Rich Chinese reluctant to meet with (Jew-Zio) US barons

[CrackSmokeRepublican]

Like who wants to get involved with with Jew-Zio Scams?  Ask the Chinese what they think of the overly promoted and celebrated Jew Puppet Obama and Michelle, and if they are worthy of Chinese respect...   --CSR

Jew Scam Artist: Israeli President Shimon Peres, center, arrives for the "Intelligence on the World, Europe, and Italy" economic forum, at Villa d'Este, in Cernobbio, on Lake Como, Italy, Friday, Sept 3, 2010. [Agencies]

Recent Business statistics...some likely inflated:
http://www.chinadaily.com.cn/bizchina/b ... stics.html
--------

Rich Chinese reluctant to meet with US barons

By He Dan (China Daily)

Updated: 2010-09-06 13:56

Guests suspect dinner invitations come with high price tag attached (and potential Jew Scam-mage in China...   )

BEIJING - The Chinese director of the Bill & Melinda Gates Foundation denied a widespread belief that the upcoming trip of Bill Gates and Warren Buffett to China in late September aims to persuade Chinese billionaires to make charity pledges.

The director of the foundation last Thursday also did not make public who has been invited to a philanthropic gathering with the pair.

Gates, the founder of Microsoft and the foundation, and Buffett, an investment baron, are both among the wealthiest people in the world. They initiated the Giving Pledge campaign in a bid to call on the most affluent families and individuals in the US to donate at least 50 percent of their fortune to philanthropy in their lifetimes or soon after their deaths. The duo announced in August that their action was backed by 40 American magnates.

In China, 50 super-rich Chinese recently received an invitation to a banquet with Buffett and Gates during their visit to Beijing on Sept 29. However, some of them reportedly hesitated to accept the invitation, because they were worried that the cost of the evening would be charity pledges.

Ye Lei, the China office chief for the Bill & Melinda Gates Foundation, said the two had no desire to urge Chinese tycoons to make such pledges.

"The visit has two missions: to advocate philanthropy and to learn about the development of philanthropy in China," Ye said. "They're coming here to see whether in the future there might be some opportunities for cooperation or the establishment of a charitable coalition."

"They want to spend some time in China meeting and exchanging views with people who are either wealthy or experienced in doing charity work here," Ye added.

He further explained that he could not reveal who had been invited out of respect for some guests' request for privacy. Those who want their identities exposed have already announced the news themselves.

Zhang Xin, CEO and co-founder of SOHO China, a real estate developer, was the first to reveal that she received the invitation via her micro-blog on Aug 30.

Zhou Qing'an, a researcher at Tsinghua International Center for Communication Studies, said Gates' and Buffett's trip to China will not be relaxing, because they will encounter a completely different philanthropic environment.

"The conditions here will not make it easy for them to advocate their ideas about charity," Zhou said.

Short histories of wealth accumulation and an incomplete social security system are considered to be two important barriers constraining Chinese rich people's enthusiasm for philanthropic causes, according to Jin Jinping, director of the center for nonprofit organizations law at Peking University.

"Compared to the US, some wealthy people in China seem more concerned about their personal and children's well-being, partly because people tend to worry more about their own education, pensions and medical care," Jin said.

Participation in philanthropy should not be measured simply by how much money a person donates, Jin said.

"Both rich and poor people should enjoy the freedom to take part in charitable activities, rather than being forced to participate," Jin said.

http://www.chinadaily.com.cn/bizchina/2 ... 262069.htm
-----------

China's top 500 perform better than US'

(Not too many Jews running Chinese firms unlike here in the Bankrupt Jewsa -- CSR)

(China Daily)
Updated: 2009-09-07 06:58

HANGZHOU: The money-earning capability of China's top 500 enterprises has exceeded that of their United States counterparts for the first time, as the sweeping financial crisis pummeled many US firms while China is already entering an economic recovery.

China's top 500 perform better than US'

Net profits for the Chinese companies stood at $170.6 billion in 2008, well above the $98.9 billion for US companies in the same period, according to the latest report released on Saturday by the China Enterprise Confederation (CEC) and China Enterprise Directors Association.

Although the financial crisis decreased net profits for the Chinese heavyweights by 12.4 percent from a year ago, it is far less than the 84.6-percent fall experienced by US companies, which saw the worst decline in 55 years, as recorded by Fortune magazine.

Wang Jiming, vice-president of CEC, said although the numbers show Chinese companies were less vulnerable to the global financial crisis than their US counterparts, it did not mean they have made substantial improvements in overall competitive power.

"Chinese enterprises enjoy relatively better policies and domestic market environment," Wang said. "But Chinese companies still lag behind the world's leading enterprises in resource allocation, innovation, international presence, business models and corporate culture."

The Industrial and Commercial Bank of China, the country's biggest lender, was the top Chinese money-earner with a net profit of 111 billion yuan ($16.4 billion) in 2008.

Half of the top 10 profit makers on the CEC list are financial companies, including banks and insurance companies.

"Compared with the US, where many IT companies have the strongest earning potential, the best money earners in China are still banks," said Xiong Xiaoge, vice-president of US venture capital IDG. "This means Chinese technology still has a lot of room to improve."

China Petrochemical Corp, Asia's leading refinery, topped the revenue list for the fourth consecutive year with 1.46 trillion yuan in 2008. Its net profit was 13.6 billion yuan.

According to CEC, the total revenue of China's top 500 enterprises amounted to 26 trillion yuan, an increase of 19.7 percent over last year.

On the international scene, an unprecedented 34 Chinese companies made it onto the list of the world's top 500 companies, overtaking Britain.

US companies captured 140 places in 2009, 13 less than last year.

This is the eighth consecutive year CEC has released its list.

Economy bottomed out

China's economy has already bottomed out and is in the crucial period of stabilization and recovery, Yao Jingyuan, chief economist with China's National Bureau of Statistics, said on Saturday.

Yao made the remarks at the ongoing 2009 International Forum on Chinese Automotive Industry Development in Tianjin, adding that the worst time for the economy was between November and February.

Despite signs of life, the Chinese economy still faces uncertainties, as growth in the world's third largest economy was boosted mainly by investment, not consumption, he added.

Official figures showed that investment contributed 6.2 percentage points to China's 7.1 percent year-on-year gross domestic product growth in the first half, and consumption added 3.8 percentage points. Exports, sliding for eight straight months, dragged down growth by 2.9 percentage points.

Xinhua contributed to the story

http://www.chinadaily.com.cn/china/2009 ... 660388.htm

============

Experts see trouble ahead for developed world
(Agencies)
Updated: 2010-09-05 09:11
Comments( PrintMail
      Large Medium Small

CERNOBBIO, Italy - Is the global economy out of the woods? Two years after near-meltdown, with the US looking sluggish, equity markets groggy and Europeans fighting a debt crisis, experts gathered in Italy offered a generally gloomy outlook - especially for the United States and much of the industrialized world.

Experts see trouble ahead for developed world
Israeli President Shimon Peres, center, arrives for the "Intelligence on the World, Europe, and Italy" economic forum, at Villa d'Este, in Cernobbio, on Lake Como, Italy, Friday, Sept 3, 2010. [Agencies]

The doomsayers were led by New York University economist Nouriel Roubini, who warned in booming tones that "there is a significant risk of a double-dip recession in the United States" as well as in Japan and many European countries.

Related readings:
Experts see trouble ahead for developed world Obama says US economy not growing fast enough
Experts see trouble ahead for developed world China Economy by Numbers
Experts see trouble ahead for developed world Economy faces major challenges
Experts see trouble ahead for developed world China passes Japan in Q2 as 2nd largest economy
Some of the assembled experts and leaders at the annual Ambrosetti Forum on the shores of Lake Como were somewhat more upbeat: economist Edwin Truman, a senior fellow of the Peterson Institute for International Economics, predicted that "the most likely global outlook is subpar growth."

But most appeared to agree on a sobering array of basic problems standing in the way of true recovery:

- Many of the growth drivers in place since the collapse of Lehman Brothers are winding up or have ended, including not only the massive stimulus spending but tax breaks, schemes such as the "cash for clunkers" program and for some countries like Russia - high commodity prices.

- The stimulus deemed necessary to jump-start moribund economies soon causes deficits and debt, upsetting the markets enough to spur austerity - which undermines growth.

- Most of the world's growth stems from a developing world led by China - which is heavily dependent on exports, and so will suffer if recovery in the rich world proves short-lived.

- Europe continues to lose competitiveness partly because of the euro, which for all the fretting over its dip earlier this year at the height of the Greek debt crisis - remains high in purchasing price parity terms versus the US dollar.

- The sector that is widely seen as the spark of the global recession - US real estate - has not recovered, with house-buying flat and the mortgage market, with its related financial instruments, essentially still in ruins.

- The jobs picture is not improving and in parts of the developed world - such as Spain, with some 20 percent unemployment - it is disastrous.

The warnings come amid mixed news on indicators. The European Central Bank raised its growth projections Thursday and its president, Jean-Claude Trichet, said recession was "not in the cards." But the bank said the situation remained uncertain and that it would keep measures to supply banks with additional credit in place until the end of the year.

The US unemployment rate rose in August for the first time in four months as hiring by private employers proved insufficient to keep pace with a large increase in the number of people looking for work. The US Labor Department said Friday that companies did add a net total 67,000 new jobs last month, down from July's upwardly revised total of 107,000.

But more than a half-million Americans resumed their job searches, which drove up the jobless rate to 9.6 percent from 9.5 percent in July - a figure above the rate in Britain and Germany.

"I see a very weak labor market," said Roubini, who gained celebrity for predicting the global collapse of 2008 when others were still celebrating the boom times. He noted noting unemployment is close to 10 percent and almost 17 percent when including discouraged workers or partially employed ones.

He puts the chance of recession at 40 percent or more - a position he has staked in recent weeks and said even weak growth would still feel like a recession.

"The US has to create 150,000 every month in the private sector just to stabilize the rate and prevent it from rising," he said. "We'd have to create 300,000 jobs every month for the next three years just to bring back the level of employment to before this recession started," Roubini said.

"Nobody ... believes the US is going to create any time any amount of jobs like that," he said.

And even that wouldn't be enough when taking into account the young people entering the labor market, he said.

Harvard University historian Niall Ferguson noted that since 2001 the United States has seen its debt-to-GDP ratio double to 66 percent and that it may well be headed toward the danger zone of 100 percent. "This is a completely unsustainable fiscal policy," said Ferguson. "Pretty soon the US will be spending more on debt service than national security. ... That's a tipping point for any global power."

Americans "just have to go down in their living standards" after years in which their living standards soared in part based on foreign credit which is no longer there," said University of Munich economics professor Hans-Werner Sinn. Jacob Frenkel, Chairman of JP Morgan Chase International, urged the United States to rein in entitlements as part of a "political deal" that recognizes reality.

Chairing a panel, CNBC anchor Maria Bartiromo drew laughs by challenging the scowling Roubini to come up with "any good news."

He offered that "emerging economies have high potential growth."

But even that comes with a caveat: Roubini warned that world growth leader China was too dependent on exports to the struggling West.

The leading Chinese delegate to the forum, Cheng Siwei, seemed to agree with the criticism. "We must change our investment pattern from investment driven to relying more on domestic consumption," said Cheng, a former top Chinese official and an influential economist.

What about Greece, whose near-default four months ago rattled the nerves of investors around the globe?

"Greece will not make it," said Sinn. He said the world can either subsidize Athens indefinitely, force a degree of austerity that actually risks "civil war," or - in what he suggested was the least bad option - encourage Greece to restore its drachma currency despite the domestic banking collapse that could well result.

Sinn noted that bond spreads - the difference between the cost of borrowing for troubled countries such as Greece and solid ones such as Germany - have swiftly returned to the startling levels that preceded the Greek bailout in May.

Truman ended his remarks on a high note, noting that in recent quarters' "US productivity increase has been significant." In the second recent quarter, productivity dropped 1.8 percent.

But higher productivity, while good for companies' bottom lines, is also a reflection of the stagnant labor market and the shrinkage of payrolls as firms hope to produce as much as before with fewer and more productive staff.

In perhaps an illustration of that psychology, several hundred business leaders at the forum were asked for their projections on their own companies' prospects. Voting electronically, some 70 percent predicted a rise in turnover by the end of 2010 and almost half predicted a rise in their firms' investment.

But less than a third saw a chance for new hiring; almost half saw no change and about a quarter predicted even more reductions.

http://www.chinadaily.com.cn/world/2010 ... 257806.htm