securities times reporters Wei Shuguang
Frank Gong, Managing Director of JP Morgan in China held in Beijing recently "the seventh session of the Board of Directors of listed company Golden round table forum" optimistic when expected, appreciation of the Renminbi against the dollar at least 1 time times 10 years, while the Chinese economy is possible in less than 10 years more than United States as the world's largest economy. At present, China's economic aggregate of US $ 5.8 trillion, United States is $ 14 trillion.
Frank Gong hypothesis: If China annual gross domestic product (GDP) has 8% growth, after 9 years in 2020, the scale of China's economy to reach $ 12 trillion; United States is now a $ 14 trillion, assuming that 3% per cent a year, after 9 years is US $ 18 trillion, China's economy is stronger than the total United States little. However, there is another very real assumption is the next 9-10 years the RMB appreciation against the dollar could at least 1 time, so that China's economic aggregate over United States.
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Japan Central Bank meeting summary of: should consider further provides financial help euro trend double whammy RMB on dollars exchange rate shocks go stability RMB shocks go stability AUD began plunged want more assistance Greece or required pledge base Zhang Tingbin: dollars of "Empire strikes back" euro to out two a structural opportunities [registration] listen to Wen Guoqing taught you copy end opportunity Frank Gong stressed Renminbi appreciation depends on whether China can break through the bottleneck, that is in the process of development in the next 10 years, China will have more independent brand of intellectual property, technology, resources, and so on. If you can break through the bottleneck, is guaranteed for the sustainable development of China's economy, appreciation of the Chinese economy can withstand more than 1 time pressures, China doubled the total economic, catch up with the United States.
said Frank Gong, China should be the real concern is the middle-income trap. Some traditional industries in foreign countries on China is also an emerging industry, such as financial services, medical services, health care industry, these industries would take off in the future, and will be a lot of the brand enterprises and with the rising proportion of industry in the economy as a whole and at times. These are the flags of China's economic transformation in the future. The transformation can succeed, can mainly created, has its own core brand or create and has its own core technology, this is the Chinese entrepreneur faces enormous challenges in the next 10 years.
for the recent poor performance of domestic a-shares market, said Frank Gong, which is a problem in China's capital market at an early stage of development. "In the past 10 years, China's economic aggregate has 5 times, while the a-share index rose only 30%, but real estate prices in China rose 5 to 8 times, this is also the performance of capital markets investors flocked to the real estate market reasons. "
" stock supply, more and more liquidity, more and more lifted stocks will more and more, stock prices will come down. "Frank Gong said, overall, China social savings rate is too high. And when the national social security system after the sound system, medical services, holdings of cash in national wealth will come down, there will be more and more money flowing into the stock market, is bound to stocks to rise.
