The People's Congress is expected to pass an Anti-Trust legislation today, the first of its kind in China, and one, 13 years in the making. For those that are law buffs, Fortune has a nice article here, with some in-depth analysis. We, not exactly students of jurisprudence, have only one question in mind. Will the powers that be stop China Mobile from charging us extortionist rates? Where are our free "night and weekend" minutes? Where are our free "in network calling"? Ok, that's more like three questions.
China's Ministry of Finance issued 600 billion yuan (US$79 billion) of 10 year notes yesterday, first to the Bank of Agriculture. BoA then immediately resold the bonds to the People's Bank of China(PBoC), the nation's monetary policy board. Hmm, high stake money laundering? The issuance is the first in a three part sale. Two more issuances of 600 billion yuan and 350 billion yuan will be forthcoming. All proceeds will go toward funding a state run investment company, modeled after Singapore's Temasek Holdings. The company has already made its first investment back in May, a USD $3 billion splurge in US private equity giant Blackstone(BX). The stake is already down 20% or USD $600 million. Here's to better luck next time.
Lastly, a senior official from the aforementioned PBoC said that the central bank is committed to "actively curbing food prices". Let's see, in years past, the same body has vowed repeatedly to rein in run away real-estate prices and curb lending and liquidity flow, and yet China's real-estate market continues to bubble up and loan origination volume goes up 20 percent plus year over year. Oh my god, food prices are going to fly, time to start hoarding! And by the way, wouldn't the Department of Agriculture have a better handle on adjusting food prices? Just a thought.
Crossposted to Whampoafn
Read the complete post at http://feeds.feedburner.com/~r/shanghaiist/~3/149953360/today_in_chinas.php
Posted
Aug 30 2007, 01:40 AM
by
Shanghaiist