Lenric

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By Nipa Piboontanasawat Aug. 21 (Bloomberg) -- China raised interest rates for the fourth time since March to cool the world's fastest-growing major economy after inflation surged to a 10-year high and the key stock index doubled. The benchmark one-year lending rate will increase 0.18 percentage point to 7.02 percent tomorrow, the People's Bank of China said on its Web site. The one-year deposit rate will rise 0.27 percentage point to 3.6 percent. China's consumer price index rose 5.6 percent in July, fanning concern that cash from record trade surpluses may cause the economy to overheat. The CSI 300 Index rose 25 percent in the past month, even as a global equities rout wiped at least $5.5 trillion from stock markets worldwide. ``This is a reflection of the central bank's concern about inflation and asset bubbles,'' said Ma Jun, chief China economist at Deutsche Bank AG in Hong Kong. ``We can't rule out another interest rate hike this year.'' It's the second time this year that deposit rates increased more than lending rates. The government is trying to make bank savings more attractive to stem the flow of money into property and stock speculation. The increase is to control ``money supply and loans and stabilize inflation expectations,'' the central bank said. `Bigger' Bubble The government said yesterday it will let individual investors buy Hong Kong stocks for the first time, easing controls to let more cash flow out of the financial system. Inflation has outstripped returns on bank savings. The government reduced a tax on interest income last week to 5 percent from 20 percent to make deposits more attractive. ``This is targeted at slowing the money flowing into the stock market,'' said Liao Qun, chief economist at Citic Ka Wah Bank in Hong Kong. ``As the bubble gets bigger, the chance of it bursting is also bigger.'' The CSI 300 closed 1.8 percent higher at a record today before the central bank's announcement. The index has climbed 144 percent this year after more than doubling in 2006. Property prices have also surged. In July, housing prices jumped 19.4 percent from a year earlier in Shenzhen and 10.4 percent in Beijing. Wang Qing, chief China economist at Morgan Stanley in Hong Kong, said the central bank may raise interest rates again in the fourth quarter. Subprime Crisis China's action contrasts with central banks in the U.S., Europe and Japan injecting money into their financial systems because of concern about the impact of the subprime mortgage crisis. The Federal Reserve unexpectedly cut its discount rate on Aug. 17 and dropped language indicating a bias toward fighting inflation. Higher rates may add pressure for the yuan to appreciate. The currency fell 0.05 percent to 7.5906 against the dollar in Shanghai today, before the central bank's announcement. A stronger yuan would help to curb the flow of money into the financial system and reduce tension with trading partners including the U.S. The currency has gained 9 percent versus the dollar since a revaluation in July 2005. U.S. manufacturers say the yuan is kept weak to make China's products cheap. The central bank today proved ``that it is more hawkish than many observers believed,'' said Stephen Green, senior economist at Standard Chartered Bank Plc in Shanghai. Besides raising rates, the People's Bank of China has ordered lenders to set aside larger reserves on six occasions this year. It has also sold bills to soak up cash. Inflation Expectations China's top priority is to prevent the economy from overheating and keep prices tamed, the central bank said in a quarterly monetary-policy report released Aug. 8. Consumer-price increases aren't solely the result of ``temporary factors,'' the People's Bank of China said then, highlighting energy and labor costs and people's expectations for inflation. Economists are split on whether the acceleration in consumer prices is short-term and limited to food or ``getting out of control,'' a term used last month by Tao Dong, chief Asia economist at Credit Suisse Group in Hong Kong. Non-food inflation slowed to 0.9 percent in July from at least 1 percent in each of the previous five months. ``Today's move was all about inflation expectations,'' said Ben Simpfendorfer, a strategist at Royal Bank of Scotland Plc in Hong Kong. ``It has very little to do with the real economy.'' China's economy, the world's fourth largest, expanded 11.9 percent in the second quarter from a year earlier. The trade surplus surged 67 percent in July from a year earlier to $24.4 billion, the second-highest monthly total. Money supply climbed 18.5 percent, the biggest increase in more than a year. Fixed-asset investment in urban areas increased 26.6 percent in the first seven months from a year earlier, close to the 26.7 expansion in the first half.

Some of the viewpoints are explaining the facts, however, I do suspect the starting point of the article is fresh enough. Still the issues that been mentioned all over just before the Games. "Yet creating jobs for the masses _ and not rocking the boat _ is seen as more important. " that's the political themetune CCP singing everywhere in China. And the most understandable option for China by far. Stronger Economy, More Middle Class, Higher Democracy.

Good idea.~you awsome, zainhasan15

I JUST COPY THE WORDS THEY SAID, NOT MY PERSONAL OPINION. 1. Freaky, retard. Typical work from rednecks' hands 2. Terrible imagination. can't stand for the Chinese, more like aliens 3. Ugly and rough, those **** eyes make you like a group stupid cunts are watching you 4. Too many and expensive, your wallets have to be emptied five times for these ghosts.

great cartoon. but the Chinese people still hate them as hell

I already said I am not going to say more, would you mind stop it? Gosh~ are you in love with me? see you flying round me everywhere....... You don't think so that's ur business. not mine. You do like whatever you like, don't tell me, tell other people.I am not interested in commenting anything from you. over~

.........unless every Chinese dude is a redneck. Art is a universal share. let the fxking politics go to hell. <FIVE STARS SHINE FIVE RINGS> (another option but in Chinese, Real Player music file> Download it

wel........sometimes just hard to tell the differences. Personally, I do think Japanese artists are quite good at balancing between Oriential style and Universal pop.

<Forever Friends> (not official recognised, but in their opitions) Online MV <Around the World> (Personally I do in love with this one. youthful and joyful. Based on the typical Chinese elements, a theme song of a TV Drama.) Official MV

Most likely the spice girls.

you can't say that, he is a Chinese, definitly he loves his country more than any other. You are so mean at this point. rubbish!

OK,YES,NO PROBLEM, CERTAINLY, I STRONGLY DO AGREE WITH YOU.......you continue your posts.

Only on these few topics, don't worry~Not going to say anything more again. 13 words (less than your words above).

The speed is fine with my computer ~o sorry, coz they're from the Chinese websites.so it is normal to load longer in your country.... Ok~no problem I just found a Fun VIDEO MAKING FUN OF BEJING OC. HERE IS THE LINK http://www.tudou.com/programs/view/kHFXFZDrSKI/

I am not feeling right today, got a of typing errors on my last post, can't find the function of editing. Sorry about that. Ok continue, .....................................................................I just hope Bejing could balance the elements between the history and the future. That could make Beijing look different from Athens.

In my principle, I always think higher expectation could lead to higher disappointment. Zhang Yimou is really a controversial personality among Chinese audiences. Quite a good part of them think he is the master of visual art, but for story telling, he is a big loser...(except his early film), you know a person is always changing, that also includes his style. So to think about how to make the Beijing OC tells the long long story about China in a more MATURE AND CREATIVE way is far more important. You know the BirdNET is unique in the world, Beijing the city as being the capital of Chinese 'Empire' more than 2000 years is unique in the world. You couldn't find anywhere like this city, its culture and people. I do think Sydney OC is a fantastic show, but it's also big carnival entertainment show for me, this reflects the typical multi-cultural feature of Aus. Athens one is more original, coz Greece is an ancient civilization that culturally and philosophly created the world of the West. So it shouldn't be very noisy and skinless. You have to match the personality of Greek people. Quite a lot of Chinese people do think Athens is quite a new experience for them that the first time they could really discovery the inner spirit of the West World. To be honest, China is totally another world away from the European Civilization. The philosophy, the religion, the custom, the art, the architecture....and the food~there are too much and too long information to make the West to understand. So I would rather hope Beijing is the journey to just lead the people start the discovery. coz China is really another 'Egypt' from the East, but it lasts until now. So actually you cannot make Beijing another Sydney and American type universal celebration, but more another Athens, but push it more deeper. But also you could not make the show boring and lack of entertainment, so that needs the technology. ..........................gosh, I don't know what I am talking about. I do hope Beijing chould really open the people's eyes as more as possible rather than to become a TV GALA. I believe if you are a fan of INDIANA JONES, you would definitly love my idea.. LOL OK~OC is begining, FAR FAR AWAY, IN A PLACE CALLED BEIJING, THERE ARE A GROUP OF MONKEYS......(not joking, Beijing is really the place been found the Primitive men, they been named Beijing Man) The Beijing Man Crania The restored head statue of the 'Beijing Man.' The civilization begins

I believe you heard about this film, that's typical Zhang Yimou's fantasy work. Zhang Yimou calmed that he was not happly about te handover show in Athens, coz the stage is only 7*7 big , the message is too massive to be finished in 8 miniutes. That's also the Chinese audience's huge disappointment about him...lol~not only you think that's cheesy, so are them. I meant Zhang is quite good at using the colours

And also the Universiy Games or sth, can't remmber, and show you some Zhang Yi Mou (The director of OPEN CEREMONY)'s work The huge OUTDOOR MUSICAL (IMPRESSION LIU)

THE 9TH NATIONAL GAMES OF CHINA

Continue The 10th National Games Open Ceremony of China

So you got the idea, even they'd rather choose to make the show cheesy and cheap, they would not like to spread the communist culture too much on your TV screen. That's quite sensitive really for the West. I don't think that's a wise choice. Maybe the humanity formation spectacles is interesting and fresh to the Westerners, however, I would rather believe the director is going to take the advantage the unique feature of the BirdNet as much as possible in order to produce a modern high-tech show. That's the message from Zhang Yi Mou Show you some big games in China this few decade the 10th National Games Open Ceremony

that's definitly not going to be happened, really really not fit for the Chinese typical taste. If you saw the hand-over performance by Zhang Yimou in Athens, you could feel that the Beijing games is not going to be under communist fashion what so ever, but a great show based on the true colour of Chinese tradtional culture. That's the mainstream taste in modern China.

IOC is not the United Nations, if possible, I do think the UN is actually a more effectivel role for helping China to improve human rights. Don't forget China is also the BIG 5 of the UN. I meant Chinese politics is so pathetic at some level such as the ONE CHILD POLICY, but you might don't know in Chinese tradition, the family would always prefer boys more than girls. So in the early 1880s, you could always see the parents were selling their girls in the market similar to the slave trade in early Africa~or there were trades for boys who been kidnapted from other familes. Could you imagine how terrible it is? Have you ever saw a film called THE INN OF THE SIX HAPPINESS. I hope you could see that film then you would be able to understand what I am talking about. The Chinese baby boom starts in the early communist period, Mao made a famous statement 'MORE PEOPLE, MORE POWER', Coz Chinese was isolated by the West due to the Cold War. Everything that need to be rebuilt starts from zero. There is only USSR did a little construction support. It is really similar as the post-war period in the West, but China definitly much more poorer. Mao made a mistake that he thought China could possible catch up the West in only 15-20 years, so there came out one of the most ridiculars chapter in Chinese modern history --- The GREAT JUMP revolution. more and more people, but not enough food ( you know in communist theory, the people do not need to pay anything for the daily need, even food) . So finally, the consequence came out with more than thousand millions people dead on their hunger over the land of China. Maybe some of the clips of HUMAN RIGHT DISASTER still hiding from the public, but you could possibly imagine. Now, the ONE CHILD POLICY is still controling the birth rate of China, Chinese government still believes the huge population is really causing unbelievable pressure on Chinese economy and society. It's like it is impossible to support enough education, enough health service, enough natural resources need and relevant public service. Because of that, there may comes poverty, crimes, and possible the old human-rights disasiters i mentioned above. Can you believe this is a classroom for more than a hundred children studying together? Poverty forcing the boy only choose to stay in the valley and support the entire family. You can see this boy is crying (look at his lunch), because he couldn't afford to go to school. Because of the Mao period been passed, everything needs high price now, so it is the education. Lack the chance of the education means you have to stay miles away from the outside world in your whole life. Maybe for some family, they could afford the school, but there is only for one person, in the traditional family(especially the lower class far away from the urban areas), mostly the girls would give it up before their parents ask for the opinion. This girl was crying that she couldn't do the homework at night because of the heavy work of the family. Could you imagine these the hands of a 5-year-old boy? This girl is impossible to go to school, she even couldn't afford the glove. These pics are real, I think that's far more common and important human rights issues than the ones BOCOG promised. I do even think they were not brave enough to promise more. why? This is the issue of the entire China, not only Beijing. One Child Policy is controversial, this because some of the local governments taking advantages of these for earning the political and financial benefit, especially in the poor areas that lack of the communication between the higher authority and the lower authority. There you goes the women been forced to give their child up when they were pregant. That's cruel and definitly illegal . However, this occurs in secret and even Beijing never heard about it. In general, some people support the policy because they do really think the large population may cause another 'THE GREAT JUMP' disasiter and also the natural resource per person is far under the standard of the UN. the people who are against this because they do think that's the shame for Chinese future and human rights. but We have to see the both sides. The population issue of China is so complex to find out a proper win-win answer. At least, I felt that if every Chinese owns a Car as in the West, I believe the global warming already make the earth another Venus I hope those children, the new generation who are able to lead China in a better future could really enjoy the Olympics first time which is about to come near them. That's already worthy enough for lots of Chinese familes. I believe through 2008 games, they would be able to learn more from the world as the world learn more from China.

Sorry~i'm tired and not going to discuss with you~coz that's worthless. I know even more human rights problems of China than yours~ are you interested in listening to it for 1001 nights? ''pictures and stories about the unbelievable air pollution''----------gosh~you should come to Beijing~ to feel the real UNBELIEVABLE one~ otherwise you would be pity for your whole life If I took some pics of your toliet with the title - UNBELIEVABLE CANADIAN LANDSCAPE, you must be very happy~ this is the most brainless and naivest responses i have also read in my entire life~