Yesterday the foreign media reported that three major U.S. bond insurer Ambac Financial Group, MBIA FGIC Corporation and the company is working with a number of banks deliberations write-off 125 billion U.S. dollars worth risk bond insurance to reduce credit crisis on the insurance industry to combat.
Bond insurance rating was downgraded to force these insurers eager to deal with these "hot potato." Earlier, the three major bond insurers to credit default contract transactions in the form of these products will be sold to banks, to ensure that the bank holding the mortgage bond debt payments.
At present banks hold a large number of such contracts, such as Merrill Lynch had a 18.8 billion U.S. dollars of such contracts, Citigroup bought a 10.5 billion U.S. dollars of similar products. At present more than in the bond insurance risks financial institutions have been held by the insurance for their reduction, Merrill Lynch & Co. in the fourth quarter of last year and first quarter of this year has reduced holdings of 1.34 billion U.S. dollars of assets, Citigroup A reduction of 1.5 billion U.S. dollars.
The three companies in the smallest FGIC rating has been reduced to junk category. Moody's and Standard & Poor's also MBIA and Ambac rating will be lowered. The Standard & Poor's also said, MBIA and Ambac rating was reduced the impact will spread to the structural financial markets, and increase the pressure on a number of financial institutions.
2008年6月30日星期一
Capital market opening should not be based on the exchange of political interests
Recently the Fourth Sino-US strategic economic dialogue (SED), Chinese Vice Premier Wang Qishan, U.S. Treasury Secretary Paulson of their respective teams on both sides of the Sino-US economic and trade issues of concern were discussed and signed a Related agreements. Unlike in the past is that the Americans seem to have attached great importance to the previous financial market opening up, the less attention. U.S. Treasury Secretary Paulson said before the talks, the dialogue will focus on financial and macro-economic cycle of change, trade and open markets and increase investment and expand cooperation in energy and environmental cooperation.
Coincidentally, Chinese Vice Premier Wang Qishan, recently also an unprecedented for the British "Financial Times" Written on the theme: Strengthening Sino-US cooperation in energy conservation and environmental protection. Is successive Americans are most concerned about opening up the financial markets, the appreciation of the renminbi issue, no one has been a concern? »
In fact, the two sides on the Sino-US strategic economic dialogue that the open position, so that Sino-US negotiations can not be bypassed the financial markets open this "heart guitar." In fact, China and the United States will be issued after the joint note also mentioned that this strategic economic dialogue between the two countries and financial cooperation and financial liberalization has made many substantial progress and achievements. China agreed to allow eligible overseas in the A-share listed companies, QFII lock period reduced to three months. But during the meeting, the Commission approved a sudden Credit Suisse (CreditSuisse) in China to set up a joint venture securities companies. Highly concerned about the market after the market opening measures have been suspended for two years, this is the SFC promulgated in December last year, foreign investment in the securities industry on the new requirements, the first successful company. The SFC spokesman said that in a period of time, will continue to "gradual and orderly progress, security, control, competition cooperation, mutual benefit and win-win" the basic principle to a positive and pragmatic attitude, an appropriate time to expand the securities industry and capital market opening to the outside world.
This time the choice of opening up the financial issues official statement, this open, with a strong political flavor, the United States means that certain political interests of the exchange. However, based on the political interests of the exchange of financial openness, we need you »
Sino-US strategic economic dialogue started, there were six foreign stock exchanges to establish representative offices in China; QFII total investment of up to 30 billion U.S. dollars, "foreign equity securities companies to set up rules" amendment to restore approval of the establishment of joint venture securities companies; " Securities companies to establish subsidiaries trial provisions "release, the joint venture allow qualified securities companies to expand business scope in line with the conditions to allow foreign companies to issue renminbi-denominated shares. These capital market liberalization measures, not in a great international political pressure, "squeezing toothpaste" like a development. The question is, this forced the market opening, has never been to maximize choice.
Let the market Xiangbu Tong is the point: why domestic assets times of high prices is not open, domestic asset prices and relatively inexpensive, open up the market's voice decibels sudden increase » If asset prices in times of high finance had a greater number of the country, not only our financial assets can卖个好价钱, more importantly, we can by virtue of this golden opportunity in exchange for huge amount of foreign investment, and foreigners used the money To improve our financial market infrastructure, with foreign investors more power to promote the internationalization of the valuation system, the market can also provide a higher degree of market-oriented financial services professional skills, can also access a lot counterparties, to A market-oriented interest rate and exchange rate markets now…… Unfortunately, we missed the minimum cost of this reform opportunity.
At this point, we can still continue to open the financial door, but we do not act Nengna foreign money, only their own money, the reasons for that, in the past year the intensity of the austerity policy to allow the financial assets now substantially diminished, Foreigners can buy cheaper, which is since January this year, a substantial inflow of foreign investment rose 55 per cent of the reasons. Of course, at this time accelerated the deregulation of capital markets, in the political negotiations is beneficial: Because we all know that cheap, and the price can have more space.
But we have to remind that, if only to the capital market liberalization measures serve political interests of the exchange, rather than on the development of China's financial market to build their own needs and the reform of the financial market, it is likely to commit the wrong priorities. After all, political interests is the establishment of the national strategic interests based on the simple exchange of international political interests, not necessarily the interests of our national strategy to maximize the best choice.
Today, China's capital market development and construction, inflation did not become a nightmare, it still can draw on the next great room for development, to promote the bond market, short-mechanism, market-oriented distribution, medium and small investors, and other systems to protect the building And improved. The opening to the outside world, should open up internally, improve the internal system within the framework to advance, after all, foreign investors have come in the domestic market based on the rules of trading. If we missed the time before the deterioration of inflation, China's capital market-building process probably will be postponed for at least another 10 years.
Coincidentally, Chinese Vice Premier Wang Qishan, recently also an unprecedented for the British "Financial Times" Written on the theme: Strengthening Sino-US cooperation in energy conservation and environmental protection. Is successive Americans are most concerned about opening up the financial markets, the appreciation of the renminbi issue, no one has been a concern? »
In fact, the two sides on the Sino-US strategic economic dialogue that the open position, so that Sino-US negotiations can not be bypassed the financial markets open this "heart guitar." In fact, China and the United States will be issued after the joint note also mentioned that this strategic economic dialogue between the two countries and financial cooperation and financial liberalization has made many substantial progress and achievements. China agreed to allow eligible overseas in the A-share listed companies, QFII lock period reduced to three months. But during the meeting, the Commission approved a sudden Credit Suisse (CreditSuisse) in China to set up a joint venture securities companies. Highly concerned about the market after the market opening measures have been suspended for two years, this is the SFC promulgated in December last year, foreign investment in the securities industry on the new requirements, the first successful company. The SFC spokesman said that in a period of time, will continue to "gradual and orderly progress, security, control, competition cooperation, mutual benefit and win-win" the basic principle to a positive and pragmatic attitude, an appropriate time to expand the securities industry and capital market opening to the outside world.
This time the choice of opening up the financial issues official statement, this open, with a strong political flavor, the United States means that certain political interests of the exchange. However, based on the political interests of the exchange of financial openness, we need you »
Sino-US strategic economic dialogue started, there were six foreign stock exchanges to establish representative offices in China; QFII total investment of up to 30 billion U.S. dollars, "foreign equity securities companies to set up rules" amendment to restore approval of the establishment of joint venture securities companies; " Securities companies to establish subsidiaries trial provisions "release, the joint venture allow qualified securities companies to expand business scope in line with the conditions to allow foreign companies to issue renminbi-denominated shares. These capital market liberalization measures, not in a great international political pressure, "squeezing toothpaste" like a development. The question is, this forced the market opening, has never been to maximize choice.
Let the market Xiangbu Tong is the point: why domestic assets times of high prices is not open, domestic asset prices and relatively inexpensive, open up the market's voice decibels sudden increase » If asset prices in times of high finance had a greater number of the country, not only our financial assets can卖个好价钱, more importantly, we can by virtue of this golden opportunity in exchange for huge amount of foreign investment, and foreigners used the money To improve our financial market infrastructure, with foreign investors more power to promote the internationalization of the valuation system, the market can also provide a higher degree of market-oriented financial services professional skills, can also access a lot counterparties, to A market-oriented interest rate and exchange rate markets now…… Unfortunately, we missed the minimum cost of this reform opportunity.
At this point, we can still continue to open the financial door, but we do not act Nengna foreign money, only their own money, the reasons for that, in the past year the intensity of the austerity policy to allow the financial assets now substantially diminished, Foreigners can buy cheaper, which is since January this year, a substantial inflow of foreign investment rose 55 per cent of the reasons. Of course, at this time accelerated the deregulation of capital markets, in the political negotiations is beneficial: Because we all know that cheap, and the price can have more space.
But we have to remind that, if only to the capital market liberalization measures serve political interests of the exchange, rather than on the development of China's financial market to build their own needs and the reform of the financial market, it is likely to commit the wrong priorities. After all, political interests is the establishment of the national strategic interests based on the simple exchange of international political interests, not necessarily the interests of our national strategy to maximize the best choice.
Today, China's capital market development and construction, inflation did not become a nightmare, it still can draw on the next great room for development, to promote the bond market, short-mechanism, market-oriented distribution, medium and small investors, and other systems to protect the building And improved. The opening to the outside world, should open up internally, improve the internal system within the framework to advance, after all, foreign investors have come in the domestic market based on the rules of trading. If we missed the time before the deterioration of inflation, China's capital market-building process probably will be postponed for at least another 10 years.
Only information transparent to enable the loss of market rumours
The response to these rumors, in the recently held a meeting of the Commission, the China Securities Regulatory Commission Chairman Shang Fulin said that a series of recent rumours intensify the market is unstable, and therefore must take practical and effective measures to intensify the Involving the capital market rumours spread of illegal activities, such as accountability, and severely crack down, resolutely punish malicious Zaoyaohuozhong acts.
Recommended Reading
Chang-ching: three ways to save China's stock market… HAN Zhi-guo: Size of non-triggered crash
Xie: see "Chinese speed" Wang investigated who fought the face »Ba Shusong: full circulation era will bring up penny stock Wang Qishan Washington speech Why stir» Crude oil will soon "collapse" electricity price increases, why do not oppose the people of the » Since the capital market after rumours on the market and forged a relationship, whether the international community which claims to have the mature market, or is still in the "emerging and transition" in the Chinese market, almost all "song haunt" Shadow, massive fluctuations in the market when the rumor is particularly prosperous. In fact, this situation very well understood, and the capital market is an information market, investors trading of a stock based on the final analysis, he is the master of the message, a total lack of understanding of information from entering the market, like the blind riding a blind horse Midnight A deep pool And the risk of is self-evident. Some market manipulator is the use of the market's characteristics, concocted by rumors, in order to lead the market sentiment to their needs direction. Small to a listed company's business, the country's major political changes in the economy, extreme even important political figures of life and death, rumors can become a maker of tools. As China's capital market is still in the "emerging and transition" phase, during which various interests of the main struggle, full of contradictions, in particular the "City policy" characteristics difficult to shake off, the rumors appear more market. Such rumours are not only negative, the so-called "bad news", but also have a positive, the so-called "good news", all depending on the needs of the rumors maker.
Rumors spread, the capital market is a Wanji, and it is a serious consequences caused by the excessive volatility of the market, especially to small and medium investors into panic. To solve this problem, indeed the need for creators to combat rumors, until their punishment in accordance with the law. But this requires time, when a series of investigations and detection of results achieved when the market has long been a number of rumors disruption of the return. Therefore, rumours spread against the reality of a more effective means should be to strengthen transparency of information. Apart from the listed companies should do a good job in accordance with relevant provisions of the disclosure of information, some of the rumors macro level, it should be even more timely clarification. In this regard, the State Council and people's livelihood close relationship between the number of ministries and leave the front, respectively, have established a system spokesman, press spokesman's name, contact phone have been published in the online, but have not yet established that the SFC Of the system, the authority of the SFC poor information channels, the objective is also to the rumours who provided the opportunity. This so-called "road could not track popular."
The interests of the capital market is a market, the spread of rumors Yuanshen Yu other areas. We can see that the regulatory departments of listed companies to disclose the information very seriously, have established a well-established system, the listed companies is not just news outcrop, the company can promptly in accordance with the requirements of clarification, rumors quickly collapse. But investors to invest in the stock market, not only to understand a single listed company information in order to circumvent the system of non-market risk, should also be aware of macroeconomic information, in order to avoid systemic risk. In this regard the loss, the market will greatly increase the risk factor is not conducive to investors to make the right decisions. Therefore, market supervision departments must attach great importance to open the channels of information, spread rumors in order to plug the channels.
May 1 this year, to build a transparent government, guarantee citizens the right to know the purpose of the "Government Information Disclosure of the" formal implementation. Believe that the Commission will establish an information system as open implementation "regulations" an important step, through a thorough public information so that investors fully and timely understanding of information, establish long-term confidence in the market. In this way, even if Nanyigenchu rumours on the market, but the market will eventually gradually shrinking.
Recommended Reading
Chang-ching: three ways to save China's stock market… HAN Zhi-guo: Size of non-triggered crash
Xie: see "Chinese speed" Wang investigated who fought the face »Ba Shusong: full circulation era will bring up penny stock Wang Qishan Washington speech Why stir» Crude oil will soon "collapse" electricity price increases, why do not oppose the people of the » Since the capital market after rumours on the market and forged a relationship, whether the international community which claims to have the mature market, or is still in the "emerging and transition" in the Chinese market, almost all "song haunt" Shadow, massive fluctuations in the market when the rumor is particularly prosperous. In fact, this situation very well understood, and the capital market is an information market, investors trading of a stock based on the final analysis, he is the master of the message, a total lack of understanding of information from entering the market, like the blind riding a blind horse Midnight A deep pool And the risk of is self-evident. Some market manipulator is the use of the market's characteristics, concocted by rumors, in order to lead the market sentiment to their needs direction. Small to a listed company's business, the country's major political changes in the economy, extreme even important political figures of life and death, rumors can become a maker of tools. As China's capital market is still in the "emerging and transition" phase, during which various interests of the main struggle, full of contradictions, in particular the "City policy" characteristics difficult to shake off, the rumors appear more market. Such rumours are not only negative, the so-called "bad news", but also have a positive, the so-called "good news", all depending on the needs of the rumors maker.
Rumors spread, the capital market is a Wanji, and it is a serious consequences caused by the excessive volatility of the market, especially to small and medium investors into panic. To solve this problem, indeed the need for creators to combat rumors, until their punishment in accordance with the law. But this requires time, when a series of investigations and detection of results achieved when the market has long been a number of rumors disruption of the return. Therefore, rumours spread against the reality of a more effective means should be to strengthen transparency of information. Apart from the listed companies should do a good job in accordance with relevant provisions of the disclosure of information, some of the rumors macro level, it should be even more timely clarification. In this regard, the State Council and people's livelihood close relationship between the number of ministries and leave the front, respectively, have established a system spokesman, press spokesman's name, contact phone have been published in the online, but have not yet established that the SFC Of the system, the authority of the SFC poor information channels, the objective is also to the rumours who provided the opportunity. This so-called "road could not track popular."
The interests of the capital market is a market, the spread of rumors Yuanshen Yu other areas. We can see that the regulatory departments of listed companies to disclose the information very seriously, have established a well-established system, the listed companies is not just news outcrop, the company can promptly in accordance with the requirements of clarification, rumors quickly collapse. But investors to invest in the stock market, not only to understand a single listed company information in order to circumvent the system of non-market risk, should also be aware of macroeconomic information, in order to avoid systemic risk. In this regard the loss, the market will greatly increase the risk factor is not conducive to investors to make the right decisions. Therefore, market supervision departments must attach great importance to open the channels of information, spread rumors in order to plug the channels.
May 1 this year, to build a transparent government, guarantee citizens the right to know the purpose of the "Government Information Disclosure of the" formal implementation. Believe that the Commission will establish an information system as open implementation "regulations" an important step, through a thorough public information so that investors fully and timely understanding of information, establish long-term confidence in the market. In this way, even if Nanyigenchu rumours on the market, but the market will eventually gradually shrinking.
Ruoshi trigger bank financial market changes
2008 is bound to be an unusual year. 1-5 months Shangzhengzongzhi fell 34.75 percent, 306 Gongmu Fund (not including money funds) net down 23.72%. The stock market substantially reduce the average daily number of accounts, once again showed several accounts together with the market or the scene. At the same time, the performance fell a direct impact on the issuance of the new fund. Since the start of this year more than 1 billion scale is quite rare, was set up in May of seven new fund only the first scale of 5.28 billion yuan, an average of only to each fund only 880 million yuan. Intimidated by the investors, have Gerou end, he fled from the capital market. That these funds have escaped Where is the » Look at the incremental savings deposits of residents, the incremental bank financing products, may be the answer. May this year, financial institutions for balance of RMB savings deposits of 43.11 trillion yuan, an increase of 19.64 percent, of which at household deposits increased 236.9 billion yuan, up by more than 515.4 billion yuan (278.4 billion yuan in the same period last year). April, the financial institutions for balance of RMB savings deposits of 42.22 trillion yuan, an increase of 17.69 percent, of which at household deposits increased by 99.2 billion yuan, up by more than 266.6 billion yuan (167.4 billion yuan in the same period last year). At the same time, the first five months of the fiscal management of the commercial banks of the scale of new products 910 billion yuan. 910 billion yuan, the Chinese people witnessed the powerful strength of the investment, the huge investment needs, the urgent wishes of the investment. Can not be said that the banking financial market Chouzou the capital market funds, but is absolutely outside of the capital market a paradise. Ruoshi trigger investment funds looking for other exports, and at this moment, banks and financial markets on savings deposits together with a commitment to divert the capital market outflow of funds mandate. 身处Ruoshi enhance risk awareness of investors, while investment philosophy also quietly change, fear of loss of hope away from the stock market, but just tasted sweetness of investment, where the heart with the investment insulation » Were awakened awareness of the investment began to seek ways to achieve relatively stable, and the bank financing products receipts higher than deposit rates, lower than the risk of equity funds, as its退而求其次choice. "Capital market has its system of 'blind spots', the bank financing products came into being." This is a bank line managers feelings. For example, investors look for in stocks, bonds between the products, security, good in equities, bonds lower than a yield of better than bonds, lower than the stock of products, it is not the structure of banking products? » For instance many asset securitization products, very slowly, and in fact many companies now have a strong impulse to the financing, the future is also a very good cash flow, bank financing trust product categories can quickly realize the needs of enterprises to meet the investors愿望. Ruoshi more calls for financial innovation, this time, the banking industry walk in the forefront of financial innovation, best use of the situation, with the market moving, timely response, demand-oriented product design, the first step to success. Inferred from today's situation, if the broker, funds, trusts and other financial institutions can not respond as early as possible to make a policy, then, after a bull market and bear market change, the bank will become the largest financial market in the winner.
Ruoshi trigger bank Evolution of the financial market
2008 is bound to be an unusual year. 1-5 months Shangzhengzongzhi fell 34.75 percent, 306 Gongmu Fund (not including money funds) net down 23.72%. The stock market substantially reduce the average daily number of accounts, once again showed several accounts together with the market or the scene. At the same time, the performance fell a direct impact on the issuance of the new fund. Since the start of this year more than 1 billion scale is quite rare, was set up in May of seven new fund only the first scale of 5.28 billion yuan, an average of only to each fund only 880 million yuan.
Intimidated by the investors, have Gerou end, he fled from the capital market. That these funds have escaped Where is the »
Look at the incremental savings deposits of residents, the incremental bank financing products, may be the answer.
May this year, financial institutions for balance of RMB savings deposits of 43.11 trillion yuan, an increase of 19.64 percent, of which at household deposits increased 236.9 billion yuan, up by more than 515.4 billion yuan (278.4 billion yuan in the same period last year). April, the financial institutions for balance of RMB savings deposits of 42.22 trillion yuan, an increase of 17.69 percent, of which at household deposits increased by 99.2 billion yuan, up by more than 266.6 billion yuan (167.4 billion yuan in the same period last year).
At the same time, the first five months of the fiscal management of the commercial banks of the scale of new products 910 billion yuan. 910 billion yuan, the Chinese people witnessed the powerful strength of the investment, the huge investment needs, the urgent wishes of the investment.
Can not be said that the banking financial market Chouzou the capital market funds, but is absolutely outside of the capital market a paradise.
Ruoshi trigger investment funds looking for other exports, and at this moment, banks and financial markets on savings deposits together with a commitment to divert the capital market outflow of funds mandate.
身处Ruoshi enhance risk awareness of investors, while investment philosophy also quietly change, fear of loss of hope away from the stock market, but just tasted sweetness of investment, where the heart with the investment insulation » Were awakened awareness of the investment began to seek ways to achieve relatively stable, and the bank financing products receipts higher than deposit rates, lower than the risk of equity funds, as its退而求其次choice.
"Capital market has its system of 'blind spots', the bank financing products came into being." This is a bank line managers feelings. For example, investors look for in stocks, bonds between the products, security, good in equities, bonds lower than a yield of better than bonds, lower than the stock of products, it is not the structure of banking products? » For instance many asset securitization products, very slowly, and in fact many companies now have a strong impulse to the financing, the future is also a very good cash flow, bank financing trust product categories can quickly realize the needs of enterprises to meet the investors愿望.
Ruoshi more calls for financial innovation, this time, the banking industry walk in the forefront of financial innovation, best use of the situation, with the market moving, timely response, demand-oriented product design, the first step to success.
Inferred from today's situation, if the broker, funds, trusts and other financial institutions can not respond as early as possible to make a policy, then, after a bull market and bear market change, the bank will become the largest financial market in the winner.
Intimidated by the investors, have Gerou end, he fled from the capital market. That these funds have escaped Where is the »
Look at the incremental savings deposits of residents, the incremental bank financing products, may be the answer.
May this year, financial institutions for balance of RMB savings deposits of 43.11 trillion yuan, an increase of 19.64 percent, of which at household deposits increased 236.9 billion yuan, up by more than 515.4 billion yuan (278.4 billion yuan in the same period last year). April, the financial institutions for balance of RMB savings deposits of 42.22 trillion yuan, an increase of 17.69 percent, of which at household deposits increased by 99.2 billion yuan, up by more than 266.6 billion yuan (167.4 billion yuan in the same period last year).
At the same time, the first five months of the fiscal management of the commercial banks of the scale of new products 910 billion yuan. 910 billion yuan, the Chinese people witnessed the powerful strength of the investment, the huge investment needs, the urgent wishes of the investment.
Can not be said that the banking financial market Chouzou the capital market funds, but is absolutely outside of the capital market a paradise.
Ruoshi trigger investment funds looking for other exports, and at this moment, banks and financial markets on savings deposits together with a commitment to divert the capital market outflow of funds mandate.
身处Ruoshi enhance risk awareness of investors, while investment philosophy also quietly change, fear of loss of hope away from the stock market, but just tasted sweetness of investment, where the heart with the investment insulation » Were awakened awareness of the investment began to seek ways to achieve relatively stable, and the bank financing products receipts higher than deposit rates, lower than the risk of equity funds, as its退而求其次choice.
"Capital market has its system of 'blind spots', the bank financing products came into being." This is a bank line managers feelings. For example, investors look for in stocks, bonds between the products, security, good in equities, bonds lower than a yield of better than bonds, lower than the stock of products, it is not the structure of banking products? » For instance many asset securitization products, very slowly, and in fact many companies now have a strong impulse to the financing, the future is also a very good cash flow, bank financing trust product categories can quickly realize the needs of enterprises to meet the investors愿望.
Ruoshi more calls for financial innovation, this time, the banking industry walk in the forefront of financial innovation, best use of the situation, with the market moving, timely response, demand-oriented product design, the first step to success.
Inferred from today's situation, if the broker, funds, trusts and other financial institutions can not respond as early as possible to make a policy, then, after a bull market and bear market change, the bank will become the largest financial market in the winner.
Chairman of the SFC to boost capital market
The China Securities Regulatory Commission Chairman Shang Fulin said on the 22nd, China's capital market development entities have a good economic base, the system environment and internal and external conditions such as the strong support of its stable and healthy development of the foundation will not be shaken, to achieve long-term sustainable development The path has not changed. Should pay close attention to market changes in the external environment for capital market development and operation of the impact, and actively take steps to deepen the capital market reform and institutional mechanisms, focus on strengthening market supervision, balanced, focused, and promote the healthy development of capital market stability.
Russia hopes to before the 2011 inflation rate dropped to 6 percent
According to ITAR-Tass reported that Alexei Kudrin said that the Russian government will further discuss the issue of curbing inflation, and plans to adopt inflation targets including the establishment of mechanisms, and a number of measures.
Russian President Medvedev on the 23rd convened the government's economic officials held a meeting and announced that on the 2009-2011 budget signed the statement. Budget address, including the main tasks of ensuring stability and balance the budget system, and to curb inflation fell to an earlier set the goal of establishing a long-term stability of the pension system, improve the efficiency of budget expenditure to health, education, scientific research and transportation infrastructure Facilities and so on and so inclined.
Every year the Russian President in writing to the Government and the Parliament's Budget statement.
In order to contain inflation, the Russian has already adopted a series of measures, including in February and April twice a slightly higher interest rates. However, the Russian Central Bank First Deputy Governor of Melikijan on the 17th of this month, the country's inflation rate this year is estimated at 12 percent, more than previously forecast 10.5 percent.
Russian President Medvedev on the 23rd convened the government's economic officials held a meeting and announced that on the 2009-2011 budget signed the statement. Budget address, including the main tasks of ensuring stability and balance the budget system, and to curb inflation fell to an earlier set the goal of establishing a long-term stability of the pension system, improve the efficiency of budget expenditure to health, education, scientific research and transportation infrastructure Facilities and so on and so inclined.
Every year the Russian President in writing to the Government and the Parliament's Budget statement.
In order to contain inflation, the Russian has already adopted a series of measures, including in February and April twice a slightly higher interest rates. However, the Russian Central Bank First Deputy Governor of Melikijan on the 17th of this month, the country's inflation rate this year is estimated at 12 percent, more than previously forecast 10.5 percent.
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