Buying blow Beidaihe

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Buying blow Beidaihe

Commentary by Scott Kennedy. Drastic times call for drastic measures. Since early June, China's stock markets have been in free fall, losing 29 percent of their value in three weeks. No matter that all of the lost value was originally gained in the first part of this year, particularly since April, this ranks up with other historic market corrections. In October , the Dow Jones Industrial Average fell 23 percent, and in late it fell 54 percent. Between and , during the bursting of the dotcom bubble, the Nasdaq Composite lost 78 percent of its value. Fearing the continued erosion in its stock markets and the wrath of investors big and small, not to mention state-owned enterprises SOEs watching their balance sheets crumble before their eyes, Chinese authorities took a series of measures to stem the tide, including: suspending any new initial public offerings IPOs , organizing securities brokerages to create an investment fund to soak up shares and have them commit to not sell shares while the Shanghai Composite Index remains below 4, points, having fund management firms promise to buy stocks, and ordering the country's social security fund to not sell any shares whatsoever. The only thing they could have done more drastic would have been to suspend trading altogether. The result: Shanghai opened Monday up 8 percent, and although it declined throughout the day, ended up 2. The Shenzhen and Hong Kong markets did not fare as well, falling a couple percentage points see Fig. Some observers believe we may even be in for another modest bull run over the next few months. The intervention comes with some real costs that will not be easy to overcome. The scale and aggressiveness of these measures make a mockery of the leadership's claim to allow the market to play a 'decisive role' in determining the allocation of resources and the direction of the economy. Granted China needed to avoid a full-blown crisis, but these actions reinforce the distinct impression that when push comes to shove, Beijing will always choose administrative intervention rather than markets, signaling once again to investors and local officials that they can take excessive risks because someone else higher up the system will always clean up the mess. Over the past two years, Beijing has started to permit corporate bonds to default as a way of signaling that there is genuine risk that issuers and investors need to heed. Breaking the vicious cycle of moral hazard necessary to have a financial system operate efficiently on a commercial basis is now that much harder, as the stock market rescue may reinforce the older lessons Beijing was trying to unteach. The second dilemma is that the run up and down in the stock market is likely to leave a new pile of debt that has to be cleaned up. In order to divert funds away from real estate and spur a bull run, authorities have permitted much wider use of margin investing, where a large portion of purchased shares are financed through loans. Over a quarter of China's stock market capitalization is now supported through margin financing, turning an equity market into a de facto debt market. As the recovery in share prices is uneven, benefiting primarily listed SOEs, new bad debt will be added to the existing base of shaky bank loans and bonds. A stock market crisis is no longer a minor issue that can be cordoned off from the rest of the economy. And as China opens up its capital account further, and Americans and others gain access to China's securities markets, what is now a Chinese domestic problem could have a much more direct effect on the wealth of American investors and the health of the US economy. The final challenge for Beijing to grapple with is how this volatility affects their broader plans for economic reform. This week China's leaders are reportedly meeting at the seaside resort of Beidaihe to discuss proposals for the next five-year plan. This plan is expected to integrate in a cohesive package a series of policies rolled out over the last two-plus years, among them lower but more efficient growth the 'new normal' , urbanization, 'One Belt, One Road,' 'Made in China ,' and others. Although a range of initiatives has been forthcoming, there are signs that the leadership's commitment to a comprehensive plan is slipping. SOE reform may end up focusing on a series of mergers of existing behemoths and strengthening Party control rather than partial privatization, opening up market access to private and foreign companies, and improving corporate governance. And the One Belt, One Road initiative may end up more as a way to export excess capacity than as a way to help other countries and China both move up the value-added chain. If China were still run by the duo of Hu Jintao and Wen Jiabao, the betting here would be, that having barely avoided a meltdown, for the leadership to choose the superficially safe path of least resistance and pursue a conservative approach. But Xi Jinping and Li Keqiang have shown a stronger stomach for taking risks and embracing the potential benefits of change. Tightening control and liberalization both present risks, but as China's new leadership has repeatedly articulated, the old approach is best suited to an era which China is trying to move beyond. Commentary is produced by the Center for Strategic and International Studies CSIS , a private, tax-exempt institution focusing on international public policy issues. Its research is nonpartisan and nonproprietary. CSIS does not take specific policy positions. Accordingly, all views, positions, and conclusions expressed in this publication should be understood to be solely those of the author s. All rights reserved. Commentary by Scott Kennedy Published July 6, Tags China. Scott Kennedy.

Analysis: U.S. failed to catch hints Xi Jinping dropped at Filoli summit

Buying blow Beidaihe

Throughout, Al Qadiri investigates how the oil industry has transformed her home country of Kuwait and the broader Gulf Region, and as well as the impact these large-scale environmental and economic changes have had on social relations and local lives. The exhibition also touches upon traditions related to pearl diving, previously a major economic activity in the Gulf before oil. At UCCA Dune, this thematic focus subtly resonates with the seaside setting of Beidaihe, itself undergoing economic transformation. All over the world—not least of all in the Gulf Region—petro-capitalism has infiltrated ecologies, national politics, and everyday life. Petroleum can provide countries with wealth and the impetus for development, but may also lead to colonization, economic imperialism, inequality, and instability. Oil compresses time and space: it is biological energy, brought into existence by the sun eons ago, accumulated and transformed for millions of years before being used by humanity to accelerate history. Both oil and pearls blur distinctions between living and non-living entities, leading biological and historical temporalities to interact and overlap. In the exhibition, themes including the oil industry, ocean ecologies, and mysticism parallel and draw upon one another. These songs return, however, in the first work the viewer encounters, titled Diver In the film, synchronized swimmers wearing iridescent suits dance rhythmically in dark, oil-like waters. Further pieces situate the viewer within an alien landscape of petroleum extraction: the levitating and rotating drill tips of Future Past 3 and OR — BIT ; a dinosaur, representing the past life of oil, singing the story of petroleum in Seismic Songs ; and the transfigured, aestheticized oil pipelines of NAWA Reservoir appropriates an industrial imaging technique, printing geological renders of oil reservoirs on polyester in a subtle sendup of how oil produces the lifestyle items through which we express individual identity. Murex mollusks stuck to oil tankers are the protagonists of Gastromancer , a sculptural installation with sound. This semi-fictional narrative describes the irrevocable changes wrought upon the ocean ecology by the oil industry, a theme further explored in the work SS Murex This expanded, mystical imagining of ocean ecosystems continues in the works Divine Memory , Man of War , and Holy Quarter Divine Memory adopts the perspective of aquatic life to probe the buried memories and genetic codes left in the human body by our oceanic ancestors. Man of War uses the metaphor of jellyfish and their symbiotic relationships to explore potentials of interspecies coexistence in the post-petroleum era. The film is narrated by black pearl meteors discovered in the Empty Quarter deserts of the Arabian Peninsula, which the artist blows up into sculptural forms. Both based on human exploitation of the natural world, albeit in different ways, these two economic activities offer Al Qadiri an opportunity to explore non-human subjectivities and intelligences. By juxtaposing these different voices along with cultural and geological history, the exhibition presents a compelling portrait not only of Kuwait and the Gulf, but also an entire world shaped by resource extraction and economic acceleration. Exclusive wall solutions support is provided by Dulux and Genelec contributed exclusive audio equipment and technical support. Monira Al Qadiri b. Her multifaceted practice spans sculpture, installation, film, and performance. Buy tickets. About Works in the exhibition Videos Installation Views. Support and Sponsorship Exclusive wall solutions support is provided by Dulux and Genelec contributed exclusive audio equipment and technical support. About the Artist Monira Al Qadiri b. Digital Copy of the Exhibition Guide. Works in the exhibition View All. Divine Memory still single-channel video, sound 5'00' Courtesy the artist. Diver still 3-channel video, sound 4'00' Courtesy the artist. Holy Quarter still single-channel video, sound, glass 20' Photograph by Maximilian Geuter Courtesy the artist. View All. Installation Views.

Buying blow Beidaihe