9% the day, a five exchange-traded fund ETF based only rose varieties. .The gain, while not surprising, but the turnover has reached a historic day of 1.687 billion yuan, 52% of enlarged expires earlier. .This is the biggest product launch since the single-day turnover. .</ P> <P> Galaxy Securities chief fund analyst Hu Lifeng that the amount of such transaction days, on the one hand reflects the market at a relatively bottom, eager to grab a rebound of funds; the other hand, or with huge fluctuations in the market, .arbitrage activity related. .</ P> <P> According to reports, ETF shares convertible product implementation mechanism to achieve the equivalent of a T +0 transaction, and the species do not charge stamp duty, transaction costs low. .In principle, the net market value as long as there is a deviation to the arbitrage possible. .</ P> <P> "Recently index up 4% -5% every turn of the volatility arbitrage trading undoubtedly very active." Hu Lifeng said, "but we can not judge this 1687000000 in the amount of days in which .is arbitrage funds, which are long-term funding arrangement. "</ P> <P> In fact, institutional investors hold more people, ETF products has always been the capital of the cloth rebound soldiers powerhouse. .Between the stock market last November during the fall, 50ETF experienced atrophy and volume continued to decline, once a record of transactions since June last year, the amount of days, while the broader market also in the end of November to early December ushered in a wave of backlash. .</ P>.

Zijin Mining in face value of 0.1 yuan What sort of way.

Face value of only 0.1 per <P> first Zijin Mining stocks will be from 8 until 11 inquiry. .The industry believes that the upcoming release of Zijin Mining for the domestic A share market is significant, the market will usher in a good performance of blue chip companies, creating a history of the first issue of the China Securities 0.10 per share par value of precedent, is of A .share market and a major symbol of international standards. .A nominal value of 0.1 yuan for the issue of shares, the market there are some disputes, the dispute focused mainly on low value in allowing the issue of whether the stock market value of the system and disrupt the price system, would mislead investors to judge. .</ P> <P> (http://) shares par value of shares of stock issued by the company indicated on the face of the face amount, to show that each one contained in the amount of capital stock. .The level of the nominal value per share, the investment value of the company there is no direct relationship. .The investment value of the stock of a company ultimately depends on the ability of the enterprise and corporate earnings growth prospects. .</ P> <P> industry believes that the nominal value of shares issued has two small advantages: capital operation the company has left more space, such as when the stock price goes high when the split can be reduced by the threshold for investors to enter .to increase the liquidity of the stock; Secondly, the implementation of mergers and acquisitions between companies also offer a convenient, the number of shares to meet investor requirements. .</ P> <P> Zijin Mining said that the company issued at par to 0.1 yuan, out of and H shares "with the shares of the same nominal value" considerations. .Currently, Zijin Mining in the Hong Kong Stock Exchange par value of shares traded was 0.1 million. .In addition, if the face value of Zijin Mining in accordance with the 1 per issue in the A-share market, there will be an issue price of the situation may be close to hundred dollars, secondary market trading price will be higher, investors can participate in a relatively limited. .</ P> <P> 2008 年 4 on 3, Hong Kong shares of Zijin Mining closing price of 7.17 Hong Kong dollars. .According to the resolution of the shareholders of the General Assembly, issued in the domestic A share issuance price of no less than the official summary prospectus published in the first 20 trading days average trading price of H shares of 90%, nor less than the official summary prospectus published in a previous transaction .H shares on the closing price of 90%. .Accordingly, it may appear at an issue price of 60 yuan to even approach the status of hundred dollars, but secondary market trading price may be higher, investors, high barriers to entry. .</ P> <P> the same problem with Zijin Mining, will also appear in the group's return to the red-chip companies. .China Mobile, for example, if the recent return of A shares of China Mobile, according to 1 yuan face value of issue of new shares, issue price will reach a thousand dollars. .The industry believes that the nominal value of 0.1 yuan Zijin Mining to issue A shares for return of red chips to explore the way for the return of red chips clear the way for A shares. .</ P>.

A share in the first quarter the number of new accounts plummeted since the record low of 07.

Continued downturn in the stock market early so greatly reduced investor confidence. .As of the first quarter of 2008, although the two cities account for up to 96,017,800 effective, but the number of accounts opened in the rapid decline in growth rate is a quarter the number of new accounts only 5.605 million, a record low since 2007. .<P> "Securities Times" reported that the board's latest statistics show that, as of March 28, Shanghai and Shenzhen account for a total of 113,354,700 A shares, B shares account for 2,371,700; valid account 96017800. .Statistics show that a quarter to open in Shanghai and Shenzhen stock account number 5605000, representing the fourth quarter of 2007, 12,303,000 of new accounts, a decrease of 6.698 million, a decrease of 54.44%. .The first quarter of 2007 compared to the first quarter of 2008 decreased 34.68% the number of new accounts. .</ P> <P> lows in the quarter while the number of new accounts, new accounts, also appears monthly in 2007 to a new low. .February 2008, the market amounted to 1.3092 million new accounts, slightly higher than the same period in 2007, reaching the lowest level in nearly a year. .In 2007, with the stock market continued to rise, the monthly number of new accounts too rapidly improved steadily, the number of accounts from February 2007 to 1,274,100 up to August 2007 of 8,924,200. .Since then, with the broader market continued to drift lower, the monthly number of new accounts have begun to gradually come down. .</ P>.

Listed company released the first batch of quarterly results for the market outlook will target hot spots.

Annual Reports reaching a peak in the first quarter results of listed companies are also getting the horizon, Rizhao Port and other three companies on April 8 in 2008 first reported a quarterly. .As of April 7, 108 notice of a quarter of the company, it has 91 pre-growth or earnings guidance, the good news become the absolute mainstream. .Market analysts believe that the increase from the current pre-view of a quarterly performance of listed companies do-than-expected growth, results of a quarterly disclosure will boost A shares continued to rebound. .<P> "Shanghai Securities News" reported that the curtain has not fallen annual disclosure, quarterly disclosure curtain has been opened. .Today, the Rizhao Port, Kim Yuk Wah Medical Group and the first 3 companies in 2008 a quarterly disclosure. .For investors, the first batch of quarterly reports of listed companies have released three Aspect concern. .</ P> <P> Aspect One: business growth geometry </ P> <P> listed companies are confident that regular reports published earlier, results are generally good. .The first three are published in quarterly net profit growth to achieve a different range, which Jinyu Group in the first quarter net profit rose as high as 165.46%, Rizhao Port and the fertile China medicine has reached a net profit increase of 46.90%, 37.16%. .</ P> <P> Jinyu Group today also launched a private placement plan, prepared to issue not more than 5000 million shares, raising the total amount not more than 520 million yuan, annual output of 1 billion investment in FMD vaccine ml suspension culture of 4 .projects. .</ P> <P> Rizhao Port in the first quarter operating income of 398,569,800 yuan, increased 42.16% over the same period, attributable to equity shareholders of the Company to achieve net profit of 57,160,500 yuan, up 46.90% over the same period. .The company on January 1 this year to adjust the main cargo port of the basic types of rates, average increase by about 10%, operating income and operating margin increased correspondingly. .</ P> <P> Aspect II: semi-annual report is expected by </ P> <P> next periodic report on the performance of the semi-annual report on how broadly the performance of listed companies are often in a quarterly can see a clue .come. .Because, according to the provisions, if the first half net profit is expected to substantially change will occur, a listed company must be in a quarterly in the notice. .</ P> <P> in the first 3 companies disclose quarterly, in addition to Kim were conducted outside the group results notice. .Wo Chinese medicine during the first half operating income and net profit is expected to continue to grow, in the first half net profit attributable to equity holders increased by 30-50%; Rizhao Port, said the adjustment as the major cargo types of port 2008 the basic fee .rate, cargo throughput increased and the implementation of enterprise income tax rate of 25%, first half net profit forecast significant changes will occur. .</ P> <P> Aspect three: body is into retreat </ P> <P> as disclosed in a quarterly in shares of tradable shareholders is as of March 31, that making the investment .institutions are the latest glimpse of developments. .</ P> <P> first disclosed in the quarterly three companies, Wal-Chinese medicine in the top 10 shareholders are not tradable sector of the figure, the Rizhao Port, and Kim to the shareholders of the Group worth a visit .the. .If the Rizhao Port, the total number of shareholders is 40,029, and annual disclosure is not very different. .Compared with the report, brokers, funds and other institutions into a QFII out. .Among them, the former ranked first in the unlimited Guotai Junan of shareholders holdings in the first quarter of 1071 shares, end of period 670 million shares; latest top-ranked brand moratorium preferred stock shareholders of Great Wall Securities Investment Fund holdings .1114 million for the New Shareholders; addition, the two QFII Martin Currie Investment, UBS is also a quarter of New shareholders. .</ P> <P> also learned this week as well, including China Petrochemical, China Coal Energy, including giants such as annual reports of listed companies released 136. .Among them, 65 companies had previously been issued notice by pre-52. .So this week will mark the annual and quarterly beautiful dance spectacular. .Analysis, the overall performance of the first quarter to the good, the market is expected to play down concerns about earnings outlook of listed companies; and with the valuation of A shares has become more rational, a new valuation system or will soon be established. .</ P> <P> from the market development, the rally could continue, depends on the hot spots from the broader blue-chip blue-chip to the second extension of the first quarter of forecasted earnings guidance is the second most blue chip companies. .Market analysts believe that prices in April will focus on the annual report in 2007, the right to Tianquan dividend and bonus shares grab the first quarter of 2008 increased earnings guidance of pre-performance opportunities, particularly oversold and some preliminary results of pre-victimizes the first quarter .second-line blue chips and the economy growing segments of the industry leader, can focus on. .</ P>.

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Cheng Siwei: Manniu pattern remains the same 30% of the investment value of stocks.

Cheng Siwei, former vice chairman of the Standing Committee of China on April 8 that China will continue the trend of the stock market Manniu before the Olympics may have a certain level of increase. .<P> He currently also insisted on the "Manniu" view of the problem to the National Research Council of the President of Taiwan, attended the speech said Cheng Siwei, the market continued to decline from more than 6100 points, has dropped to 3500 points .or so, but the bull market continues, the trend will continue Manniu, which can be analyzed from two points: </ P> <P> First, even if it is about 3500 points, but compared with the previous point, or rose 2245 .The. .He estimated that before the Olympics may have a certain level of increase. .</ P> <P> Second, he repeatedly said, do not put on the card index as a representative of the Chinese stock market. .Because the Shanghai index represents only 70% of China's listed companies, not representative of the Shenzhen listed companies; In addition, the Shanghai index is based on the total circulation to calculate the market value of the entire sample, there is a big deviation. .</ P> <P> the current market value of China's stock market is not equal to the total market capitalization. .The total market value in accordance with the result that the weight of a large blue chip account for particularly high. ."So can not just look at index, or to look at individual stocks." </ P> <P> Cheng believes that about 30% of the two cities still have investment value of stocks, these stocks after a sharp price adjustment, there is increased .opportunities. .</ P> <P> (http://) Cheng pointed out that the international bear market, some listed companies are often out of the market. .Bears turn in cattle, this part of the poor performance of the companies will not become black sheep. .But China's stock market bear market, is increasing the total number of listed companies, of which 30% of the top performance of the company, or about 400 companies have created almost all of the results, only a very small company behind the performance. .</ P> <P> "But in a bull market, their shares can also be speculation, causing the stock market all shares are high, so if there is risk, the underperformance stock investors must hold-up." He said. .</ P> <P> Cheng Siwei that probably go through three stages of this round of the bull market, which from December 2006 to last November, this stage of growth is extraordinary, even say irrational. .</ P> <P> Cheng said, "If you're cool think about it, is actually very simple, the stock market's fundamentals are the country's economic situation and the quality of listed companies, the country's economic situation and the quality of listed companies may not .Fan turned 3 in a year, so this price surge, it is certainly not sustainable. "This caused the depth adjustment. .</ P> <P> Cheng believes that public opinion on the issue raised most frequently stamp duty, stamp duty or income reduction can play a certain effect, but the effect is not too large, only short-term effects, the most important is to strengthen the underlying stock market .the system and improve quality of listed companies must be strictly investigated and dealt with inside information, fraudulent information, and malicious manipulation of stock prices to investors and create a just, open and fair environment, restore investor confidence. .</ P>.

Mainland stock market value of low-lying land to attract 377 million a week.

<P> U.S. portfolio in emerging markets research firm (EPFR) data show that the recent global money market funds suffered the most severe since the last wave of net redemptions, investors as of April 2 in the first week of the withdrawal of $ 13,150,000,000; .At the same time, the Chinese mainland market has become "the value of depression", attracted 377 million of capital. .</ P> <P> Equity Fund Group, most of this week, the rate of return of more than 2%, the United States, Europe, the global and Asia (excluding Japan) equity funds received strong inflows. .9 major sector funds in the sector has acquired Jing Shengou 6, in which the energy sector absorbed 1.53 billion fund new capital. .However, Japan and the Pacific Equity Fund is still difficult to get rid of the downturn, the financial sector funds have also suffered large net redemptions. .</ P> <P> emerging markets </ P> <P> Asia (excluding Japan) equity funds this year ushered in the largest single week Jing Shengou absorb 5.99 billion. .Mainland China stock market investors find investment opportunities, access to 377 million related to fund new capital; Singapore Equity Fund also received $ 110,000,000 Jing Shengou. .</ P> <P> felt last week, money is not the only Asian market to pick up, Latin America, EMEA (including Europe, Middle East and Africa) Fund also received Jing Shengou. .Jing Shengou Latin America benefited from iSharesMSCI Mexico Index Fund; and EMEA Fund is the main virtue of the resource-rich Russian commodities market to attract funds, followed by the power source is the Middle East. .But the diversified global emerging market equities have suffered a net redemption of $ 198,000,000. .</ P> <P> investment "BRIC" funds have access to new capital inflows. .</ P> <P> developed market </ P> <P> U.S. Equity Fund over the past 4 weeks Jing Shengou third time. .Large cap Value Fund is to attract new capital "main force", the market digested the strict supervision of the proposed U.S. financial system, and Fed Chairman Ben Bernanke for the first half of the weak economic outlook comments. .Overall, value-based management of the fund's market performance once again exceeded growth fund. .</ P> <P> Jing Shengou European Equity Fund also received, but only the second time this year. .A lot of money are directed at the Credit Suisse Group managed funds away. .</ P> <P> "Recent data show euro zone inflation, low interest rates still have to wait for several months. From Switzerland and Deutsche Bank's profit warning strengthened the euro area in the sub-prime crisis exposure .concerns, the European investors are still not being loved. "EPFR CameronBrandt, senior analyst, said. .</ P> <P>.

Once smooth three-day rally.